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  • SBI Life - Smart Wealth Builder 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 Wealth Builder Plan is an insurance cum savings plan offered by SBI Life Insurance. With this plan, you can meet both your insurance and financial needs. Under this plan, you can get the following benefits:

    • Maturity Benefit: Upon reaching policy maturity date, Fund Value will be paid as maturity benefit.
    • Death Benefit: Sum Assured or Fund Value, whichever is higher is paid as death benefit. It can’t be less than 105% of total premiums paid till date of death.
    • Investment options: You have the flexibility to choose between 7 different Fund options to invest your funds in.
    • Tax Benefits: Get tax deductions on premiums paid, maturity proceeds, and death benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

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

    Listed below are the eligibility factors you must meet to purchase SBI Life - Smart Wealth Builder Plan:

    Entry age for Regular Premium or Limited Premium 7 to 60 years
    Entry age for Single Premium 65 years
    Maturity age 70 years

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

    Listed below are the required Policy Term, PPT, Premium and Sum Assured for SBI Life - Smart Wealth Builder Plan:

    Plan type Single Premium, Regular Premium or Limited Premium
    Premium Payment Term (PPT) For Policy Term of 10 years: 5 or 8 years For Policy Term of 15 to 30 years: 5, 8 or 10 years Regular Premium: Same as Policy Term Single Premium: One-time payment at policy inception
    Policy Term Single Premium: 5 to 30 years Regular Premium or Limited Premium: 10, 15 to 30 years In the case of life assured being a minor at policy commencement, the chosen policy term should be long enough to ensure the life assured is a major at policy maturity date.
    Premium Payment Frequency Annual or single
    • Sum Assured:
    Premium mode Minimum Sum Assured for age below 45 years Minimum Sum Assured for age 45 years and above Maximum Sum Assured for age below 45 years Maximum Sum Assured for age 45 years and above
    Regular premium Higher of 10 times the Annual Premium or 0.50 times Annual premium multiplied by policy term Higher of 7 times the Annual Premium or 0.25 times Annual premium multiplied by policy term 20 times the Annual Premium 20 times the Annual Premium
    Limited premium Higher of 10 times the Annual Premium or 0.50 times Annual premium multiplied by policy term Higher of 7 times the Annual Premium or 0.25 times Annual premium multiplied by policy term 15 times the Annual Premium 15 times the Annual Premium
    Single premium 1.25 times the Single Premium 1.1 times the Single Premium 3 times the Single Premium 1.25 times the Single Premium
    • Premium amount:
    Plan type Premium frequency Minimum Maximum
    Regular premium Annual Rs.30,000 Rs.3 lakhs
    Limited premium Annual Rs.40,000 Rs.3 lakhs
    Single premium Single Rs.65,000 Rs.3 lakhs

    Plan Coverage - What the SBI Life - Smart Wealth Builder Plan covers?

    This is how SBI Life - Smart Wealth Builder Plan works:

    Choose the Life Cover amount, policy term, and premium payment frequency. Based on age and the other chosen parameters, the premium and Sum Assured will be determined. Under this plan, you can get the following benefits:

    • Maturity Benefit: Upon reaching policy maturity date, Fund Value will be paid as maturity benefit. Fund Value is the total value of units hold across all unit-linked funds.
    • Death Benefit: Higher of the Fund Value or Sum Assured is paid as death benefit, subject to a minimum of 105% of total basic premiums paid till the date of death.
    • Investment options: You have the flexibility to choose between 7 different Fund options to invest your funds in:
      Fund name Investment objectives Asset Category Asset Allocation Range Risk profile
      Equity Fund High equity exposure with higher returns in long term
      • Equity
      • Debt instruments
      • Money Market instruments
      • Equity: 80-100%
      • Debt instruments: 0-20%
      • Money Market instruments: 0-20%
      High
      Top 300 Fund Long-term capital returns by investing stocks of top 300 companies
      • Equity
      • Cash and money market instruments
      • Equity: 60-100%
      • Cash and money market instruments: 0-40%
      High
      Equity Optimiser Fund High equity exposure with higher returns through long-term capital gains
      • Equity
      • Debt instruments
      • Money Market instruments
      • Equity: 60-100%
      • Debt instruments: 0-40%
      • Money Market instruments: 0-40%
      High
      Growth Fund Long-term capital gains through investment in equity, debt instruments, and money market instruments
      • Equity
      • Debt instruments
      • Money Market instruments
      • Equity: 40-90%
      • Debt instruments: 10-60%
      • Money Market instruments: 0-40%
      Medium to High
      Balanced Fund Income through investment in equities and fixed income securities in order to maintain a balance between return and safety
      • Equity
      • Debt instruments
      • Money Market instruments
      • Equity: 40-60%
      • Debt instruments: 20-60%
      • Money Market instruments: 0-40%
      Medium
      Bond Fund Relatively safe and less volatile investment through debt instruments and income through investment in fixed income securities
      • Debt instruments
      • Money Market instruments
      • Debt instruments: 60-100%
      • Money Market instruments: 0-40%
      Low to Medium
      Money Market Fund Invest funds in liquid and safe instruments to market risk
      • Debt instruments
      • Money Market instruments
      • Debt instruments: 0-20%
      • Money Market instruments: 80-100%
      Low
      Discontinued Policy Fund Relatively less volatile investment return through debt instruments and income through invest in fixed interest securities and liquid investments
      • Money Market instruments
      • Government Securities
      • Money Market instruments: 0-40%
      • Government Securities: 60-100%
      Low
    • Flexibility: You can increase or decrease the Sum Assured from the 6th policy year onwards. No Premium Allocation charge from 11th policy year onwards. No Policy Administration fees for first 5 policy years for Regular and Limited Premium policies. From 2nd policy year onwards, premium redirection is allowed free of charge. Partial withdrawals are allowed from 6th policy year onwards or after reaching 18 years of age, whichever is later.
    • Guaranteed additions: For a regular premium policy with a 30 year policy term, you can get up to 125% of 1 annual regular premium as a guaranteed addition. Guaranteed additions start from 10th policy year onwards.
    Policy year end Regular Premium Limited Premium Single Premium
    10 5% of Annual Premium For 5 PPT: 5% of Annual Premium For 8 PPT: 5% of Annual Premium For 10 PPT: 5% of Annual Premium 5% of Single Premium
    15 15% of Annual Premium For 5 PPT: 5% of Annual Premium For 8 PPT: 10% of Annual Premium For 10 PPT: 10% of Annual Premium 5% of Single Premium
    20 25% of Annual Premium For 5 PPT: 10% of Annual Premium For 8 PPT: 10% of Annual Premium For 10 PPT: 15% of Annual Premium 5% of Single Premium
    25 35% of Annual Premium For 5 PPT: 10% of Annual Premium For 8 PPT: 10% of Annual Premium For 10 PPT: 20% of Annual Premium 7% of Single Premium
    30 45% of Annual Premium For 5 PPT: 10% of Annual Premium For 8 PPT: 15% of Annual Premium For 10 PPT: 25% of Annual Premium 8% of Single Premium

