SBI Life - Smart Wealth Assure
Product Info
UIN
111L077V01
Status
Withdrawn
Launch Date
24/02/2011
Withdrawn Date
01/10/2013
Product Overview
Smart Wealth Assure is a non-participating, unit-linked, life insurance plan that helps you enjoy market related returns along with insurance cover, with just a single premium. The plan consists of many power packed features to take care of your financial needs.
Product Description
- Option to choose a mix of fund providing guarantee return & market linked returns
- Pay only once and get the benefit throughout policy term
- Liquidity through partial withdrawals
- Guaranteed Return provided through Return Guarantee fund(RGF) which guarantees a minimum Pre-specified NAV.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Option to invest in Return Guarantee Fund for a period of 10 years, where the minimum amount is guaranteed.
- Maturity benefit is guaranteed at higher of minimum guaranteed NAV or the prevailing NAV in case of investment in Return Guaranteed Fund.Option to get additional benefit by Accidental Death Benefit rider.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| For Base Plan | For Accidental Death Benefit Option | ||||
| Age at Entry (Min) | 8 Years | 18 Years | |||
| Age at Entry (Max) | 65 Years | 65 Years | |||
| Max age of Maturity | For Base Plan | 75 Years | |||
| For Accidental Death Benefit Option | 70 Years | ||||
| Premium Amounts(x100) | Plan Type | Minimum | Maximum | ||
| Single premium | 50,000 | No Limit | |||
| Sum Assured | |||||
| For Base Plan | |||||
| Premium Mode | Minimum | Maximum (in Rs.) | |||
| Age below 45 years | Age 45 years or above | Age below 45 years | Age 45 years or above | ||
| Single Premium | 1.25 x SP | 1.10 x SP | 5.00 x SP | 3 x SP | |
| For Accidental Death benefit Option | |||||
| Minimum | Rs.25,000 | ||||
| Maximum | Equal to Base Sum Assured subject to a maximum of Rs. 50 Lacs. | ||||
| Notes: * Where SP is Single Premium *All the references to age are age as on last birthday | |||||
| Policy Term | 10 to 30 Years | ||||
| Premium Paying Term | Single premium | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
Death Benefits:-
- Fund Value / Sum Assured is Payable
- 105% of Single Premium Paid
Maturity/Survival/ Vesting:- Fund Value shall be paid in a Lump Sum
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender | You can surrender the policy any time during the policy term. | |||||
| The NAV guaranteed will not get applied on surrender of the policy. | ||||||
| If Surrender is requested during 5 policy years:- | ||||||
| Then a lock-in condition applies | ||||||
| Fund Value will be transferred to the Discontinued Policy Fund | ||||||
| The Fund value will be payable on the 1st working day of the 6th policy year. | ||||||
| If surrender is requested on the 5th year completion or after that, then the Fund Value will be paid immediately. | ||||||
| Switching Option | No switch on is allowed in the case of Guarantee Fund Option | |||||
| In the above case, the interest of the policyholder will be protected. | ||||||
| Fund Options | Return Guaranteed Fund | |||||
| The objective is to provide guaranteed return over a fixed period. | ||||||
| Asset | Minimum | Maximum | ||||
| Debt Instruments | 60% | 100% | ||||
| Cash and Money Market instruments | 0% | 40% | ||||
| Bond Fund | ||||||
| Save investment option is mainly through debt instruments and accumulation of income through investment. | ||||||
| Asset | Minimum | Maximum | Risk Profile |
|||
| Debt Instruments | 60% | 100% | Low to Medium | |||
| Cash and Money Market instruments | 0% | 40% | ||||
| Equity Fund | ||||||
| The objective of the fund is to provide high equity exposure targeting higher return in the long term. | ||||||
| Asset | Minimum | Maximum | Risk Profile |
|||
| Debt Instruments | 80% | 100% | Low to Medium | |||
| Cash and Money Market instruments | 0% | 20% | ||||
| P/E Managed Fund | ||||||
| The objective of this fund is to provide long term capital appreciation through dynamic asset allocation with reference through the forward price earning |
||||||
| PE Range | Allocation in Equity and Equity related securities | Allocation in debt and money market instruments | Risk Profile | |||
| <12 | 90% to 100% | 0% to 10% | High | |||
| 12>= and< 15 | 80% to 100% | 0% to 20% | ||||
| 15>= and<18 | 60% to 90% | 10% to 40% | ||||
| 18>= and<21 | 40% to 80% | 50% to 60% | ||||
| >= 21 | 0% to 50% | 50% to 100% | ||||
| Settlement Option | ||||||
| Term of Settlement Option (in Year) | Proportion of Fund Value available at the time of each payment ( Beginning of each payment year) |
|||||
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
| 2 | 1/2 | 1 | - | - | - | |
| 3 | 1/3 | 1/2 | 1 | - | - | |
| 4 | 1/4 | 1/3 | 1/2 | 1 | - | |
| 5 | 1/5 | 1/4 | 1/3 | 1/2 | 1 | |
Add-ons
- Accidental Death Benefit :
Payable in the case of Life Assured's death due to an accident.
"An event caused solely and directly by violent, unexpected and causing injury to the body, causing injury there is evidence as
a visible or wound on the external body part." Only, in such cases the benefit is payable.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Fund Management Charges | |||||
| Fund Name | % of Fund Value | ||||
| Equity Fund | 1.35% | ||||
| P/E Managed Fund | 1.35% | ||||
| Bond Fund | 1.00% | ||||
| Return Guarantee Fund | 0.50% | ||||
| Premium Allocation Charge: | Allocation charge is 3.00% of SP | ||||
| Allocation to units is made after the deduction of the charge from the premium received | |||||
| Policy Administration Charge | |||||
| Policy year | Policy Administration charge | ||||
| 1 to 5 | Rs. 45 per month | ||||
| No Discontinuance charges are applicable | |||||
| Mortality Charges | Are deducted on the First business day of each policy month from Fund Value by way of cancellation of unit | ||||
| Will be based on age and Sum at Risk at the time of charge deduction | |||||
| Miscellaneous Charge | For issuance of an additional/duplicate copy of yearly fund statement Rs. 100 per statement will be chargeable. | ||||
| Switching | Rs.100 is applicable for every Switch | ||||
| In excess of 2 free switches in the same policy year | |||||
| Partial Withdrawal | Rs.100 is applicable for every Partial Withdrawal | ||||
| In excess of 1 free Partial Withdrawal in the same Policy Year | |||||
| Guarantee Charges | Guarantee charge of 0.35% of the Fund Value per annum levied on RGF | ||||
| The charge would be recovered through cancellation of unit from RGF only at the beginning of each Policy Month | |||||
| Accidental Death Benefit Charge | Monthly Charges = Accidental Death Benefit x (Annual rate /12 ) | ||||
| Notes: * Annual rate is Rs. 0.50 per Rs. 1000 Accident Benefit amount | |||||
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process of SBI Life - Smart Wealth Assure
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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