SBI Life Smart Elite
Product Info
UIN
111L072V01
Status
Withdrawn
Launch Date
03/12/2010
Withdrawn Date
01/10/2013
Product Overview
SBI Life - Smart Elite is a Unit Linked, Non-Participating life insurance plan which gives you the flexibility to pay premiums for a limited term or single term but stay protected and invested for a long term. You get to choose the payment term, policy term and premium amount that best suits your need.
Product Description
- Market linked returns, which in the long term are proven to give better returns
- No premium allocation Charge from 6th Policy Year onwards
- 2 protection option available : Gold Option & Platinum Option
- Switch & redirection facility, to pilot your investment
COMPARE & BUY SIMILAR PLANS
Unique Features
- Unit linked endowment plan with limited and single pay option.
- Sum assured can be increased or decreased from the 6th policy year.
- Good investment oriented product with Low allocation charges (3% for limited premium paying terms and 2% for single pay option) and policy admin charged as absolute amount rather than a percentage of the premium.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 18 Years | ||||
| Age at Entry (Max) | 60 Years | ||||
| Max age of Maturity | 65 Years | ||||
| Minimum Limited Premium Amount (X 100) | Frequency | Minimum | |||
| Yearly | Rs 150,000 | ||||
| Half yearly | Rs 75,000 | ||||
| Quarterly | Rs 37,500 | ||||
| Monthly | Rs 12,500 | ||||
| Minimum Single Premium Amount (X 100) | Rs 200,000 | ||||
| Maximum Limited/Single Premium Amount (X 100) | No limit | ||||
| Premium Modes | Single /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 EFT. |
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| Sum Assured Range | |||||
| Premium Mode | Minimum | Maximum (in Rs.) | |||
| Age below 45 years | Age 45 years or above | Age below 45 years | |||
| Limited Premium | 10 x AP | 7 x AP | 20 x AP | ||
| Single Premium | 1.25 x SP | 1.25 x SP | 5.00 x SP | ||
| Notes: *Where AP is ’Annualised Premium’ . * Where SP is Single Premium *All the references to age are age as on last birthday | |||||
| Policy Term | 5 to 20 years (both inclusive) | ||||
| Premium Paying Term | For Limited Premium Payment Term | 5 or 8 or 10 years. | |||
| Single Premium | Single Payment. | ||||
OneInsure App Benefits
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Product Benefit
- Maturity Benefit: Fund Value shall be paid in a Lump Sum
- Death benefit: In the case of an 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 - Fund Value plus Sum Assured is payable; with a minimum of 105% of total premiums paid as on the date of intimation of the death claim.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Settlement Option | ||||||
| Term of Settlement Option (in Year) | Proportion of Fund Value available at the time of each payment ( Beginning of each payment year) |
|||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
| 2 | 1/2 | 1 | ||||
| 3 | 1/3 | 1/2 | 1 | |||
| 4 | 1/4 | 1/3 | 1/2 | 1 | ||
| 5 | 1/5 | 1/4 | 1/3 | 1/2 | 1 | |
| Surrender Value | ||||||
| 1 ) Surrender Requested During the first 5 Policy years | ||||||
| A lock-in Condition applies | Surrender Policy at any time during the Policy Term | |||||
| Once policy is surrendered there will be on option to revive the Policy | ||||||
| 1 ) Surrender Requested any time after completion of 5th Policy years | ||||||
| Then the Fund Value will be paid immediately | ||||||
Add-ons
- Accidental Death and Accidental Total and Permanent Disability (Accident Benefit):
- The benefit would be equal to Basic Sum Assured, subject to an overall maximum of Rs. 50 Lakhs for this plan.
- The benefit will be paid to the Life Assured in 10 equal annual installments.
- Accidental Death should occur within 120 days of the date of an accident, solely and directly due to injuries and independent of all other causes.
- This Accident Benefit shall be payable only once, i.e. in the event of death or disability, whichever occurs first.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| 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 | ||||
| Notes: For Single Premium Policies, no discontinuance charges apply | |||||
| Fund Management Charges | |||||
| Fund Name | % of Fund Value | ||||
| Index Fund | 1.25% p.a | ||||
| Equity Elite Fund II | 1.25% p.a | ||||
| P/E Managed 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 | 0.5% p.a | ||||
| Mortality Charges | Are deducted on the First business day of each policy month from Fund Value by way of cancellation of unit | ||||
| Will be based on age and Sum at Risk at the time of charge deduction | |||||
| Miscellaneous Charge | For issuance of additional/duplicate copy of yearly fund statement Rs100 per statement will be charged. | ||||
| Switching | Rs.100 is applicable for every Switch | In excess of 2 free Switches in the same Policy Year | |||
| Partial Withdrawal | Rs.100 is applicable for every Partial Withdrawal | ||||
| In excess of 1 free Partial Withdrawal in the same Policy Year | |||||
| Partial Withdrawals are available from 6th year onwards | |||||
| Premium Redirection | This facility allowed from 2nd Policy Year onwards | ||||
| 1 Premium Redirection request is allowed free of charge in a Policy Year | |||||
| Rs. 100 charge will be levied per redirection of a free request in the same policy year. | |||||
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
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know claim process of SBI Life - Smart Elite 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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