The Smart Elite Plan from SBI Life is designed to provide insurance solutions to those who are looking to get the most out of their investment. A unit linked scheme, it is mainly targeted towards high net-worth individuals. An individual can customise this plan based on his/her needs, with SBI Life offering options to choose the policy term, the premium amount, premium payment term, etc. There are two protection plan options available under this scheme, Gold Option and Platinum Option. The policy provides market linked returns, thereby helping an initial investment grow over time.
Individuals who wish to buy the SBI Life Smart Elite Plan need to satisfy a few basic eligibility criteria, as highlighted below:
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||60 years|
|Maximum age at maturity||65 years|
|Protection plan options to choose from||
Sum Assured – This is the amount the insurer pays the nominee if the policyholder passes away while the policy is in force. The sum assured in this plan depends on the premium mode chosen by an individual. It ranges from 1.10 times the single premium to 20 times the annualised premium, as highlighted in the table below:
|Minimum Sum Assured (Rs.)||
|Maximum Sum Assured (Rs.)||
Premium*– This is the amount a policyholder pays towards maintaining the policy. The premium determines the sum assured one can get, with this amount varying based on the age of policyholder, plan term, etc. The Smart Elite Plan from SBI Life comes with a policy term ranging from 5 to 20 years, with the premium varying based on this. The frequency of premium payment also results in different premium requirements, as highlighted in the table below:
|Minimum term of the policy||5 years|
|Maximum term of the policy||20 years|
|Premium Payment Term||
|Premium Payment Frequency||
|Minimum Single Premium Amount||Rs.2 lakh|
|Maximum Single Premium Amount||No upper limit|
|Minimum Monthly Premium Amount||Rs.12,500|
|Maximum Monthly Premium Amount||No upper limit|
|Minimum Quarterly Premium Amount||Rs.37,500|
|Maximum Quarterly Premium Amount||No upper limit|
|Minimum Half-yearly Premium Amount||Rs.75,000|
|Maximum Half-yearly Premium Amount||No upper limit|
|Minimum Yearly Premium Amount||Rs.1.5 lakh|
|Maximum Yearly Premium Amount||No upper limit|
*Premiums can vary depending on factors like the age of policyholder, location of individual, policy term, etc. Applicants should check the same with the insurance provider before purchasing a plan.
SBI Life’s Smart Elite Plan can be customised according to the needs of an individual, with some of the key features of this plan mentioned below:
The table below highlights the different benefits provided by this plan:
The nominee of a policyholder will be paid a death benefit if the policyholder passes away while the plan is in force. The death benefit varies based on the protection option chosen by the policyholder.
|Maturity Benefit||The policyholder will be paid a maturity benefit equivalent to the fund value on survival till the policy term. One can choose to receive this amount either in the form of a single lumpsum payment or in instalments. One can choose the frequency of receiving these instalments, with SBI Life providing the option of receiving these yearly, monthly, quarterly, or half-yearly.|
|In-built Accident Benefit||Under the Accident Benefit, an additional amount is paid if the policyholder meets with an accident which leads to death or total and permanent disability. The amount payable is equivalent to the sum assured.|
|Partial Withdrawals||Partial withdrawals are permitted from the sixth policy year, with one free withdrawal allowed each year. The number of partial withdrawals are limited to two in a year, with a maximum of five permitted during the entire policy.|
|Fund Options||There are five fund options to choose from, with a varied risk profile on offer.|
There are no riders currently offered with this plan.
There are certain exclusions in this plan, as highlighted below:
Some of the other features of this plan are highlighted in the table below:
|Free look period||
|Revival||A lapsed policy can be revived within two years of first missed premium, subject to the terms and conditions in place.|
|Surrender||A policyholder can surrender the policy, with a surrender value being paid depending on the time of surrender.|
The Smart Elite Plan from SBI Life not only offers life cover, it also helps one save money on taxes. Listed below are the tax benefits one can avail by purchasing this plan:
Note: The deductions available depend on existing tax laws in the country and could change with changes in these laws.
SBI Life Insurance is among the top 10 insurers in India (based on premiums collected), offering a host of plans to individuals. One can customise these plans based on their personal needs, ensuring that they meet certain goals. The Smart Elite Plan is designed for those looking to secure their future, ensuring that their lifestyle is not hampered. This plan gives market linked returns at reasonable costs. In addition to these, SBI Life has a high claim settlement ratio of 93.39% (as of 2015-2016), highlighting its commitment to customers.