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SBI Life - Smart Wealth Assure Plan

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.

Eligibility - Who is the SBI Life Smart Wealth Assure Plan for?

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

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

Sum Assured:

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:

Parameters Values
Minimum Sum Assured
  • For those aged below 45 years: 1.25 x SP
  • For those aged equal or more than 45 years: 1.10 x SP
Maximum Sum Assured
  • For those aged below 45 years: 5 x SP
  • For those aged equal or more than 45 years: 3 x SP

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.

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 Wealth Assure Plan covers?

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

  • Maturity Benefit: The Fund Value is paid on completion of the term of the policy as a lump sum. Policyholders can also opt to get the benefit paid in installments over a period of 2 to 5 years by choosing the “Settlement” option. Charges for Fund management will be applicable during this extended period as the existing funds would still be invested.
  • Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
  • Accidental Death Benefit (Optional): This benefit, if opted for gives additional death benefit to the nominee if the death of the policyholder is accidental.
  • Fund Options: This plan offers two different options of Funds:
    • Bond Fund: This fund provides a safe and reliable investment option for policyholders, functioning mainly through income accumulation via securities offering fixed income and debt instruments.
Assets Minimum Maximum Risk Profile
Debt Instruments 60% 100% Low to medium
Money Market Instruments 0% 40%
  • Equity Fund: This fund focuses more on growth than security with the objective to bring in high returns.
Assets Minimum Maximum Risk Profile
Equity related Instruments 80% 100% High
Debt Instruments 0% 20%
Money Market Instruments 0% 20%

Listed below are the various charges applicable for SBI Life - Smart Wealth Assure Plan:

  • Mortality Charge: On the first working day of each policy month, mortality charge will be deducted from Fund Value. The charge is determined based on your age and Sum at Risk at the time of deduction.
  • Accidental Death Benefit Charge:
  • Switching Charge: Rs.100 is levied for each additional switch after 2 free switches in one policy year.
  • Partial Withdrawal Charge: Rs.100 is levied for each additional partial withdrawal after 1 free partial withdrawal in the same policy year.
  • Miscellaneous Charges: Rs.100 will be levied for issuance of duplicate copy of yearly fund statement.
  • Discontinuance Charge: Charges on discontinuing this policy at different term period are as follows:
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 Administration Charge: It is subjected to a maximum of Rs.200 per month.
Policy year Single Premium
1 to 5 years Rs.45 per month
  • Fund Management Charges:
Fund Name Charges
Equity Fund 1.35% p.a.
Bond Fund 1.00% p.a.
Discontinued Policy Fund 0.50% p.a.

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

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:

  • Infection: Death caused by any infection, except infection at visible wounds caused by an accident.
  • Self-inflicted Injury: All self-inflicted injuries including those sustained as a result of attempted suicide.
  • Drug Abuse: Death caused by a direct result of drug abuse or intoxication, not including prescription drugs taken under proper directions from a medical practitioner.
  • Criminal activities: Any harm sustained when involved in a criminal and illegal activity, or any act undertaken with criminal intent.
  • War/Civil Unrest: War, hostilities without war being declared, invasion, rebellion, civil war, revolution, being involved in a riot or any kind of civil unrest.
  • Aviation: Participation in any aviation activity like paragliding, parachuting, etc. except as being as paying passenger in a commercially flying airplane of a registered airline.
  • Nuclear Contamination: Radioactive contamination due to a nuclear accident.
  • Dangerous Sports and Leisure Activities:

Other Key Features of SBI Life Smart Wealth Assure Plan:

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.

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.