This is a joint participating insurance plan or married couples. The endowment plan provides both the husband and wife with insurance cover and comes with multiple rider options. The policy offers a guaranteed minimum bonus at 2.50% of the sum assured for the first 3 years.
This is joint plan comprising of both life insurance coverage and savings where the policyholder can get insurance cover for both themselves and theirs within the ambit of this single policy. This plan protects financially in case of the unfortunate demise of one or both of the lives assured.
Listed below are the various eligibility factors that you must meet to purchase SBI Life - Smart Humsafar Plan:
|Minimum age at entry||18 years|
|Maximum age at entry||46 years|
|Minimum age at maturity||28 years|
|Maximum age at maturity||65 years|
|Maximum age difference between the spouses||20 years|
|Minimum policy term||10 years|
|Maximum policy term||30 years|
Sum Assured: The Sum Assured for SBI Life - Smart Humsafar Plan starts with a minimum of only Rs.1 lakh and can go up to a huge sum, enough to ensure that both the lives insured are adequately covered.
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||Rs.5 crore|
Premium Range: As the Sum Assured can be an unlimited sum, so can be the Premium amount, with the minimum being Rs.50,000 p.a. The plan comes only with Single Pay option. There’s an extra amount of premium to be paid if the insured opts for Accidental Death Benefit.
|Premium Payment Modes||Single payment.|
|Minimum Annual Premium||Rs.50,000.|
|Maximum Annual Premium||No limit.|
|Minimum Accidental Death Benefit Premium||Rs.25,000.|
|Maximum Accidental Death Benefit Premium||Base Sum Assured or Rs.50 lakhs, whichever is lower.|
*Premiums vary based on age, location, plan term, and other factors.
SBI Life - Smart Humsafar Plan provides the following coverage to the life insured under this plan:
Suicide: If the SBI Life - Smart Humsafar policyholder commits suicide for any reason within a year of commencement of the policy, the following would occur:
Following are other key features of SBI Life - Smart Wealth Assure Plan:
|Free Look Period||After receiving the policy document, you have 15 days to review the terms and conditions of the policy. If you find the terms and conditions objectionable then you can return the policy and claim refund. The refund amount will be paid after some deductions. For policies purchased through distance marketing, you have 30 days to review the terms and conditions.|
|Grace Period||If you fail to pay premium within the due date, you are given a grace period of 30 days to pay the premium without interest. If the premium is not paid within the grace period, then the policy will lapse.|
|Revival||Policy can be revived within 2 years from the date of discontinuance. The Discontinued Policy Fund will be dissolved and the discontinuance charge will be refunded. The resultant funds will be reallocated to the previously chosen investment funds.|
|Loan||This policy allows policyholders to get a policy loan for any financial emergencies when the policy reaches surrender value.|
|Surrender||If the policy is surrendered any time before the completion of the 5 policy year, then the Fund Value will be transferred to the Discontinued Policy Fund after discontinuance charge is deducted. The fund will earn a minimum guaranteed interest rate of 4% p.a. Fund Management Charge of the Discontinued Policy Fund will be deducted. Life Cover is not payable. Fund Value will be paid on the 1st working day of the 6th policy year. Policy will cease after Fund Value is paid. If the policy is surrendered after the completion of 5th policy year, then the Fund Value will be paid immediately.|
Under SBI Life - Smart Wealth Assure Plan, you can get tax benefits on the following:
There are several other benefits of purchasing life insurance plans from SBI Life such as: