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  • SBI Life - Smart Money Planner 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 Money Planner is an individual, participating, non-linked, profit endowment assurance plan offered by SBI Life Insurance Company. It is a savings plan with ‘growth period’ feature that offer regular income throughout the benefit period. It helps people in achieving their long and short term goals by providing them with life cover throughout the policy term, premium payment period and growth period. Apart from death benefit, the plan also provides survival and maturity benefits to the customers. Policyholders get 4 plan options and they can choose between Single Premium and Limited Premium Payment modes. They can also avail tax benefits under the Income Tax Act, 1961.

    Eligibility - Who is the SBI Life Smart Money Planner for?

    Policyholders of SBI Life – Smart Money Planner has to fulfil the following eligibility requirements to avail the policy:

    Plan Type Individual, participating, non-linked, profit endowment assurance plan
    Minimum Age at Entry 18 years for all the 4 plans
    Maximum Age at Entry Plan 1 – 60 years Plan 2 – 55 years Plan 3 – 55 years Plan 4 – 50 years
    Maximum Age at Maturity 75 years

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

    The guaranteed benefit that the policy offers to every policyholder is called the Sum Assured. The minimum and maximum Sum Assured offered by SBI Life – Smart Money Planner is mentioned in the table below:

    Particulars Details
    Maximum Sum Assured Rs.5 crore
    Minimum Sum Assured Rs.1 lakh
    Benefit Payment Period Plan 1 – 5 years Plan 2 – 10 years Plan 3 – 5 years Plan 4 – 10 years

    Premium on the other hand is the amount paid by the policyholders to avail the policy. The minimum and maximum premium is decided by the company based on the age, gender, plan term, location and other factors.

    Particulars Details
    Premium Payment Period Plan 1 – 6 years Plan 2 – 6 years Plan 3 – 10 years Plan 4 – 10 years
    Growth Period Plan 1 – 4 years Plan 2 – 4 years Plan 3 – 5 years Plan 4 – 5 years
    Premium Payment Mode Single Premium Yearly Half Yearly Quarterly Monthly
    Policy Term Plan 1 – 15 years Plan 2 – 20 years Plan 3 – 20 years Plan 4 – 25 years
    Premium Frequency Loading Monthly – 8.5% of annual premium Quarterly – 26% of annual premium Half-yearly – 51% of annual premium

    Plan Coverage - What the SBI Life Smart Money Planner covers?

    SBI Life – Smart Money Planner is a participating life insurance plan, which is why policyholders will receive a profit share in the form of Terminal Bonus and Regular Simple Reversionary Bonus. The latter is guaranteed by the company and is announced at the end of every financial year. Terminal Bonus may be paid depending on the case. To avail the profits, policyholders have to pay their premiums on time.

    SBI Life – Smart Money Planner covers the following:

    Particulars Details
    Death Benefit If the policy is active on the date of death, the company will pay the following as death benefit:
    • To policyholders who have selected Limited Premium Payment term, the higher of the following will be paid:
      • 105% of the premiums paid
      • Sum Assured on death + Terminal Bonus (if any) + Vested Simple Reversionary Bonuses. Here, Sum Assured is higher of the Guaranteed Sum Assured at maturity or Basic Sum assured, or a multiple of the annualised premium. The multiple is:
        For entry age below 45 years For entry age of 45 years and above
        Multiple – 10 Multiple – 7
    • To policyholders who have selected Single Premium, the company will pay the Sum Assured + Terminal Bonus (if any) + Vested Simple Reversionary Bonuses. Here, Sum Assured is higher of the guaranteed Sum Assured at maturity or Basic Sum assured, or a multiple of single premium. The multiple is:
    For entry age below 45 years For entry age of 45 years and above
    Multiple – 1.25 Multiple – 1.10
    If the policy is not in-force but has got paid-up value, then the company will pay the paid-up value, provided the life insured passes away during the policy term. Here, paid-up value on death is equal to paid-up Sum Assured on death + Terminal Bonus (if any) + Vested Simple Reversionary Bonuses.
    Maturity Benefit If the policy is active and the life insured is alive at the end of the policy term, then the company will pay the Guaranteed Sum Assured on maturity. It will also pay the Terminal Bonus (if any) and the Vested Simple Reversionary Bonus. If the life insured is alive by the end of policy term and the policy is not in-force, but has got paid-up value, then the company will pay the paid-up value on maturity. It is equal to the Vested Simple Reversionary Bonuses + Terminal Bonus (if any) + paid-up sum assured on maturity.
    Survival Benefit If the life insured is alive, then the company will pay the survival benefit in instalments at the end of every policy year. The first benefit instalment will be paid a year after the growth period ends. If the policy is active, then the survival benefit will be a fixed percentage of the Basic Sum Assured. If the policy has acquired paid-up status, then the percentage will be applicable on the paid-up Sum Assured.

    Riders / Add-On Plans – Additional coverage under the SBI Life – Smart Money Planner:

    SBI Life – Smart Money Planner does not offer any riders.

    Exclusions - What the SBI Life – Smart Money Planner doesn’t cover?

