Robinhood Insurance Broker Private Limited

Product Info

UIN

111N101V01

Status

Active

Launch Date

18/03/2015

Withdrawn Date

Product Overview

SBI Life is a Smart Money Planner is an individual, non-linked, limited premium payment term plan which helps you build a corpus to fulfill your long and short term goals while providing you a life cover for the policy term.

Product Description

  • Regular income throughout the benefit payment period specially tailored to suit your requirements
  • The plan pays guaranteed installments which are fixed percentage of your Sum Assured in the “Benefit Payout Period”.
  • 20% of Sum Assured if benefits payout period is 5 years
  • 10% of Sum Assured if benefits payout period is 10 years

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Unique Features

  • Traditional endowment product with limited pay and single pay option.
  • The plan pays guaranteed installments which are fixed percentage of your Sum Assured in the “Benefit Payout Period”.
  • 20% of Sum Assured if benefits payout period is 5 years.
  • 10% of Sum Assured if benefits payout period is 10 years.

Eligibility Criteria

Eligibility Criteria
Plan Options Plan 1 Plan 2 Plan 3 Plan 4
Age at Entry Min: 18 years Min: 18 years Min: 18 years Min: 18 years
Max:  60 years Max:  55 years Max:  55 years Max:  50 years
Age at Maturity Max: 75 years
Plan Type Limited Premium / Single Premium
Sum Assured Min: Rs. 1,00,000          Max: Rs. 5,00,00,000
Plan Options Plan 1 Plan 2 Plan 3 Plan 4
Premium Payment Period 6 years 6 years 10 years 10 years
Growth Period 4 years 4 years 5 years 5 years
Benefit payment period 5 years 10 years 5 years 10 years
Policy Term 15 years 20 years 20 years 25 years
Premium Payment Mode Single Premium  / Yearly / Half Yearly / Quarterly / Monthly
Premium Frequency Loading Half-Yearly: 52.0% of annual premium
Quarterly: 26.5% of annual premium
Monthly: 8.9% of annual premium

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Product Benefit

  • Maturity Benefit:
    On survival till maturity, you get vested reversionary bonuses plus terminal bonus, if any, along with the final benefit installment i.e. Guaranteed Sum assured on maturity. Where, guaranteed sum assured on maturity is 10% or 20% of the basic sum assured depending on the plan opted.
  • Survival Benefits:
    On survival during the benefit payout period you will be paid regular payouts at the end of each policy year which will be equal to 20% of basic sum assured for 5 years under Plan 1 & 3 and 10% of the basic sum assured for 10 years under Plan 2 & 4, excluding the final survival benefit payout installment.
  • Death Benefit: In the unfortunate event of death during the policy term, your nominee will receive - Highest of A or B, where

A) Sum Assured (SA) on death + Vested Simple Reversionary Bonuses + Terminal bonus, if any.
Where SA on death will be higher of the following:

  1. Basic Sum Assured (chosen at inception), or
  2. Guaranteed Sum assured on Maturity, which is the final benefit installment (20% or 10% of the basic sum assured depending on the plan option chosen) payable at maturity, or
  3. Multiple of Annualized / Single premium

B) 105% of all the premiums paid till the date of death.

Other Policy Features

Feature Description
Policy Loan Loan will be available after the policy acquires surrender value. The policy loan will be limited to a maximum of 90% of the surrender value. 
Surrender Value/Paid Up Value For limited paid up policies, the policy will acquire limited paid up value and/or surrender value only if, atleast 9 full years of the policy premium have been paid for plan 3 and 4.
Death Benefit under Paid Up policy i.e. the Paid up value on death which is paid-up sum assured on death + vested simple reversionary bonuses and Terminal bonuses, if any.
Paid Up Sum Assured on Death=
Sum Assured on Maturity * No of Premium/ No of original premium payable.
Maturity Benefit under Paid up policy i.e. the Paid up value on maturity, which is the paid up sum assured on maturity + vested simple reversionary bonuses and Terminal bonuses, if any.
Paid Up Sum Assured on Maturity = Guaranteed Sum Assured on maturity* No of Premium/ No of original premium payable.
Survival benefit under paid up policy 10% or 20% of the paid up Sum Assured depending upon the plan opened
Paid Up Sum Assured = Basic Sum Assured* No of Premium/ No of original premium payable.
Guaranteed Surrender Value As percentage of basic premium paid
Plan 1 Plan 2 Plan 3 Plan 4
1 year 0% 0% 0% 0%
2 year 30% 30% 0% 0%
3 year 30% 30% 30% 30%
4-7 years 50% 50% 50% 50%
8-10 years 55% 55% 55% 55%
10-15 years 60% 60% 60% 60%
16-20 years Not Available 65% 65% 65%
21+ years  Not Available Not Available Not Available 70%
Bonuses Vested Simple Reversionary Bonuses and Terminal Bonuses, if any will be paid along with the final survival benefit installation at maturity.

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 Money Planner 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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