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.
Following is the eligibility criteria laid down for the SBI Life Smart Bachat Plan.
|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|
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)
|Yearly – Rs.5,100||No limit|
|Half Yearly – Rs.2,600|
|Quarterly – Rs.1,350|
|Monthly – Rs.450|
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)|
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||
AD & TPD Benefit Exclusions
In case death or disability has taken place due to any of the following causes:
|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.|
Policyholders will be entitled to applicable tax benefits which are prevalent under the Income Tax laws in India.
|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.|
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.