SBI Life Flexi Smart Plus
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
SBI Life Flexi Smart Plus Plan is a participating non-linked plan which offers an attractive combination of protection and saving features. This combination provides financial support for the family of the deceased policyholder any time before maturity and good lump sum amount at the time of maturity for the surviving policyholders. This plan also takes care of liquidity needs through its loan facility.
Product Description
- SBI Life Flexi Smart Plus Policy is individual, participating traditional endowment life insurance policy
- Two Protection Options Available: Gold Option & Platinum Option
- Bonus interest rate declared at the end of every financial year
COMPARE & BUY SIMILAR PLANS
Unique Features
- Guaranteed Minimum Bonus Interest Rate of 1% for the whole term.
- Partial withdrawals allowed from the 6th policy year to cater to your liquidity needs.
- Flexibility to increase or decrease your chosen Sum Assured, Flexibility to increase your chosen Policy Term.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 18 Years | ||||
| Age at Entry (Max) | 60 Years | ||||
| Age of Maturity | Minimum: 23 Years | Maximum: 65 Years | |||
| Minimum Limited Premium Amount (X 100) | Frequency | Minimum | |||
| Yearly | Rs 50,000 ( x 100 )* | ||||
| Half yearly | Rs 30,000 ( x 100 )* | ||||
| Quarterly | Rs 20,000 ( x 100 )* | ||||
| Monthly | Rs 9,000 ( x 100 )* | ||||
| Maximum: No Limits | |||||
| Notes: In case of mode changes it may be in multiples of Rs. 1 | |||||
| Policy Term | 5 Years | 30 Years | |||
| Premium Payment Term | Same as Policy Term | ||||
| Premium Modes | Yearly /Half-yearly /Quarterly / Monthly* | ||||
| Notes: *For monthly mode: 3 monthly premiums to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI- EFT. |
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| Sum Assured Range | Minimum | Maximum | |||
| Higher Of Annualised Premium x 10/7 ( Age < 45 / Age ≥ 45 ) or Annualised Premium 0.50 / 0.25 (Age < 45 / Age ≥ 45 ) x Policy term |
No Limit | ||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
On Maturity, the policyholder will be entitled for a Policy Account Value including Terminal Bonus Interest Rate, if any.
- Death benefit: In case of unfortunate event of death of the Life Assured, the beneficiary will receive the following benefit-
- Gold Option: Higher of Fund Value or Sum Assured is payable; with a minimum of 105% of total premiums paid of intimation of the death claim.
- Platinum Option: Higher of Policy Account Value+ Sum Assured or 105% of the total premium paid as on the date of intimation of death claim.
Other Policy Features
| Feature | Description | ||||
|---|---|---|---|---|---|
| Surrender | If surrender is requested during the 1st 5 policy year | ||||
| Your policy account value after deduction of applicable discontinuance charge will be transferred to the discontinuance policy Account | |||||
| You will earn a minimum interest rate as applicable by IRDA guidelines | |||||
| Life cover will cease to apply | |||||
| If the surrender value is requested any time after completion of 5th Policy Year, then the policy account value will be paid immediately. | |||||
| Discontinuance of the Policy | On Discontinuation of Premium:- You can revive the policy within the period of 2 years from the date of Discontinuance |
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| Surrender the policy | |||||
| Convert the policy into paid-up policy | |||||
| Partial Withdrawals | Partial Withdrawal is available on the 6th policy year | ||||
| One free partial withdrawal at the policy year is allowed. | |||||
| A charge of Rs. 100 per withdrawal will be charged, in excess of free partial withdrawal | |||||
| Three Partial Withdrawal can be made in 1 policy year and not more than 10 partial withdrawal are allowed in 6-7 years. | |||||
| Guaranteed Minimum Bonus Interest Rate | A minimum Bonus interest rate of 1% p.a is guaranteed for the whole term. | ||||
| Bonus Interest rate | It will be declared at every end of the financial year. | ||||
| Terminal Bonus Interest rate | It may be credited to your policy account at the time of exit on the account of maturity. | ||||
| Your policy can be calculated at the Bonus interest Rate and the Terminal Interest Rate if any. Regular Bonus Interest rate is declared becomes guaranteed to the policy account. | |||||
Add-ons
Not Available
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Policy Admin Charges | Policy Admin Charges equal to Rs.70 per month for the 1st year and Rs. 50 per month for the 2nd year | ||||
| It would increase each year @ 3% p.a. However, the policy administration charges will increase to Rs. 200 per month | |||||
| Fund Management Charges | It is a percentage of the policy account value and will be reflected in the account of the policy account. | ||||
| The annual Fund Management Charges for the policy year is 0.75% p.a | |||||
| Mortality Charges | It is recovered on a monthly basis on the 1st working day of each policy month from the policy account mortality charge. | ||||
| Premium Allocation Charges | Policy Year | Premium Allocation Charges (% of premium) |
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| Year 1 | 9% | ||||
| Year 2-4 | 6.50% | ||||
| Year 5 | 6% | ||||
| Year 6th onwards | 5% | ||||
| Partial Withdrawal | One Policy withdrawal charge is free of cost, subsequent policy charge is Rs. 100 per withdrawal. | ||||
| Policy discontinuation charge | |||||
| Policy discontinuance year | Discontinuation charge | ||||
| 1 | Lower of 6% of (AP or FV) subject to max RS.6,000 | ||||
| 2 | Lower of 4% of (AP or FV) subject to max Rs.5,000 | ||||
| 3 | Lower of 3% of (AP or FV) subject to max Rs.4,000 | ||||
| 4 | Lower of 2% of (AP or FV) subject to max Rs.2,000 | ||||
| 5 onwards | Nil | ||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Income tax benefits are available under Section 80C and Section 10(D) of Income Tax Act, 1961.
Claim Process
Know Claim process of SBI Life Flexi Smart Plus Plan
Company Overview
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.
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