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SBI Life - Smart Privilege Plan

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.

Eligibility - Who is the SBI Life Smart Privilege Plan For

If you are planning on investing in the SBI Life Smart Privilege Plan, there is an eligibility criteria which you must consider.

Plan Type Individual
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

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

Sum Assured

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

Premium Range

Plan Type Premium Frequency Minimum Maximum
Regular/limited premium Yearly Rs.6,00,000 No limit
Half-yearly Rs.3,00,000
Quarterly Rs.1,50,000
Monthly Rs.50,000
    Rs.6,00,000 No limit

Payment Frequency

  • Premium payment can be done on a single, yearly, half-yearly, quarterly and monthly basis.
  • For monthly mode of premium payment, 3 months premium must be paid in advance.

Premium Payment Term

  • Regular premium policy: same as the term of the policy
  • Limited premium policy: Minimum PPT - 5 years; Maximum – policy term (minus) 1 year.
  • Single premium policy: single time lump sum payment at time of policy inception.

Plan Coverage - What the SBI Life Smart Privilege Plan Covers?

The SBI Life Smart Privilege Plan provides Life Cover Benefit and Maturity Benefit for policies that are in force.

Life Cover Benefit
  • Life cover benefit provided will be the Sum Assured amount or an amount that is higher of the fund value (minimum of 105% of the overall premiums paid till date of death).
  • Sum assured in this case will be lowered to the extent of:
  • Partial withdrawals made in the last 2 years (in case age on death is below 60 years) and
  • All partial withdrawals made from 58 years of age onwards (for age at the time of death being 60 years or higher).
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.

Exclusions - What the SBI Life Smart Privilege Plan Doesn’t Cover?

  • In the event that the life assured policyholder commits suicide in a sane or insane state of mind, in under a year from the policy inception date or the policy revival date, then the fund value on the date of death of the assured policyholder will be paid.
  • All benefits payable under the policy will cease.
  • Any charges received after the date of life assured’s death will be refunded to the nominee, in addition to the Death Benefit.

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

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.

Tax Benefits – How you can save with the SBI Life Smart Privilege Plan?

You are entitled to tax benefits as per the eligible Income Tax laws prevalent in India.

Other Benefits – How you can save with the SBI Life Smart Privilege Plan?

  • Register online for e-statements – receive e-statements for your insurance policy on your registered email.
  • Renewal Payment Options – Make renewal payments easily by setting up standing instructions for the same.
  • Premium Calculator – Calculate your policy premiums easily with the help of a premium calculator available on the site.
  • Click 2 Call – If you have any queries regarding your policy or wish to enquire about a new policy, you can request a call back.
  • Online Policies – Purchase an insurance policy online from the SBI Life website easily.
  • Dedicated Customer Care – SBI Life has set up a dedicated customer care department to take care of customer’s queries and complaints.

Why you should buy the Smart Privilege Plan from SBI Life?

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.