    Suicide Exclusion – If the life insured dies by suicide within 1 year from the start/revival of the policy, then the company will not pay any death benefit. It will pay 80% of the basic premiums that have been paid by the insured, if the person dies within 1 year from the start of the policy. It will pay higher of 80% of the basic premiums that have been paid by the insured or the surrender value, if the person dies within 1 year from the revival date of the policy.

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

    SBI Life – Smart Money Planner has many features. Some of them are as follows:

    Particulars Details
    Surrender Value In case of Limited Premium Payment: If a policy has acquired paid-up value, then policyholders have an option to surrender their policy. In case the policy is surrendered, then the company will pay higher of Non-Guaranteed Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV). GSV = Minimum GSV + Surrender Value of vested bonuses. Minimum GSV = GSV factors x basic premium paid – survival benefit instalment that has already been paid. GSV factors are a percentage of basic premium paid:
    Policy Year Plan 1 Plan 2 Plan 3 Plan 4
    1 0% 0% 0% 0%
    2 30% 30% 0% 0%
    3 30% 30% 30% 30%
    4 to 7 50% 50% 50% 50%
    8 to 10 55% 55% 55% 55%
    11 to 15 60% 60% 60% 60%
    16 to 20 N.A. 65% 65% 65%
    21 and above N.A. N.A. N.A. 70%
    In case of Single Premium: If the policy is surrendered, then the company will pay higher of GSV or Non-Guaranteed SSV. If the policy is surrendered within the first 3 years, then the minimum GSV = 70% of single premium paid. If the policy is surrendered in the 4th year or after that, then the minimum GSV = 90% of single premium paid – survival benefit instalments that has already been paid. The amount are exclusive of tax, cess and underwriting extra premiums. Surrender Value of Vested Bonuses = vested bonuses x bonus surrender value factors. The amount is dependent on the policy term and will be less than the vested bonus amount.
    Paid-up Value In case of Limited Premium Payment term – The plan will acquire the paid-up status only if the policyholder has paid premium for a minimum of 2 policy years and he/she has selected Plan 1 and Plan 2. If he/she has selected Plan 3 and Plan 4, then premium for a minimum of 3 years has to be paid. Paid-up Value = Paid-up Sum Assured + Terminal Bonus (if any) + Vested Simple Reversionary Bonus (if any). Paid-up Sum Assured = Basic Sum Assured x number of instalments paid/total number of instalment to be paid under the policy. From the date of acquiring paid-up status, the company will not add any reversionary bonuses to the policy. Policyholders can choose to terminate their paid-up plan before maturity by selecting the surrender policy option for surrender value.
    Revival Within 2 years from the 1st unpaid premium date.
    Free Look Period 15 days (30 days if bought through distance marketing channel).
    Loan Policyholders can apply for a loan against their policy, if it has got the Surrender Value. The loan amount cannot be more than 90% of the Surrender Value.
    Claim Death Claim – The nominee/legal heir/policyholder have to inform the company of death of the life insured in writing. They have to mention the policy number, cause and date of death. Along with that they have to provide the following documents:
    • Original document of the policy.
    • Original Death Certificate.
    • Hospital Records (include discharge summary).
    • Claim forms and claimant’s statement.
    • Any other documents such as F.I.R, post-mortem reports (if applicable).
    The claim has to be made within a period of 90 days from the date of death. Maturity/Survival Claim – To make this claim, policyholder has to submit the original document of the policy, KYC documents and discharge form to any one of the company’s offices. If the policy has been assigned, then the claim will be paid to the Assignee. If not, then the claim will be paid to the insured. Surrender Claim – To make this claim, the policyholder will have to submit the original policy document and discharge form. Here, death claim will be paid to the legal heir.
    Grace Period 15 days for monthly mode. 30 days for other modes.

    Tax Benefits – How you can save with the SBI Life – Smart Money Planner?

    SBI Life – Smart Money Planner holders can claim tax benefits under the following Sections:

    • Section 80C of the Income Tax Act, 1961. If the premium is more than 10% of Sum Assured, then the benefit that can be claimed will be limited to 10% of the Sum Assured.
    • Section 10D of the Income Tax Act, 1961. Exemption under this section is available at the time of surrender, provided the premium is not more than 10% of the Sum Assured in any of the policy years during the policy term. Death benefit is fully exempted from tax.

    Other Benefits – How you can save with the SBI Life – Smart Money Planner?

    SBI Life – Smart Money Planner has other benefits apart from the ones mentioned above. Some of them are:

    Particulars Details
    Calculators and Planners Customers can use the calculators and planners present on the website of the company to plan their investment.
    Customer Service Customers can contact the customer care service 24x7 for any queries related to the policy.
    Online Payment Customers can easily pay their premium online on the website of the company.
    e-Document Customers can download their Policy document online from the website of SBI Life Insurance Company.

    Why you should buy the SBI Life – Smart Money Planner from SBI Life Insurance Company?

    SBI Life – Smart Money Planner is one of the most popular plans offered by SBI Life Insurance Company. The company has a presence all over India, which makes its products and services easily accessible. It is one of the most trusted names in the insurance industry. It provides 24x7 customer care service, which customers can reach out to for any claims or policy related queries. Apart from the above, the company also conducts an Insurance Awareness Program to familiarize customers with the benefits of investing money in an insurance policy.