Launch Date | Product Code | UIN | Status |
2/1/2014 | 1K | 111L095V01 | Active |
Under this SBI smart wealth builder plan, an individual can choose from three premium payment options and premium payment term. Guaranteed additions are paid after every five years starting from the 10th year onwards. Given below are the policy payment flexibility options:
Premium Payment Type | Policy term | Premium paying terms |
Single | 5 to 30 years | Single premium paid |
Limited | 10 to 30 years | 5 or 8 years |
Regular | 10 to 30 years | 5 or 8 or 10 years |
Once the policy term is over, on maturity the individual receives the fund value. He can collect this amount immediately or he can collect it periodically for another 2 to 5 years. During this period (settlement period of 2 to 5 years) he has to take chances of fluctuation within the fund. During the settlement period he can choose to withdraw the entire amount.
If in-case on death of the insured during the policy term, his nominee receives a lumpsum which is a higher value from either Sum assured or the fund value. Suppose if he dies during the settlement period, then the remaining fund value is paid to the nominee.
There is an exemption from tax under section 80C on your premiums and exemption on death or maturity benefit received under section 10(10D).
Assured Additions at the specified percentages for RP, LPPT & SP, will be given at the end of 10th policy year and every five years thereafter for policies which are in- force.
Security
Ensure your family’s financial protection in the case of an eventuality
Reliability
Grow your money through assured additions#
Flexibility
Liquidity
Make partial withdrawals in the case of a financial emergency
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.