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SBI Life - Smart Elite

Smart Shield

Introduction:

SBI Life - Smart Elite is a Unit Linked Insurance plan - an exquisitely crafted product, exclusively for special customers like you. It gives you flexibility to pay premium(s) for limited term or single premium, with the freedom to stay invested and protected for long term. What’s more, you have the power of choosing the option best suited to your needs, at a very competitive rate. All this and more, coming from SBI Life – your preferred insurer, adds value to your investments.

Key Features:

  • Pay premiums only for a limited term of 5, 8 or 10 years or a Single Payment, as per your need and enjoy benefits throughout the chosen policy term.
  • No Premium Allocation Charges from 6th policy year onwards, thereby enhancing your fund value
  • Two protection options available: Gold Option & Platinum Option
  • Invest in wide range of funds and manage them as per your convenience.
  • Life Insurance coverage with minimum Sum Assured of 10 or 7 times of your Annual Premium (AP), based on your age.
  • Switch and redirection facility, to pilot your investments.
  • Option to increase/decrease your Sum Assured from 6th policy year onwards.
  • Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) benefit automatically comes to you as an integral part of the plan!

Plan at a Glance :

Age* at Entry Min: 18 years Max: 60 years
Age* at Maturity

65 years    

Policy Term 5 to 20 years (both inclusive)
Premium Payment Term
For Limited Premium Payment Term (LPPT) - 5 or 8 or 10 years.
For Single Premium - Single Payment.
Minimum Limited Premium Amount (X 100)


Minimum Single Premium Amount (X 100)

Maximum Limited/Single Premium Amount (X 100)
Yearly Rs 150,000
Half-yearly Rs   75,000
Quarterly Rs   37,500
Monthly Rs   12,500
  Rs 200,000
No limit  
Premium Modes Single /Yearly /Half-yearly /Quarterly / Monthly
Sum Assured

Minimum: 
For LPPT -
For Ages  below 45 yrs : 10* Annual Premium (AP) 
For Ages  45yrs & above: 7* AP 

For Single Premium (SP) -
For Ages below 45 yrs : 1.25 * SP
For Ages 45yrs & above: 1.10 * SP

Maximum:
For LPPT -  For All Ages - 20 x AP
For SP – For All Ages - 5 x SP

Benefits:

  • Maturity Benefit: On completion of Policy Term, Fund Value will be paid.
  • Death Benefit:
    • For Gold Option: Higher of Fund Value or Sum Assured# is payable; with a minimum of 105% of total premiums paid till the time of death.
    • For Platinum Option: Fund Value plus Sum Assured is payable; with a minimum of 105% of total premiums paid till the time of death.
  • In-built Benefit:
    • Accidental Death and Accidental Total and Permanent Disability (Accident Benefit): Provides an additional benefit for Accidental Death or Accidental TPD
  • Tax Benefits: Tax deduction under Section 80 C is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.

Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt.

Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.

## Net of partial withdrawals

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

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