SBI Life Smart Elite Plan
SBI Life Smart Elite is a flexible Unit Linked Insurance Plan (ULIP) that offers the perfect blend of life insurance and wealth creation. This plan gives you the advantage of market-linked returns while providing life cover, ensuring your family’s financial security.
SBI Life Smart Elite Plan - Gold and Platinum Options
SBI Life Smart Elite is a Unit Linked Insurance Plan (ULIP) that combines life cover with investment opportunities, allowing you to grow your wealth while protecting your loved ones. This plan offers two distinct protection options to suit your financial goals and risk appetite: the Gold Option and the Platinum Option.
Gold Option
Under the Gold Option, the death benefit paid to your nominee will be the highest of the following:
- The Fund Value as on the date of claim (minus any partial withdrawals in the last 2 years).
- The Sum Assured (adjusted for any applicable partial withdrawals).
- 105% of the total premiums paid up to the date of death (again adjusted for partial withdrawals).
This ensures your nominee receives whichever amount is the most beneficial—whether it’s the market-linked fund value, the guaranteed sum assured, or a minimum premium protection.
Platinum Option
The Platinum Option is a more comprehensive cover where the beneficiary will receive the higher of:
- The Fund Value as on claim date plus the Sum Assured.
- 105% of the total premiums paid until the date of death.
This option guarantees your nominee both the investment growth (fund value) and the assured sum, offering potentially higher death benefits compared to the Gold Option.
Key Features of SBI Life Smart Elite Plan
- Pay premiums flexibly – single premium, limited premium (5, 8, or 10 years), or over the entire policy tenure
- Enjoy enhanced fund value after the 5th policy year with no premium allocation charges from then onwards
- Multiple fund options to invest based on risk appetite, with freedom to switch and redirect investments
- Life insurance cover is up to 7 to 10 times your annual premium paid, depending on your age group
- Adjust your sum assured after the 5th policy year for personalized coverage
- Comes with an inbuilt accidental total and permanent disability (TPD) and accidental death benefit
- Flexible premium payments: monthly, quarterly, half-yearly, yearly, or single premium
Benefits of SBI Life Smart Elite Plan
- Maturity benefit includes the payment of Fund Value at the end of the policy term
- Integrated accident benefits provide extra financial protection
- Tax benefits under Sections 80C and 10(10D) of the Income Tax Act, 1961
- No cap on maximum premium payments, giving you flexible investment power
Eligibility Criteria for SBI Life Smart Elite Plan
- Entry age: 18–60 years
- Maximum maturity age: 65 years
- Policy tenures available: 5 to 20 years
- Minimum premium limits vary from Rs. 1.5 lakh yearly to Rs. 12,500 monthly
- Minimum single premium amount: Rs. 2 lakhs
- Sum assured is based on multiples of premiums paid, varying by age
Why Choose SBI Life Smart Elite?
The sbi life smart elite plan is a top choice for those seeking both investment growth and life insurance protection. Its flexibility in premium payment, wide fund options, and rider benefits like accidental death coverage make it a competitive sbi elite plan in the market. Manage your investments confidently and enjoy tax-efficient savings with the sbi life elite plan.
FAQs on SBI Life Smart Elite Plan
- What is the difference between the Gold and Platinum options in the SBI Life Elite Plan?
In the Gold Option, the death benefit is the highest of Fund Value, Sum Assured, or 105% of total premiums paid (adjusted for partial withdrawals). In the Platinum Option, it’s the higher between Fund Value plus Sum Assured or 105% of premiums paid, offering potentially higher payouts.
- How are death benefits calculated under the SBI Life Smart Elite Plan?
Death benefits depend on the chosen option - Gold or Platinum. Gold pays the greater of Fund Value or Sum Assured or 105% of premiums paid. Platinum pays the sum of Fund Value and Sum Assured or 105% of premiums paid, whichever is higher.
- Can I pay premiums monthly or quarterly for the SBI Life Smart Elite Plan?
Yes, the plan offers flexible premium payment frequencies—monthly, quarterly, half-yearly, yearly, or as a single premium payment.
- Can I switch funds under the SBI Life Elite Plan?
Absolutely, the plan offers a wide array of fund options, and policyholders can switch and redirect investments anytime to adjust for market conditions and risk preferences.
- Can I increase or decrease my sum assured during the policy term?
Yes, you have the flexibility to increase or decrease the sum assured after the 5th policy year based on your changing needs.
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