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  • SBI Life - Smart Guaranteed Savings 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 Guaranteed Savings Plan is a non-participating individual savings plan from SBI that allows the policyholders to earn more through regular savings. By investing in the plan, the policyholder can boost their savings and be eligible for a host of other benefits as well. Moreover, this plan provides insurance cover based on the premium chosen by the policyholder. In the event of policyholder’s death during the policy term, the nominee of the policy is entitled to a Sum Assured amount along with guaranteed additions.

    With a premium payment term of seven years, the policyholder gets to taken advantage of the policy benefits for a period of 15-year policy term. The premiums needs to be paid on a yearly basis for a minimum or Rs.15,000 and a maximum of Rs.75,000 to buy the policy. Additionally, the following eligibility factors are considered for purchasing the SBI Life - Smart Guaranteed Savings Plan:

    Eligibility - Who is the SBI Life - Smart Guaranteed Savings Plan for?

     Parameters Eligibility
    Minimum Age at Entry Minimum of 18 years and Maximum of 50 years
    Maximum Age at Entry 65 years
    Policy Term 15 years
    Premium Payment Term 7 years
    Premium Frequency Yearly
    Premium Amount Minimum or Rs.15,000 to a maximum of Rs.75,000
    Sum Assured Calculated based on the premium amount

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

    • Sum Assured – The Sum Assured amount under the SBI Life - Smart Guaranteed Savings Plan is calculated based on the contribution/premium the policyholder chooses to pay.
    • Premium – The premium is also known as the contribution that is paid by the policyholder on a yearly basis. At the inception of the policy, the policyholder is required to choose an amount that he/she is willing to pay for the plan. SBI Life - Smart Guaranteed Savings Plan allows the policyholders to pay a minimum of Rs.15,000 and a maximum of Rs.75,000 as the premium amount. Based on the premium amount, the Sum Assured is calculated based on other factors as well. The premium payment term of seven years and policy term of 15 years enables the policyholder to avail life insurance cover for a longer duration than the premium payment term. The premium amount paid by the policyholder doesn’t include applicable taxes, cess, and underwriting fee, if any.

    Plan Coverage - What the SBI Life - Smart Guaranteed Savings Plan covers?

    The non-participating individual savings plan provides an avenue for the customers to boost their savings while having the protection of a life insurance policy. The savings are enhanced with the attachment of Guaranteed Additions that works on simple interest method. At the end of each policy year, the Guaranteed Additions are added to the policy based on the premium amount chosen by the policyholder.

    The policyholder’s family/nominee is protected from financial eventualities through an insurance coverage. During the policy term, if the policyholder encounters death, the nominee of the policy is entitled to a host of financial benefits including the Sum Assured and Guaranteed Additions. The Sum Assured on the policyholder’s death will be higher of the following factors

    • Basic Sum Assured
    • 10 times the Annualized Premium
    • 105% of total premiums paid as on the date of death

    The SBI Life - Smart Guaranteed Savings Plan offers the following benefits for a customer:

    Death Benefits In the event of policyholder’s death during the policy term, the Sum Assured on Death along with the Guaranteed Additions will be payable to the beneficiary. Where the Sum Assured on death is Higher of (Basic Sum Assured or 10 times the Annualized Premium or 105% of total premiums paid as on the date of death).
    Maturity Benefits If the life assured survives till the end of the policy, he/she will be eligible to claim for the maturity benefits. The maturity benefit consists of the Sum Assured amount and the Guaranteed Additions.
    Guaranteed Additions At the end of each policy year, Guaranteed Additions are added based on a simple interest rate of 5.5% or 6%. The Guaranteed Additions are calculated based on premium amount chosen by the policyholder.
    Insurance Cover During the policy term, the policyholder is provided with an insurance cover to protect his/her family/nominee against financial eventualities. If the policyholder encounters unfortunate death during the policy term, the nominee is entitled to the death benefits and Guaranteed Additions.

    Riders / Add-On Plans – Additional coverage under the SBI Life - Smart Guaranteed Savings Plan:

    No riders or add-on plans are available under the SBI Life - Smart Guaranteed Savings Plan.

    Exclusions - What the SBI Life - Smart Guaranteed Savings Plan doesn’t cover?

