Robinhood Insurance Broker Private Limited

Product Info

UIN

111N097V01

Status

Active

Launch Date

17/10/2014

Withdrawn Date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.

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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

Store Digitally  |  Get Premium Reminders  |  Service and Claim assistances  |  Empower Nominee
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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
Paid Up Sum Assured on Maturity =
Basic SA * No of Premium Paid/No of Premium originally payable
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

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.

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.

10
YEARS OF JOURNEY
50,000
HAPPY CUSTOMERS
APP SUPPORT
500+
INSURANCE EXPERTS
7
CITIES
23
OFFICES

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Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.

BUY NOW