SBI Life - Smart Samriddhi Plan is a non-linked, non-participating, endowment life insurance policy by SBI Life. It provides financial security to the policyholder’s loved ones in the event of the individual’s demise, and rewards his or her saving habit with assured additions. The insurance plan is available without any medical examination.
About SBI Life - SBI Life Insurance Company Limited is among the leading life insurance providers in India. It is a joint venture between Indian multinational public sector bank State Bank of India and international insurance company BNP Paribas Cardif. The company offers a wide range of life insurance and pension products at affordable prices.
(Note - All the information contained in this page has been sourced from the official website of SBI Life.)
The features of SBI Smart Samriddhi Plan are as under:
The benefits offered under the plan are as under:
Maturity Benefit: If the life assured outlives the policy term, he or she will receive the basic sum assured plus accrued guaranteed additions.
Death Benefit: In the event of the life assured’s demise during the policy term, the ‘Sum Assured on death’ and accrued guaranteed additions shall be paid to the beneficiary. Here, sum assured on death is higher of basic sum assured or 10 times the annualized premium or 105% of total premiums paid as on the date of demise.
| Criteria | Minimum | Maximum |
|---|---|---|
| Age at Entry | Minimum: 18 years | Maximum: 50 years |
| Age at Entry | 65 years | |
| Policy Term | 15 years | |
| Basic Sum Assured | Min. Per Policy - Rs. 98,700 | Max. Per Life Limit - Rs. 5,34,750 |
Source: Official website of SBI Life
| Terms | Details |
|---|---|
| Premium Payment Term | 7 years |
| Premium Frequency | Yearly/Monthly The monthly premium for monthly mode as percentage of annual premium is 8.50% of annual premium. |
| Annual Premium | Min. Per Policy - Rs. 15,000 |
| Annual Premium | Max. Per Life Limit - Rs. 75,000 |
Source: Official website of SBI Life
Guaranteed Additions - They are added at a simple rate of 5.5% for premiums ranging between Rs. 15,000 to Rs. 29,000 or 6.0% for premiums ranging between Rs. 30,000 to Rs. 75,000 at the end of every policy year. These additions are paid on maturity of the policy with basic sum assured or on earlier demise of the policyholder with sum assured on death.
Policy Loan - An individual can apply for a loan against the policy if it has acquired surrender value. The loan will be limited to a maximum of 90% of the surrender value. The interest rate to be charged will be declared by the company from time to time.
To avail a life insurance cover, an individual will be required to submit certain documents that will serve as proof of identity and address. The documents that are usually acceptable include:
ID Proof - PAN card, Passport, Voter ID card, etc.
Address Proof - Passport, Driving License, Voter ID card, etc.
SBI Life – Smart Samriddhi Plan covers the financial needs of the policyholder's family in case of an eventuality. If the individual survives the policy term, the basic sum assured along with accrued guaranteed additions will be paid. The insurance plan is available without any medical examination.
Suicide Exclusion: If the policyholder - sane or insane - commits suicide within 12 months from the date of the policy's inception or the date of its revival, no death benefit will be paid. An amount equal to 80% of the premiums paid shall be paid to the nominee in case of suicide within a year from the date of the policy's inception. If the suicide occurs within a year from the date of revival, then 80% of the premiums paid or surrender value, whichever is greater, shall be paid to the nominee.
SBI Life – Smart Samriddhi Policy is a limited premium pay policy that can be availed at reasonable rates. Tax deduction can be claimed under Section 80C of the Income Tax Act, 1961, for the premiums paid toward the policy. Additionally, proceeds from the plan are completely tax-free in the hands of the receiver under Section 10(10D) of the Act.
What is the premium payment term of SBI Life - Smart Samriddhi Plan?
The premium payment term of SBI Life - Smart Samriddhi Plan is 7 years.
Can a loan be taken against SBI Life - Smart Samriddhi Plan?
Yes, the life assured can borrow against his or her policy. Loans are available once the policy has acquired surrender value. The loan will be limited to a maximum of 90% of the surrender value.
Does SBI Life - Smart Samriddhi Plan participate in profits?
No, the product does not participate in the profits of the company.
When does SBI Life - Smart Samriddhi Plan acquire paid-up value?
The policy will acquire a paid-up value once the premiums have been paid for at least two full years.
