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Launch Date UIN Status
22/6/2016 111N103V02 Active

About SBI Life Smart Humsafar

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:

  • Security – By protecting your spouse and you in case of eventualities
  • Reliability – Through the premium waiver benefit
  • Flexibility – To include additional rider benefits
  • Simplicity – Of covering two individuals under one policy

 

Let’s understand this plan in brief before getting into its details:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

96.69%

USPs of the Policy
  • A joint-life insurance with savings plan that provides coverage for both the husband and the wife
  • The plan allows single application for both lives
  • Guaranteed minimum bonus for first 3 years of 2.5% of the sum assured
  • Provides a maturity amount on survival of one or both the lives assured at the end of the policy term
  • Premium waiver benefit in case of death of any one of the lives assured
  • Offers additional protection with rider options
  • Tax benefits

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%).

How Does the Plan Work?

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

  • Option A: Sum assured on death. Here, the sum assured on death is the higher of basic sum assured or guaranteed sum assured at maturity or a multiple Annualized Premium (AP), where the multiple is:
Equivalent age at entry is less than 45 years 10 times AP
Equivalent age at entry is 45 years or more 7 times AP
  • Option B: 105% of all the premiums paid under the base policy

 

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

  • Option A: Sum assured on death + vested simple reversionary bonuses + terminal bonus, if any. Here, the sum assured on death is higher of basic sum assured or guaranteed sum assured at maturity or a multiple of AP, where the multiple is:
Equivalent age at entry is less than 45 years 10 times AP
Equivalent age at entry is 45 years or more 7 times AP
  • Option B: 105% of all premiums paid under the base policy. This would include premiums already waived under the policy, if any

Riders 

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.

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Bonus History

Company Name : SBI Life Insurance

Plan Name : Smart Humsafar

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.

Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some other features of the SBI Life Smart Humsafar plan:

  • Tax Benefits: Tax benefits under Section 80(C) are available. However, in case the premium exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
    Tax benefit under Section 10(10D) are available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt.
  • Rebates: Rebates on large sum assured are available as discounts on the basic premium based on the slabs given by the insurance company. In case of regular premium, it applies across all premium modes.
  • Loan Benefit: The policyholder has the flexibility to take a loan against his/her policy in case of financial emergencies.

Who Should Buy This 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.

Claim Process

Know Claim Process of SBI Life Shubh Nivesh

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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