SBI Life Smart Wealth Assure Plan

Here is the list of the features and benefits of SBI Life Smart Wealth Assure.

1. Maturity Benefit:

The Fund value will be payable as a lump amount if the Life Assured survives to Maturity.

2. Death Benefit:

Both a lump sum and a settlement option are available for payment of the death benefit.

• Lump Sum: The death benefit is paid out right away if a lump sum payment is selected.

Should a person pass away while the policy is still in effect, the company will pay the highest of the following amounts:

• • Your Fund Value as of the notification of death date,
  • The Basic Sum Assured, less any applicable partial withdrawals (APW).

• As Settlement Option: The death benefit described in the section on “Settlement Option” is paid over the duration of the settlement option selected if the settlement option is chosen.

3. 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.

4. Accidental Death Benefit:

The accidental death benefit sum assured is paid out under this rider option if the life assured passes away owing to an accident. In addition to the base sum assured, this advantage is also available. An accident is defined as “a sudden, unexpected, and involuntary event produced by external/visible and forceful methods,” and the benefit is provided as a lump amount.

5. Revival Benefit:

Within two years following the date of discontinuance, a policy may be reinstated. The discontinuance price will be reimbursed, and the Discontinued Policy Fund will be disbanded. The resulting monies will be transferred to the prior investing funds of choice.

6. Free Look Period:

If you disagree with any of the policy’s terms and conditions, you have 15 days for policies obtained through any channel mode other than distance marketing and for electronic policies to review the policy’s terms and conditions and 30 days for policies obtained through distance marketing and for electronic policies to do so.

7. Partial Withdrawals:

If the policy term is less than 15 years, a maximum of two partial withdrawals may be made in a policy year, and if the policy duration is 15 years or longer, a maximum of five partial withdrawals may be made in the entire policy period.

8. Settlement Option:

Under the Settlement Option, the maturity benefit may also be accessed in instalments. Within two to five years of the maturity date, you get periodic instalments of your maturity funds. Depending on your preference, payments may be sent annually, monthly, biannually, or quarterly.