SBI Life Smart Guaranteed Savings
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Smart Guaranteed Savings Plan is a Traditional, Non-participating, Individual Savings Plans which rewards you with Guaranteed Additions for saving systematically. This plan enhances your savings habit and offers loads of other benefits.
Product Description
- Get Guaranteed Additions (GAs), at the end of each policy year, depending upon the installment premium amount chosen
- Pay premiums only for a limited period of 7 years and enjoy the benefits throughout the policy term of 15 years.
- Get Life Insurance coverage, based on the premium chosen
- Guaranteed Additions are added at the simple rate of 5.5% or 6% and will apply to the cumulative basic premiums paid.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Endowment plans with Guaranteed additions at the end of each policy year.
- If annual premium is Rs. 15000-29000, guaranteed addition is 5.5% of total premiums paid till date.
- If annual premium is Rs. 30000-75000, guaranteed addition is 6% of total premiums paid till date.
Eligibility Criteria
| Eligibility Criteria | ||
| Age at Entry | Min: 18 years | Max: 50 years |
| Maximum Age at Maturity | 65 years | |
| Policy Term | 15 Years | |
| Premium Payment Term | 7 Years | |
| Premium Frequency | Yearly | |
| Premium Amount (X 1000) | Min | Max (Per life limit) |
| Rs 15,000 | Rs 75,000 | |
| Sum Assured | Depends on the premium chosen | |
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
On completion of Policy Term, Basic Sum Assured Plus accrued Guaranteed Additions, will be paid.
- Death Benefit:
In the unfortunate event of the death of the Life Assured, ‘Sum Assured on death’ along with accrued guaranteed additions will be payable to the beneficiary. Where, 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 death).
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Policy Loan | Loan will be available after the policy acquires surrender value. The rate of interest will be declared by the company from time to time. | |||||
| Guaranteed Additions | The guaranteed Additions are added at the end of each policy year, on the cumulative installment premium paid | |||||
| The percentage of Guaranteed Additions will be based on the installment premium selected. | ||||||
| Guaranteed Addition are payable on Maturity of the policy along with Basic Sum Assured or on earlier death of the life assured with Sum Assured on Death. | ||||||
| Guaranteed Additions Percentage | Yearly Premium Rs. | % of Guaranteed Additions | ||||
| 15,000-29,000 | 5.50% | |||||
| 30,000-75,000 | 6% | |||||
| Surrender Value/ Paid Up Value | The policy will acquire Surrender or Paid Up value only if the policy have completed full 2 years. | |||||
| Paid Up Sum Assured on Death= SA on Death * No of Premium Paid/No of Premium originally payable |
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| Paid Up Sum Assured on Maturity = Basic SA * No of Premium Paid/No of Premium originally payable |
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| Guaranteed Surrender Value & Special Surrender Value |
GSV for various premium duration are given below:- | |||||
| Policy Year | % of Basic Premium paid | |||||
| 1 | 0% | |||||
| 2 | 30% | |||||
| 3 | 30% | |||||
| 4-7 years | 50% | |||||
| 8-10 years | 55% | |||||
| 11-15 years | 60% | |||||
| Surrender Value of the accrued Guaranteed Surrender will be added to the GSV | ||||||
| Surrender Value of Guaranteed Additions is calculated by multiplying accrued Guaranteed additions with accrued additions surrender value. | ||||||
| Special Surrender Value = PUV on maturity with SSV factor. | ||||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
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 Smart Guaranteed Savings 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.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
