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About SBI Life Smart Privilege Plan

The SBI Life Smart Privilege plan is a unit-linked, non-participating life insurance plan (ULIP). The plan offers liquidity at the end of the 5th year. It offers to invest your money between eight diverse funds, including mid-cap and pure funds, with unlimited free switches and redirections. The benefits of the plan are accompanied with a death cover.

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

98.31

USPs of the Policy

  • The plan is a unit-linked insurance plan with 8 growth fund options and also provides a death cover
  • The plan offers flexibility in premium payments; it even has the one-time premium payment option
  • Unlimited switching is allowed
  • No policy administration charges are levied throughout the policy term
  • No premium allocation charges from 6th policy year onwards
  • Loyalty additions are offered right from the 6th year of the policy
  • Tax benefits

Bonus Rate

-

Illustration

If a 40-year-old individual chooses a policy term of 30 years and pays a single premium of INR 10 Lakhs, the sum assured will be INR 12,50,000. The maturity benefit at 4% growth will be INR 25,27,000 and at 8% will be INR 78,25,157.

 

If a 40-year-old individual chooses a policy term of 30 years, chooses the limited payment option, and pays INR 10 Lakhs per year for 10 years, the sum assured will be INR 1.5 crore. The maturity benefit at 4% growth will be INR 2,19,21,282 and at 8% will be INR 5,88,91,996.

 

In both cases, 50% money was invested in high growth funds and the rest was distributed in similar amounts among remaining funds.

How Does the Plan Work?

Firstly, an individual is required to choose a policy term from 5 to 30 years. The individual then has to select a plan type from three options of limited premium payment (flexibility to pay premiums over 5 to 30 years), regular payment (payment should be made throughout the policy term), or single premium.

Furthermore, the individual is required to select a combination from eight funds and decide the percentage of money to be invested in the funds. The following are the funds offered for investment:

  • Top 300 Fund:
    • Equity and equity-related securities: 60% to 100%
    • Money market and cash instruments: 0% to 40%
    • Risk rating: High
  • Balanced Fund:
    • Equity and equity-related securities: 40% to 60%
    • Debt instruments: 20% to 60%
    • Money market and cash instruments: 0% to 40%
    • Risk rating: Medium
  • Bond Fund:
    • Debt instruments: 60% to 100%
    • Money market instruments: 0% to 40%
    • Risk rating: Low to medium
  • Equity Optimizer:
    • Equity and equity-related securities: 80% to 100%
    • Debt instruments: 0% to 20%
    • Money market and cash instruments: 0% to 20%
    • Risk rating: High
  • Growth Fund:
    • Equity and equity-related securities: 40% to 90%
    • Debt instruments: 10% to 60%
    • Money market and cash instruments: 0% to 40%
    • Risk rating: Medium to high
  • Pure Fund:
    • Equity and equity-related securities: 80% to 100%
    • Money market instruments: 0% to 20%
    • Risk rating: High
  • Mid-cap Fund:
    • Equity: 80% to 100%
    • Debt instruments: 0% to 20%
    • Money market instruments: 0% to 20%
    • Risk rating: High
  • Discontinued Policy Fund:
    • Government Securities: 60% to 100%
    • Money market instruments: 0% to 20%
    • Risk rating: Low

Death Benefits

In case of the untimely demise of the insured, the nominee receives the highest of the following:

  • Sum assured
  • Fund value
  • 105% of the total premiums paid

Maturity Benefit

Maturity benefit payable will be the fund value and can be availed as a lump sum or in installments.

Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some additional features of this plan:

  • It invests in a variety of funds including high growth funds
  • Loyalty additions are offered
  • Money can be partially withdrawn as per needs
  • Unlimited free switches and premium redirection
  • Various premium payment options are available, including single pay

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Who Should Buy This Plan?

The minimum entry age for the policy is 8 years for regular/ limited premium policies and 13 years for single premium policies. Maximum age to buy this plan is 55 years. The plan is a high growth investment plan which provides a death cover for an insured’s untimely death.

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. It continues to offer a wide range of life insurance and pension products at economical prices.

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