    Charges

    Listed below are the various charges applicable for SBI Life - Smart Wealth Builder 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.
    • 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:
    Year of discontinuance Single Premium Regular or Limited Premium
    1st year Lower of 1% of Single Premium or Fund Value, subject to a maximum of Rs.6,000 Lower of 6% x Annual 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 Lower of 4% x Annual 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 Lower of 3% x Annual 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 Lower of 2% x Annual Premium or Fund Value, subject to a maximum of Rs.2,000
    5th year onwards Nil Nil
    • Policy Administration Charge: It is subjected to a maximum of Rs.200 per month.
    Policy year Single Premium Regular or Limited Premium
    1 to 5 years Nil Rs.50 per month
    6th year onwards Rs.60 per month Rs.50 per month
    • Fund Management Charges:
      Fund Name Fund Management Charges
      Equity Fund 1.35% p.a.
      Top 300 Fund 1.35% p.a.
      Equity Optimiser Fund 1.35% p.a.
      Growth Fund 1.35% p.a.
      Balanced Fund 1.25% p.a.
      Bond Fund 1.00% p.a.
      Money Market Fund 0.25% p.a.
      Discontinued Policy Fund 0.50% p.a.
    • Premium Allocation Charge:
    Policy year Regular Premium Limited Premium Single Premium
    1st year 9.00% For 5 PPT: 9% of Annual Premium For 8 PPT: 9% of Annual Premium For 10 PPT: 9% of Annual Premium 3.00%
    2nd year 6.50% For 5 PPT: 6.50% of Annual Premium For 8 PPT: 6.50% of Annual Premium For 10 PPT: 6.50% of Annual Premium NA
    3rd year 6.50% For 5 PPT: 6.50% of Annual Premium For 8 PPT: 6.50% of Annual Premium For 10 PPT: 6.50% of Annual Premium NA
    4th year 6.00% For 5 PPT: 6.00% of Annual Premium For 8 PPT: 6.00% of Annual Premium For 10 PPT: 6.00% of Annual Premium NA
    5th year 6.00% For 5 PPT: 6.00% of Annual Premium For 8 PPT: 6.00% of Annual Premium For 10 PPT: 6.00% of Annual Premium 8% of Single Premium
    6th year 3.50% For 5 PPT: NA For 8 PPT: 3.50% of Annual Premium For 10 PPT: 3.50% of Annual Premium NA
    7th year 3.50% For 5 PPT: NA For 8 PPT: 3.50% of Annual Premium For 10 PPT: 3.50% of Annual Premium NA
    8th year 3.00% For 5 PPT: NA For 8 PPT: 3.00% of Annual Premium For 10 PPT: 3.00% of Annual Premium NA
    9th year 3.00% For 5 PPT: NA For 8 PPT: NA For 10 PPT: 3.00% of Annual Premium NA
    10th year 3.00% For 5 PPT: NA For 8 PPT: NA For 10 PPT: 3.00% of Annual Premium NA
    11th year onwards NA For 5 PPT: NA For 8 PPT: NA For 10 PPT: NA NA

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

    SBI Life - Smart Wealth Builder 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 Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Listed below are other important features of SBI Life - Smart Wealth Builder 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 You have the option to change the allocation of investments among the 7 funds options offered to suit your changing investment needs at any time. You can make up to 2 switches free of charge per policy year. Minimum switch amount is Rs.5,000. Additional switches will have a switching charge of Rs.100.
    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 Builder Plan?

    Under SBI Life - Smart Wealth Builder 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 Builder Plan?

    Listed below are other benefits of buying insurance plans from SBI Life Insurance:

    • Insurance Advisor: You can request for a SBI insurance advisor to help you in choosing the right insurance plan to best suits your needs. Fill up an online request form on the company website. An insurance advisor will call and visit you at your convenience.
    • Premium calculator: With the online premium calculator available on the company website, you can calculate how much premium you need to pay for your insurance policy.
    • 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
    • Online application: You can apply and purchase insurance plans online through the SBI Life website.
    • Policy alerts: You can get policy alerts via SMS on your registered mobile number.

    Why should you buy SBI Life - Smart Wealth Builder Plan from SBI Life Insurance?

    • In 2015, SBI Life Insurance won the 'Most Trusted Brands 2015' by The Economic Times.
    • From traditional insurance term plan to ULIP and annuity plan, SBI Life Insurance boasts a range of insurance products.
    • 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.