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SBI Life - Smart Humsafar Plan

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.

Eligibility - Who is the SBI Life - Smart Humsafar Plan for?

Listed below are the various eligibility factors that you must meet to purchase SBI Life - Smart Humsafar Plan:

Parameter Value
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 and Premium Range - What you get and what it costs?

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.

Parameters Values
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.

Parameters Values
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.

Plan Coverage - What the SBI Life - Smart Humsafar Plan covers?

SBI Life - Smart Humsafar Plan provides the following coverage to the life insured under this plan:

  • Maturity Benefit: A maturity payout at the end of the term of the policy is bestowed on survival of either or both of the lives assured.
  • Guaranteed Bonus: This plans offers guaranteed bonus amounting to a minimum of 2.50% of the Sum Assured (Basic) during the first 3 years of policy commencement.
  • Premium Waiver: The benefits under this plan also includes waiver of premium in the event of death of either of the joint-policyholders as long as the policy is in force.

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

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:

  • If the policyholder dies within a year from policy commencement date: Nominee gets 80% of all premiums paid.
  • If the policyholder dies within a year from policy reinstatement date: Nominee gets 80% of all Premiums paid minus service tax or the Surrender Value as on death date, whichever is higher.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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.

Tax Benefits - How you can save with the SBI Life - Smart Wealth Assure Plan?

Under SBI Life - Smart Wealth Assure Plan, you can get tax benefits on the following:

  • Premiums paid under Section 80C of the Income Tax Act, 1961. Tax deduction is subjected to a maximum of up to 10 times the Sum Assured.
  • Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961. Tax deduction is subjected to a maximum of up to 10 times the Sum Assured. Death benefits are completely tax free.

Other Benefits - How you can save with the SBI Life - Smart Wealth Assure Plan?

There are several other benefits of purchasing life insurance plans from SBI Life such as:

  • Insurance Advisor: You can request for a SBI insurance advisor to help you in choosing the right insurance plan to best suit your needs. Fill up an online request form on the company website. An insurance advisor will call and visit you at your convenience.
  • Online application: You can apply and purchase insurance plans online through the SBI Life website.
  • Premium calculator: With the online premium calculator available on the company website, you can easily calculate how much premium you need to pay for your insurance policy.
  • Policy alerts: You can get policy notifications via SMS on your registered mobile number.
  • Claims: You can make your claim through the following channels:
    • Online claim
    • Visit the nearest SBI Life branch
    • Email SBI Life at claims@sbilife.co.in
    • Mail the duly filled claim form along with the supporting documents to SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706
  • Premium payment channels: Premium payments can made through the following channels:
    • Cash deposit at SBI Life branch
    • Cheque by post or courier
    • National Automated Clearing House
    • Direct debit
    • Auto-Debit Arrangement
    • State Bank Group ATMs
    • VISA pay
    • Online payment on SBI Life website
    • Point of Sales (POS) terminals at select SBI Life branches
    • Easy Access Mobile App
    • E-wallets

Why should you buy Smart Wealth Assure Plan from SBI Life?

  • From traditional insurance term plan to ULIP and annuity plan, SBI Life Insurance boasts a range of insurance products to suit the needs of its customers.
  • SBI Life manages an authorised capital of Rs.2,000 crores and a paid up capital of Rs.1,000 crores.
  • The Claim Settlement Ratio of SBI Life Insurance was 95.8% in FY15-16.
  • In 2015, SBI Life Insurance won the 'Most Trusted Brands 2015' by The Economic Times.