SBI Life Smart Privilege Plan – All You Need to Know About Benefits & Features

July 21, 2021
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SBI Life Smart Privilege Plan – Benefits & Features – ComparePolicy

SBI Life Smart Privilege Plan is a unit linked, non participating life insurance product which was launched in the year 2016 for the HNI segment by SBI Life Insurance Company.

Unit linked insurance plans offer both life insurance coverage and a platform for the investments as per the risk appetite of the policy holder. The plan offers multiple benefits and key features which makes this unit linked plan a comprehensive life insurance plan.

 Key Features of the SBI Life Smart Privilege Plan:

  • Flexible Premium Payment option: The plan offers the benefit to pay the premiums as a single pay or as a limited pay as per the choice and convenience of the policy holder.
  • Choice of 8 Funds: The plan offers 8 funds to invest your premium into ranging from equity to balanced to debt related funds.
  • Minimal Charges: The plan offers zero policy administration charges throughout the policy term and no premium policy allocation charge from 6th policy year.
  • Loyalty Additions to boost Fund Value: Loyalty additions are added in the fund value of the policyholder and helps to boost the fund value.The plan offers loyalty additions for all the premium paying policies from the 6th policy year.
  • Flexible Options: The plan allows the policyholder to do unlimited fund switches free of cost to manage changing financial priorities. Minimum switch amount is Rs 5,000. Plan offers free unlimited premium redirection facility from the 1st policy year onwards.
  • Partial Withdrawals: In case of any financial contingency, the policyholder can partially withdraw minimum Rs 5,000 and maximum up to 15% of the fund value. Partial withdrawals are allowed after 5th policy anniversary. The life insured must have attained 18 years of age for making a partial withdrawal request.

Benefits of the SBI Life Smart Privilege Plan:

  • Death Benefit: In case the policy holder dies during the policy period, the plan offers death benefit which is higher of fund value or sum assured with a minimum of 105% of total premiums paid till the date of intimation of death.
  • Maturity Benefit: The maturity benefit is payable on the completion of the policy term. On maturity the policyholder is eligible for the fund value as a maturity benefit which is equal to the number of units multiplied with net asset value (NAV).
  • Tax Benefits: The plan allows tax rebate for the premiums paid under section 80 C and under section 10 (10 D) on maturity benefits as per the Income Tax Act, 1961.

Eligibility Criteria for the SBI Life Smart Privilege Plan

Factor Minimum Maximum
Age (as on last birthday) 8 years – Regular/Limited Pay

13 years – Single Pay

55 years
Age at Maturity 18 years 70 years
Policy Tenure 10 years- Regular/Limited Pay

5 years- Single Pay

30 years
Premium Paying Term (PPT) Single/Limited & Regular Pay
Premium Paying Mode Single Pay/Yearly/Half Yearly/Quarterly /Monthly
Premium Amount Rs 6 Lacs (Yearly) No Limit
Sum Assured multiple < 45 years- Higher of 10 or (policy termx 0.5) x Annual premium – Regular/Limited Pay

< 45 years – 1.25 times the Single Premium – Single Pay

>= 45 years- 1.10 times the single premium

 

 1.25
Freelook Period 15 days/30 days (for distance marketing channel) from the receipt of the policy
Grace Period 30 days (15 days for monthly mode)

The smart choices made by you are beneficial at every stage. Buy SBI Life Smart Privilege Plan, this plan is also a comprehensive plan which will ensure safety, protection, flexibility and investment returns to the policyholder.

Sonia Nagpal

Sonia Nagpal is an Insurance Specialist. She has more than 25 Yrs of experience in sales, Marketing and Corporate Alliances.

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