sbi life insurance
SBI Life Smart Platina Plus Policy

SBI Life Smart Platina Plus Plan

SBI Life – Smart Platina Plus is an Individual and Life Insurance Savings Product, specifically designed for people looking for ample savings in the long run. Supplying consistent, guaranteed income during the payout period to help you realize your objectives, this insurance plan delivers financial freedom in your later years. It maintains life insurance coverage throughout the duration of the policy, safeguarding the family’s financial future.

This plan offers you money that can be returned once it reaches maturity in addition to life insurance. You can be sure that your hard-earned money is working for you and your family thanks to the extensive selection of functions available on the Smart Platina Plus. Keep reading to know more about the SBI Life Smart Platina Plus plan’s eligibility criteria, key features & benefits, exclusions, and more.

Eligibility Criteria

Here is the eligibility criteria for SBI Life Smart Platina Plus policy.

AgeMinimum- 30 Days, Maximum Age- 60 Years
Maximum Age at Entry99 Years
Premium ModeYearly / Half-yearly/Monthly
The premium Non-Yearly Modes :

· Half-Yearly: 51.00% of annualized premium

· Monthly: 8.50% of annualized premium

Premium Payment Term (In Years)7, 8, 10
Basic Sum Assured

Minimum: Rs.5,50,000

Maximum: No limit, subject to Board approved underwriting policy

Key Features & Benefits of Opting for SBI Life Smart Platina Plus

Listed below are the potential features and benefits of SBI Life Smart Platina Plus.

  1. Maturity Benefit:

The guaranteed sum assured at maturity plus cumulative guaranteed additions will be paid if the life assured outlives the policy duration.

  1. Death Benefit: 

If the life assured passes away, the beneficiary will be given the sum assured on death and accrued guaranteed additions (if any). More than ten times the annualized premium, or 105% of all premiums paid up until the date of death, make up the sum assured upon death.

  1. Tax Benefit

According to the relevant income tax regulations in India, which are subject to change from time to time, you may be entitled to income tax benefits or exemptions.

  1. Free look Period

The policyholder has 15 days from the date of receipt of the policy document to review the terms and conditions of the policy. If the policyholder disagrees with any of those terms and conditions, the policyholder has the option to return the policy to the company for cancellation and state the reasons for his objection. In that case, the policyholder will be entitled to a refund.

  1. Grace Period

For the payment of yearly and half-yearly premiums, a grace period of 30 days, and 15 days for the payment of monthly payments, will be permitted. The grace period will not affect the policy’s continued application. The remaining premiums, if any, as of the date of death will be subtracted from the benefits payable under the Policy if the life assured passes away during the grace period.

  1. Policy Loan

Policyholders may be permitted to borrow against their insurance in an emergency where they may need money to cover costs, etc. A maximum of 50% of the company’s offered surrender value may be borrowed against a policy. The corporation would periodically update such a surrender value as well as the interest that would be paid on the insurance loan.

  1. Survival Benefit (For In-force policies)

For both Income Plan options, as long as the Life Assured is still alive, Guaranteed income will be paid during the payout term depending on the payout frequency selected.

  1. Revival

The policy may be revived for full benefits during a revival period while the life assured is still alive if premiums are not paid during the grace period and the policy is not relinquished. Five consecutive years from the date of the first unpaid premium constitute the revival period.

  1. Surrender

Only when at least the first two full policy years’ premiums have been paid does the policy gain surrender value. The policyholder may surrender the insurance for a surrender value at any time during the policy term to cancel the coverage.

The higher special surrender value (SSV) and guaranteed surrender value would be the surrender value (GSV).

Exclusion Under SBI Life Smart Platina Plus

If the policyholder dies by suicide within a year of the policy’s commencement date or the day it is renewed, the nominee or beneficiary is entitled to the fund value as it existed on the date of death.

How Does SBI Life Smart Platina Plus Plan Work?

Aryan (who is 29 years old) has invested his funds while being assured of its growth with just limited premium payments. He discovered this plan after receiving numerous recommendations from friends and conducting internet research, and he thought it was a wise investment. If you are looking to get an overview of what you will need to invest in this plan, here’s what Aryan will pay as per his needs.

Policy TermPremium Payment TermPremium FrequencySum AssuredPremiumMaturity Benefit
23 years7 YearsYearlyRs. 55,00,000Rs. 5,00,000Maturity Benefit- Rs. 38, 50, 000

Frequently Asked Questions

Here is the list of the frequently asked questions related to SBI LIfe Smart Platina Plus.

In the event of a suicide death occurring within a year of the policy’s effective date:

(i) If the policy is still in effect, the nominee or beneficiary of the policyholder shall be entitled to at least 80% of the total premiums paid up until the date of death.

ii) As long as the policy is still in effect, the nominee or beneficiary of the policyholder is entitled to a sum greater than 80% of the total premiums paid up until the date of death or the surrender value as it was on the date of death.

After the grace period from the date of the first unpaid premium expires, the policy will lapse if the first two full policy years’ premiums have not been paid. This will prevent the policy from gaining paid-up benefits.