This plan is a market-linked non-participating policy. The policyholder has to pay premium only once to avail of the benefits of this plan throughout the term of the policy. The plan has option to select a combination of 2 funds that provide Market Linked Benefits - the Equity Fund and the Bond Fund, to ensure the policyholder gets the best returns possible.
Policyholders need to pay the premium only once to get the benefits throughout the term of the policy. Policyholders can draw liquidity via Partial Withdrawal of funds. This plan also gives the option to customize the policy with Accidental Death Benefit.
Listed below are the various eligibility factors that you must meet to purchase SBI Life - Smart Wealth Assure Plan:
|Parameter||For Base Plan||For Accidental Death Benefit Plan|
|Minimum age at entry||8 years||18 years|
|Maximum age at entry||65 years||65 years|
|Minimum age at maturity||18 years||28 years|
|Maximum age at maturity||75 years||70 years|
|Minimum policy term||10 years||10 years|
|Maximum policy term||30 years||30 years|
The Sum Assured for SBI Life Smart Wealth Assure Plan varies by age of the policyholder, and is also directly proportional to the amount of premium selected. The following table explains the relationship between the various parameters influencing the Sum Assured:
|Minimum Sum Assured||
|Maximum Sum Assured||
Where SP = Single Premium
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 Wealth Assure Plan provides the following coverage to the life insured under this plan:
|Debt Instruments||60%||100%||Low to medium|
|Money Market Instruments||0%||40%|
|Equity related Instruments||80%||100%||High|
|Money Market Instruments||0%||20%|
|Year of discontinuance||Single Premium|
|1st year||Lower of 1% of Single Premium or Fund Value, subject to a maximum of Rs.6,000.|
|2nd year||Lower of 0.5% of Single Premium or Fund Value, subject to a maximum of Rs.5,000.|
|3rd year||Lower of 0.25% of Single Premium or Fund Value, subject to a maximum of Rs.4,000.|
|4th year||Lower of 0.1% of Single Premium or Fund Value, subject to a maximum of Rs.2,000.|
|5th year onwards||Nil.|
|Policy year||Single Premium|
|1 to 5 years||Rs.45 per month|
|Equity Fund||1.35% p.a.|
|Bond Fund||1.00% p.a.|
|Discontinued Policy Fund||0.50% p.a.|
Suicide: SBI Life - Smart Wealth Assure Plan doesn't cover death caused by suicide within 1 year from policy commencement or revival date. In such a case, the Fund Value as on the date of death is paid to the claimant while all other benefits under the policy ceases. Any charges levied after the date of death shall be refunded to the claimant or nominee along with the death benefit.
Other Exclusions for Accidental Death Benefit:
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.|
|Switching option||The plan allows policyholders to switch between two funds - Bond and Equity, subject to a minimum of Rs.5,000 per switch. SBI Life allows policyholders to switch for free the first 2 times in a given policy year. A charge of Rs.100 is applied if the policyholder wishes to switch funds more than twice in a year.|
|Partial Withdrawal||The plan allows policyholders to partially withdraw sum from their fund account from the 6th year onwards or on reaching the age of 18 years, whichever later. A charge of Rs.100 will be levied on each withdrawal, deducted from the withdrawal amount.|
|Discontinuance of Premium||You can revive the policy within a period of 2 years. Meanwhile, the policy will attain Reduced Paid-Up status. The company will send a notice within 15 days from the end of grace period. You will have a period of 30 days to revert to the company. During this period, your life cover will continue, funds will be invested, and charges will be deducted. If the company doesn't receive any response from you, the policy will be treated as Complete Withdrawal or Surrender.|
|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.|
|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:
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