SBI Life Smart Wealth Assure Plan
SBI Life Smart Wealth Assure is an Individual, Unit-Linked, Non-Participating, Life Insurance Product. It is a single premium plan, meaning you only need to pay the premiums once to receive the benefits for the duration of the policy.
With only a single premium, the product enables you to benefit from insurance protection as well as market-related rewards. The fact that this method can be used by people as young as 8 years old is one of its clear advantages. Additionally, you can pay any amount for this policy’s premium, and you can choose to have it for up to 30 years. The policyholder is responsible for carrying the investment risk in this policy’s investment portfolio.
Read on to learn more about SBI Life Smart Wealth Assure’s eligibility criteria, features and benefits, exclusions, premium calculation, and more.
Here is the eligibility criteria for SBI Life Smart Wealth Assure:
|Age||Minimum: 8 years, Maximum: 60 years|
|Age at Maturity||Minimum: 70 years|
|Premium (in multiples of `100)||Minimum: Rs. 50,000, Maximum: No Limit|
|Premium Mode||Single Premium|
|Policy Term||Minimum: 10 years, Maximum: 30 years|
|Basic Sum Assured||Single Premium x 1.25|
|Accidental Death Benefit Option||Entry Age Min: 18 years, Maximum: 60 years|
|Maximum Maturity||Maximum Maturity Age: 70 years|
Sum Assured Min: Rs. 25,000
Sum Assured Max: Rs. 50 lakhs
What Are The Core Features & Benefits of SBI Life Smart Wealth Assure?
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.
What Are The Exclusions Under SBI Life Smart Wealth Assure?
The nominee or beneficiary of the policyholder will be entitled to the fund value, as it stood on the date of the death notification if the life guaranteed dies by suicide within a year of the policy’s start date. Additionally, any charges other than FMC that is collected after the date of death must be paid and added to the fund value as of the date of death notification.
Exclusions For Accident Benefit:
Death resulting from, or as a result of, happening during the events listed below is not covered:
- Illness: Any infection that results in death or contributes to it, excluding an infection brought on by an unintentionally incurred externally apparent wound.
- Drug abuse: It refers to the misuse of drugs, alcohol, or other intoxicating substances without a prescription from a licensed medical professional.
- Self-inflicted Harm: Intentional self-inflicted injury, which includes wounds sustained during a suicide attempt.
- Criminal Acts: involvement in illegal or criminal activity that is guaranteed to happen.
- War and Civil Commotion: A war or civil commotion is defined as an invasion, hostilities (whether or not war has been declared), a civil war, a rebellion, a revolution, or taking part in a riot.
- Nuclear Contamination: Property contaminated by nuclear fuel materials, accidents resulting from such nature, or radioactive, explosive, or hazardous nature of nuclear fuel materials.
- Aviation: Life-assured involvement in any flying activity, other than as a passenger in an aircraft with a commercial pilot’s licence.
- Hazardous sports and pastimes: Participating in or training for any dangerous activity that has not been declared to and accepted by the company.
How Does SBI Life Smart Wealth Assure Work?
Let’s take an example to understand!
Manpreet, a businessman by profession, is 35 years old and looking for market-linked returns without the long-term commitment to pay premiums for years. After getting many suggestions from friends and searching on the internet, he stumbled upon the SBI Life Smart Wealth Assure Work (excluding the accidental death benefit option) and found it a great deal of investment.
|Basic Sum||Premium||Maturity Benefit|
|20 years||Rs. 10, 00, – 000||12,50,000||Rs. 10,00,000|
Fund Value at Maturity at an assumed rate of
8%: Rs. 32,55,919
Frequently Asked Questions
Listed below are the frequently asked questions related to SBI Life Smart Wealth
The nominee may elect to receive the death benefit payments in instalments during the settlement period in the event of the life assured.
After five years have passed, the policyholder may cancel it. When a policy is relinquished before the five-year mark, the fund value less the discontinuation fee is credited to the Discontinued Policy Fund, where it will grow at a minimum rate of 4% annually.