Robinhood Insurance Broker Private Limited

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Withdrawn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Withdrawn Date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

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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.
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.

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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 -
  1. 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.
  2. 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):
  1. The benefit would be equal to Basic Sum Assured, subject to an overall maximum of Rs. 50 Lakhs for this plan. 
  2. The benefit will be paid to the Life Assured in 10 equal annual installments. 
  3. 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.
  4. 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

Claim Process

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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