    • Suicide Exclusion If the policyholder commits suicide within 12 months from the date of policy start date, the nominee will be entitled to 80% of the premiums paid. The exclusion is applicable for policies that are revived as well. Once the benefits are paid to the nominee, the policy will be terminated and no further benefits will be due.
    • Loan Option – If the policyholder encounters an emergency situation, he/she can avail a loan based on the surrender value of the policy. A loan can be given out only after the policy acquires surrender value. SBI Life - Smart Guaranteed Savings Plan offers a maximum of 90% of the surrender value as the policy loan.

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

    Free Look Period From the date the policy has been bought, the policyholder gets 15-30 days of free look period to review the terms and conditions of the policy document. If the policyholder is disagreeing to the any of the terms and conditions, he/she is provided with 15-30 days of free look period to return/cancel the policy. A free look period of 30 days is applicable for a policy bought from other Distance Marketing modes, and 15 days for direct methods. The original policy document will be needed to be sent to SBI Life Insurance Company with the statement of objection. After cancellation, the policyholder will receive the refund for premiums paid after deduction of stamp duty charge, medical expenses, and charges for proportionate risk premium for the cover.
    Surrender Benefit/Paid-Up Value The SBI Life - Smart Guaranteed Savings Plan acquires the surrender value/paid-up value after the payments of premiums for at least two years. The Sum Assured for a paid-up policy on maturity or death of the policyholder will be reduced Sum Assured, otherwise known as Paid-up Sum Assured. The policy can be terminated for a surrender value before the maturity of the policy. In case the policyholder decides to surrender the policy, he/she will be entitled to a surrender value.
    Grace Period Under this plan, the policyholder is provided with an option of a grace period to pay the due premium. From the due date of premium payment, a 30 days grace period is offered to policyholder.
    Revival Option If the premium is not paid within the grace period, the policy will be remarked as lapsed. If the policy lapses, the policyholder can revive it within 2 years from the date of first due premium. Additionally, the policyholder is required to state the reason for missing the payment.
    Flexibility Premium Payment - The plan allows the policyholder to make premium payments through a broad range of payment modes. The policyholder can choose to make a premium payment of a minimum of Rs.15,000 and a maximum of Rs.75,000. Policy Term – The policy provides the benefit of a shorter payment term compared to the policy term of 15 years.
    Nomination The policyholder can change the details of the nominee by contacting SBI Life Insurance Company during the policy term.

     

    Tax Benefits – How you can save with the SBI Life - Smart Guaranteed Savings Plan?

    The SBI Life - Smart Guaranteed Savings Plan offers Income Tax (IT) benefits applicable as per the latest tax rules and regulations. The tax rules and regulations are subject to change from time to time. The customers are advised to consult with a qualified tax consultant and to read the policy documents thoroughly before making the policy purchase. The plan offers tax deduction under Section 80C and tax exemption under 10 - 10D is available for the investments made and the benefits earned through the policy.

    Other Benefits – How you can save with the SBI Life - Smart Guaranteed Savings Plan?

    SBI Life - Smart Guaranteed Savings Plan helps the policyholder in saving tax while ensuring a boost in the savings made under this plan. Additionally, the policyholder is not required to purchase an additional life insurance plan since this plan provides a life insurance cover. If the policyholder encounters an emergency situation, the plan provides a policy loan to meet the uncertain expenses.

    Why you should buy the SBI Life - Smart Guaranteed Savings Plan from SBI Life Insurance Company?

    SBI Life Insurance Co Ltd is a joint venture between State Bank of India (SBI) and BNP Paribas Cardiff. SBI and BNP Paribas Cardiff has a total capital of 70.1% and 26% in the SBI Life Insurance Company. With expertise in insurance schemes, investment schemes, and various other financial products and services, the SBI Life Insurance Company is one of the most popular insurance companies in India. The insurer has won plenty of awards for showcasing excellence in their products and services through a proven record.

    SBI Life - Smart Guaranteed Savings Plan offers an excellent option for the customers to earn more on their savings. Through an Assured Sum amount which is based on the premium amount chosen by the policy, Maturity Benefits, and Guaranteed Additions, this plan provides a suitable avenue for the customers to get rewarded through savings. Moreover, the policyholder is required to pay the premium for only seven years while be entitled to a life cover for the entire policy term of 15 years. The plan can be purchased through various online and offline methods provided by SBI Life Insurance Company.