SBI Life - Smart Privilege is a unit linked, non-participating life insurance plan which brings you a host of advantages and benefits. This unique plan not only protects you with a life insurance cover but also allows you the freedom to switch and redirect your premium between 8 different types of funds which also offer loyalty additions to help maximize the value of your fund. This plan does not include any policy administration charges, ensuring the investment of a higher amount of money. You also enjoy tax benefits when you invest in this scheme.
If you are planning on investing in the SBI Life Smart Privilege Plan, there is an eligibility criteria which you must consider.
|Minimum age at entry||Regular/limited premium policies – 8 years Single premium policies – 13 years|
|Maximum age at entry||55 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity||70 years|
The sum assured provided under this policy is as follows:
· For regular/limited premium policies – SAMF x AP
· Single premium policies – SAMF x SP
Here, AP is Annualized Premium, SP is Single Premium and SAMF is Sum Assured Multiple Factor.
Sum Assured Multiple Factor (SAMF)
|Regular/limited premium||Single premium|
|For all ages||For age at entry below 45 years||For age at entry equal to or more than 45 years|
|Higher of 10 or (policy term x 0.5)||1.25||Minimum – 1.10||Maximum – 1.25|
|Plan Type||Premium Frequency||Minimum||Maximum|
|Regular/limited premium||Yearly||Rs.6,00,000||No limit|
Premium Payment Term
The SBI Life Smart Privilege Plan provides Life Cover Benefit and Maturity Benefit for policies that are in force.
|Life Cover Benefit||
|Maturity Benefit||· In the event that the life assured survives the policy term up to its maturity, they will be paid the fund value in lump sum. · Life assured can also have the maturity benefit paid in installments by choosing the ‘Settlement’ option.|
|Policy Term||Regular/limited premium policies – 10 years to 30 years Single premium policies – 5 years to 30 years|
|Switching Option||· Policyholders have the option of switching their investments between 8 fund options. · The minimum amount for switching is Rs.5,000. · During the policy term, unlimited free switches are allowed.|
|Premium Re-direction||Policyholders can re-direct their premiums from the first policy year. During the policy term, unlimited premium re-direction permitted free of charge.|
|Free Look Period||Free look period of 15 days (if policy received via direct marketing channels) or 30 days (if policy received via distance marketing channels) is provided. In case of cancellation, the original policy document must be returned within the free look period itself.|
|Grace Period||For policies with yearly, half-yearly and quarterly premium frequencies, a grace period of 30 days is provided; For policies with monthly premium payment frequency, grace period of 15 days is provided.|
|Policy Revival||You can revive the policy within 2 years from the date of the discontinuance. The policy can be revived during the revival period on the payment of outstanding premiums. Revival of the policy will be done subject to the underwriting rules and terms & conditions of the policy.|
|Policy Surrender||Policy can be surrendered at any time during the policy term. Once surrendered, the policy cannot be revived.|
|Assignment||Nomination facility is provided under the policy as per Section 39 of the Insurance Act, 1938.|
|Nomination||Assignment is allowed under the policy as per Section 38 of the Insurance Act, 1938.|
You are entitled to tax benefits as per the eligible Income Tax laws prevalent in India.
Started as a joint venture with BNP Paribas in 2001, SBI Life Insurance started operations dealing mainly with bancassurance. As a part of the State Bank Group, SBI Life holds a unique position to leverage its relationship with the banking giant to effectively reach out to over 100 million customers across India. SBI Life has been the recipient of prestigious awards over the span it its existence for offering quality products under the life insurance segment.