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  • SBI Life - Smart Bachat Plan

    Life Insurance
    • 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.

    Plan Type Individual
    Minimum age at entry Option A – 8 years; Option B – 18 years
    Maximum age at entry 55 years
    Minimum age at maturity 65 years
    Maximum age at maturity 65 years

    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)

    Minimum Maximum
    Yearly – Rs.5,100 No limit
    Half Yearly – Rs.2,600
    Quarterly – Rs.1,350
    Monthly – Rs.450

    Payment Frequency

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

    Premium Payment Term & Corresponding Policy Term

    Premium Payment Term (years) Policy Term (years)
    5 10-25
    7 10-25
    10 15-25
    15 20-25

    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.

    Maturity Benefit In case the assured policyholder survives until the end of the policy term, they will be paid the Vested Simple Reversionary Bonuses + Basic Sum Assured + Terminal Bonus, if any. (in case it is a paid up policy, the policyholder will get the Paid Up Sum Assured instead of the Basic Sum Assured)
    Death Benefit In case the life assured policyholder passes away during the policy term, their beneficiary will get the higher of A or B. A: Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal Bonus (if any). Here Sum Assured on death will be either 10x of Annualized Premium or higher of Basic Sum Assured. B: 105% of total premiums paid until death.
    AD & TPD Benefit
    • In case of Accidental Death of assured policyholder during the term of the policy, beneficiary will get AD & TPD Benefit in lump sum + Death Benefit.
    • In case of Accidental Total & Permanent Disability of life assured during policy term, the AD&TPD Benefit will be paid in lump sum, all future policy premiums will be waived off and the base policy will continue to be active until it is surrendered, reaches maturity or till the death of the life assured.

    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.

    Rebates Rebates will be provided as discounts on basic premium for high sum assured.
    Policy Loan Policyholders can avail the loan facility on this policy after the policy has attained a surrender value. The loan amount will be capped at 90% of the policy surrender value.
    Free Look Period Free look period of 15 days (if policy received via direct marketing channels) or 30 days (if policy received via distance marketing channels) is provided. In case of cancellation, the original policy document must be returned within the free look period itself.
    Grace Period A grace period of 30 days will be provided for policies with yearly, half-yearly and quarterly premium frequencies while for policies with a monthly premium payment frequency, a grace period of 15 days is provided.
    Policy Revival You can revive the policy within 2 years from the date of the first unpaid premium. Revival will be done subject to satisfactory proof of insurability being produced.
    Surrender / Paid-up Value Policy will acquire a paid-up or surrender value only on the condition that premiums have been paid for 2 full years (for premium payment term of under 10 years) and at least for 3 full years (for premium payment term of 10 years and over).
    Assignment Nomination facility is allowed under the policy as per Section 39 of the Insurance Act, 1938.
    Nomination Policyholder is permitted to assign the policy to a party by filing a written notice regarding the same to the insurer as per Section 38 of the Insurance Act, 1938.

    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?

    Online Registration for e-statements To receive e-statements on your registered email for your policy schedule, you can simply register online via the SBI Life website.
    Set Standing Payment Instructions You can also set standing instructions for making timely renewal payments on your SBI Life policy via their website.
    Multiple Policy Renewal Payment Options Make policy premium payments conveniently as SBI Life provides multiple channels for premium payments. Choose the method of payment as per your convenience.
    Click 2 Call SBI Life also offers a convenient ‘request a callback’ facility called Click 2 Call which allows customers to get in touch with a customer service person. For resolution of queries. This is available on the company’s website itself.
    Online Policy Purchase You can even purchase your SBI Life policy from the SBI Life website.
    Premium Calculator Calculate how much the policy is going to cost you with the help of the handy Premium Calculator available on the site.
    Proposal Tracker Track your insurance policy proposal easily online.
    Claims Corner Find out all about the claim settlement process by heading over to the Claims Corner that has been set up to provide all claim related information.
    SMS Based Services Customers can get various information such as the fund value, fund switch transaction details, policy status, renewal details, policy dispatch details, update their email ID or PAN number by simply sending an SMS.
    Order A Form Online You can even have a policy form delivered to your doorstep by ordering the same from the insurer’s website.
    Dedicated Customer Care SBI Life has set up a dedicated customer care department to take care of customer’s queries and complaints.

    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.