Launch Date | UIN | Status |
22/6/2016 | 111N103V02 | Active |
The SBI Life Smart Humsafar plan is a joint-life, non-linked, participating endowment plan. The plan is designed for married couples. The plan offers multiple benefits of savings and insurance cover for both husband and wife, making it a perfect gift for you and your loved ones.
The plan offers:
Let’s understand this plan in brief before getting into its details:
Modes of Payment |
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Claim Settlement Ratio of the Insurer |
96.69% |
USPs of the Policy |
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Illustration with Premium of INR 1 Lakh |
A 30-year-old male and his 29-year-old wife purchase the SBI Life Smart Humsafar plan and decide to receive a sum assured of INR 27,00,000 at death for a policy term of 30 years and premium-payment term of 30 years at INR 1,00,710 premium (yearly mode). If either of them or both survive the policy term, they will receive maturity benefits of INR 67,98,600 (@8%). |
The individual has to choose the policy term from 10 to 30 years. The premium-payment term will be the same as the policy term. The individual then has to choose the basic sum assured. Based on the parameters selected by the individual and his/her age at entry, the premium payable is calculated.
The base plan is a traditional endowment plan with simple reversionary bonuses that accrue till the end of the policy term. The basic sum assured with all accrued bonuses will be paid on survival of any or both lives till maturity. On first death (of either the husband or the wife) during the policy term, sum assured on death will be paid and the future premiums are waived off. On second death (of either the husband or the wife) during the policy term, sum assured on death plus all accrued bonuses will be paid.
Now, let us understand the further actions of this plan with the help of various benefits offered.
Maturity Benefits
If either of the two or both policyholders survive till maturity, then the maturity benefits are basic sum assured + vested simple reversionary bonuses + terminal bonus, if any.
Death Benefits
In case of the unfortunate death of the policyholder during the policy term, the death benefit will be paid. The death benefit is the lump sum amount that is paid on the death of the policyholder. The policy shall be terminated once the death benefit is paid.
First Death: If the policy is in force as on the date of first death, the higher of A or B is paid to the surviving life assured
Equivalent age at entry is less than 45 years | 10 times AP |
Equivalent age at entry is 45 years or more | 7 times AP |
Second Death: If the policy is in force as on the date of the second death, the higher of A or B is paid to the surviving life assured
Equivalent age at entry is less than 45 years | 10 times AP |
Equivalent age at entry is 45 years or more | 7 times AP |
The SBI Life Smart Humsafar plan offers the SBI Life Accidental Death Benefit rider. The rider cover is available only if the policy is in force and till the policy anniversary following first death. However, if both the policyholders have chosen the rider and both die simultaneously as a result of an accident OR die on different dates as the result of the same accident OR die during the same policy year as result of different accidents, then the rider benefits will be paid in respect of both the policyholders, provided the accident/s occurs in the policy term and the death due to the accident/s happens within 120 days from the accident irrespective of expiry of policy term.
BonusYear | RevBonus | InterimBonus | MinPPT | MinPT | MaxPT | |||||
---|---|---|---|---|---|---|---|---|---|---|
2015-16 | 2.75% | 2.75% | Regular Pay | 10 | 14 | |||||
2015-16 | 2.75% | 2.75% | Regular Pay | 15 | 19 | |||||
2015-16 | 2.75% | 2.75% | Regular Pay | 20 | 24 | |||||
2015-16 | 2.75% | 2.75% | Regular Pay | 25 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Besides the benefits mentioned earlier, here are some other features of the SBI Life Smart Humsafar plan:
The eligibility criteria to purchase this plan is from age 18 to 46. The SBI Life Smart Humsafar plan proves to be an ideal plan because it accommodates your requirements for a comfortable today by asking for limited premiums, helps you fulfil your responsibilities, and helps even in your absence by offering high protection cover along with additional benefits.
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.
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.