SBI Smart Wealth Builder is a unit linked, non-participating insurance plan by SBI Life Insurance. Through this policy, individuals can enjoy the dual benefit of - enhanced investment opportunity by parking money in investment funds and life insurance cover. SBI Smart Wealth Builder provides assured additions based on the policy term.
About SBI Life - SBI Life is among the top life insurance providers in India. It is a joint venture between State Bank of India and the leading global insurer BNP Paribas Cardif. The company offers a wide range of life insurance and pension products at competitive rates.
(Note - All the information contained in this page has been sourced from the official website of SBI Life.)
The features of SBI Smart Wealth Builder plan are as under:
Source: Official website of SBI Life
The plan benefits offered under SBI Smart Wealth Builder are as under:
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Age at Entry |
Minimum: 7 years |
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Maximum: For regular premium and limited premium |
60 years |
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For single premium |
65 years |
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Age at Maturity |
70 years |
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Plan Type |
Regular premium/ Limited premium/ Single premium |
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Policy Term |
Regular and limited premium payment - 10 years, 15 to 30 years (both inclusive) |
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Single premium - 5 to 30 years |
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Sum Assured Range
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Minimum (in Rs.) |
Maximum (in Rs.) |
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Age below 45 years |
Age above 45 years |
Age below 45 years |
Age above 45 years |
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Regular Premium |
Higher of (10 x AP) or (0.50 x Term x AP) |
Higher of (7 x AP) or (0.25 x Term x AP) |
20 x AP |
20 x AP |
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Limited Premium |
15 x AP |
15 x AP |
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Single Premium |
1.25 x SP |
1.1 x SP |
3 x SP |
1.25 x SP |
Source: Official website of SBI Life
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Premium Payment Term |
For LPPT: |
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5/8 years for policy term of 10 years |
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5/8/10 for policy term of 15-30 years (both inclusive) |
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Regular premium - same as policy term |
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Single premium – one-time payment at policy inception |
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Premium Amount |
Plan Type |
Premium Frequency |
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(x100) |
Regular Premium |
Annual - Rs. 30,000 (minimum) |
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Limited Premium |
Annual - Rs. 40,000 (minimum) |
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Single Premium |
Single - Rs. 65,000 (minimum) |
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Maximum - Rs. 3,00,000 |
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Fund Options
Source: Official website of SBI Life
Switching Option: One can switch investments among the seven available funds to suit investment needs. The minimum switch amount is Rs. 5,000. In a policy year, two switches are permitted free of cost. A charge of Rs. 100 shall be levied per switch in excess of free switches in the same policy year.
Premium Redirection Option: This facility is permitted from the second policy year onwards. It is free of charge.
Partial Withdrawal: Partial withdrawals can be made from the sixth policy year onwards or on attainment of age 18 by the policyholder, whichever is later. A maximum of two partial withdrawals can be made during a policy year. Not more than five partial withdrawals are permitted in the entire policy term for policy period of ten years or below and ten partial withdrawals for policy term of more than ten years.
Tax Benefits: Tax deduction can be claimed under Section 80C of the Income Tax Act, 1961, for premiums paid toward SBI Smart Wealth Builder plan. The maximum deduction that can be claimed under this section during a financial year is Rs. 1,50,000. Proceeds from the policy are tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act.
An individual will have to submit certain documents to avail SBI Smart Wealth Builder plan. The documents include:
Suicide:
If the life assured - whether sane or insane - commits suicide, within a year from the date of commencement of risk or from the date of revival, the policy shall become void. Here, the fund value, as on the date of intimation of demise to the insurer shall be payable and all benefits under the cover will cease.
With SBI Smart Wealth Builder plan, individuals can protect their loved ones in case of an eventuality. Additionally, they will have the flexibility to manage the invested amount as per their choice. Users can also benefit from the partial withdrawals feature, which is made from the 6th policy year or 18 years of age.
