SBI Life - Smart Bachat Plan

• Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
• Claim up to Rs. 1,50,000 deduction under section 80C**
• Choose between annual and monthly premium payment options

SBI Life Smart Bachat is a LPPT (limited premium payment term) Endowment Plan which has been designed to limit requirement of long term premium payment in exchange for life coverage for you and your family. There are two options included under this plan, which are the Endowment option and Endowment option with in-built Accidental Death and Total Permanent Disability (AD&TPD) Benefit. This plan also offers you the freedom to choose a premium payment term that suits your convenience, along with providing tax benefits on premium paid.

Eligibility - Who is the SBI Life Smart Bachat Plan For?

Following is the eligibility criteria laid down for the SBI Life Smart Bachat Plan.

Sum Assured & Premium Range - What you get & what it costs?

Sum Assured

The minimum amount of sum assured under the SBI Life Smart Bachat Plan is fixed at Rs.1,00,000 (in multiples of Rs.1,000) while there is no cap on the maximum limit of Sum Assured.

Premium Range (for Option A & B)

Payment Frequency

Premiums for this policy can be paid on a yearly, half-yearly, quarterly and monthly basis.

Premium Payment Term & Corresponding Policy Term

Plan Coverage - What the SBI Life Smart Bachat Plan Covers?

The SBI Life Smart Bachat Plan provides a number of benefits such as the Maturity Benefit and Death Benefit (applicable for both plan options) and the Accidental Death & Total Permanent Disability (AD&TPD) Benefit that is applicable for only option B under the plan.

Exclusions - What the SBI Life Smart Bachat Plan Doesn’t Cover?

Suicide Exclusion

• In case the life assured policyholder commits suicide, regardless of being in a sane or insane state of mind, within one year from the date policy commencement or a policy revival/reinstatement date, then no death benefit will be paid by the insurer.
• The nominee named in the policy will receive an amount equal to 80% of all premiums paid till death if the suicide has taken place within a year from the date of commencement of risk coverage.
• In case of suicide within a year from policy revival/reinstatement date, 80% of premium paid until death or surrender value of the policy (whichever is greater) will be payable.
• After benefits are paid, the policy will be terminated.

AD & TPD Benefit Exclusions

In case death or disability has taken place due to any of the following causes:

• Caused due to any infection, except an infection caused by a accidently sustained visible external wound.
• Death or disability caused due to influence or consumption of drugs, intoxicants, except those which have been prescribed by a medical professional.
• Any self-inflicted injury, including those sustained during an attempt to suicide.
• Death or disability caused due to participation in criminal/unlawful acts.
• Death or disability caused due to war, civil commotion, invasion, hostilities, rebellion, etc.
• Death or disability caused due to exposure to nuclear contamination – radioactive, explosive or hazardous nuclear fuel materials, or accident arising from the same.
• If death or disability has occurred due to the life assured participating in any air-borne activity which does not include being a passenger on a commercial licensed aircraft.
• If the life assured partakes in hazardous sports or activities which are not covered under the terms of the policy.

Other Key Features – Free Look Period, Surrender Values, Grace Period etc.

Tax Benefits – How you can save with the SBI Life Smart Bachat Plan?

Policyholders will be entitled to applicable tax benefits which are prevalent under the Income Tax laws in India.

Other Benefits – How you can save with the SBI Life Smart Bachat Plan?

Why you should buy the Smart Bachat Plan from SBI Life?

Established as a joint venture with BNP Paribas in 2001, SBI Life Insurance commenced operations dealing mostly in bancassurance related products. Over time, the insurer entered the life and health insurance segment and is now among the leading players in the segment. Being a part of the State Bank Group, SBI Life holds uses its association to reach out to more than 100 million customers to offer them unique insurance solutions.