SBI Life – Smart Money Planner

SBI Life Insurance Company, founded in the year 2001 is one of the key players in the Indian insurance market. India’s largest multinational bank, State Bank of India holds 62.1% of the total capital of the company and global insurance expert, BNP Paribas Cardif, holds 22% of the total capital of the company. CRISIL Ltd, popular rating agency in India has given SBI Life Insurance Company AAA/Stable rating. Initially, the company had restricted its distributions only through bancassurance. Now, it has emerged as a good market leader with its multi-distribution channels, product diversity and operational efficiency.

What is Endowment Plan?

Endowment plan is a life insurance products that provide protection coverage along with savings element. Coverage is provided for a specific period of time. Endowment plans are designed to help you save regularly for future goals such as building a corpus for retirement, savings for children’s higher education and for family vacation etc. Endowment plans can be traditional non-linked plans or new-age market-linked plans. Endowment plans can come with participation in profit or as non-participating plans.

SBI Life’s Smart Money Planner

SBI Life’s Smart Money Planner is a non-linked, with profit endowment assurance plan. The plan is designed to provide the dual benefit of regular income to meet regular needs and lump sum benefits for family’s financial security in the event of an unfortunate situation. This is a comprehensive product that is tailored to meet your needs and requirements. Your family’s financial security is ensured even when you are not around. SBI Life’s Smart Money Planner offers multiple features to achieve all your and your family’s future financial needs.

Features of SBI Life’s Smart Money Planner

  • Regular pay-outs to meet liquidity needs
  • ‘Growth period’ as an added feature to enhance the savings
  • The convenience of limited premium payment
  • Life cover for entire policy term including the growth period and benefit payment period
  • Large sum assured rebate
  • Two plan types to choose from – single premium and limited premium

Benefits of SBI Life’s Smart Money Planner

  • Flexibility benefit : SBI Life’s Smart Money Planner offers various plan options to choose based on your financial obligations.

    Plan Premium payment period Growth period Benefit payment period Policy term Benefit payment as % of basic sum assured
    1 6 years 4 years 5 years 15 years 20%
    2 6 years 4 years 10 years 20 years 10%
    3 10 years 5 years 5 years 20 years 20%
    4 10 years 5 years 10 years 25 years 10%
  • Protection benefit : In the event of the untimely demise of the policyholder during the policy term, higher of the below benefit is payable to the beneficiary.

    • Sum assured on death + vested simple reversionary bonuses + terminal bonus if any
    • 105% of the total premiums paid till the death

    Where, sum assured on death is higher of the following

    • Basic sum assured
    • Guaranteed sum assured on maturity
    • Multiple of annualised/single premium

    Multiple for limited premium policies

    Entry age < 45 years Entry age ≥ 45 years
    10 7

    Multiple for single premium policies

    Entry age < 45 years Entry age ≥ 45 years
    1.25 1.10
  • Survival benefits : If the policyholder survives to the benefit payment period, regular pay-outs (as per the % mentioned in each plan) will be paid out at the end of each benefit payment period.
  • Maturity benefits: On survival till maturity, guaranteed sum assured on maturity + vested reversionary bonuses + terminal bonus, if any
  • Tax benefit : For the premiums paid and benefits received, tax deduction/exemption can be claimed under Section 80C and Section 10 (10D) of the Income Tax Act, respectively. The benefits are subjected to tax provisions that keep changing from time to time.

Eligibility Criteria for SBI Life’s Smart Money Planner

Eligibility conditions Minimum Maximum
Entry age
Plan 1
Plan 2
Plan 3
Plan 4
18 years
18 years
18 years
18 years
60 years
55 years
55 years
50 years
Maturity age 75 years
Policy term
Plan 1
Plan 2
Plan 3
Plan 4
15 years
20 years
20 years
25 years
Premium payment term
Plan 1
Plan 2
Plan 3
Plan 4
6 years
6 years
10 years
10 years
Growth period
Plan 1
Plan 2
Plan 3
Plan 4
5 years
10 years
5 years
10 years
Premium payment mode Single/Yearly/Half-yearly/Quarterly/Monthly
Premium frequency loading Half-yearly: 51% of annual premium
Quarterly: 26% of annual premium
Monthly: 8.5% of annual premium
Sum assured Rs. 1.00000 Rs. 5 Cr.

Who should buy SBI Life’s Smart Money Planner plan?

SBI Life’s Smart Money Planner is suitable for individual investors planning to save for regular cash flow requirements in the future with only limited or one-time investment. As the plan serves dual benefit of savings for future and life protection, investors can add this plan to balance their portfolio.

When should you buy SBI Life’s Smart Money Planner plan

Investment in SBI Life’s Smart Money Planner plan can be done based on your plan for future financial goals and time horizon to achieve them. Depending on the cash flow requirements and plans you choose, you can invest in this plan for your choice of term anytime starting from 18 years of age to 60 years.

Documents required for buying SBI Life’s Smart Money Planner plan

  • PAN card is mandatory
  • Identity card: PAN card/Passport/ Driving license/Voter’s ID card or any other document with photograph issued by government/ statutory/ regulatory authorities or by public sector undertakings.
  • Address proof: Municipal tax or property tax receipts/ telephone bill/electricity bill/ passport/bank statement/Aadhaar card etc.
  • Income proof: salary slip/ income tax return/employer certificate
  • Age proof: Birth certificate/school certificate/Passport etc

Surrender of SBI Life’s Smart Money Planner plan

Limited period policies acquire paid-up value or surrender value after making two full years (in plan 1 and plan 2) and three full years (plan 3 & plan 4) premium payment. When you surrender a policy after attaining paid-up value, the benefits are paid to the tune of reduced sum assured or paid-up sum assured.

On surrender, the higher of the guaranteed surrender value or non-guaranteed surrender value is payable. Guaranteed surrender value is GSV factor multiplied by the basic premiums paid fewer survival benefits paid if any.

GSV factor details are mentioned below :

Policy year % of the basic premiums paid
Plan 1 Plan 2 Plan 3 Plan 4
1 0% 0% 0% 0%
2 30% 30% 0% 0%
3 30% 30% 30% 30%
4-7 50% 50% 50% 50%
8-10 55% 55% 55% 55%
11-15 60% 60% 60% 60%
16-20 NA 65% 65% 65%
21+ years NA NA NA 70%

Loan facility in SBI Life’s Smart Money Planner plan

SBI Life’s Smart Money Planner policy offers loan facility to meet emergency fund requirements. You can borrow against the policy up to the maximum of 90% of the surrender value. The loan interest rate to be charged will be declared by the company from time to time.

Exclusions in SBI Life’s Smart Money Planner plan

If the life assured commits suicide within a year from date of risk commencement date or from date of revival, policy will be null and void. However, an amount equivalent to 80% of total premiums paid as on date of death intimation will be payable to beneficiary or nominee.


SBI Life’s Smart Money Planner plan is an insurance cum savings plan that ensures your various financial obligations are met in future. Without premium payment obligations for entire term, benefits are offered throughout the term. Flexibility to choose from four different plan options, convenience, rebates and regular income facility SBI Life’s Smart Money Planner plan is competent endowment product.


Yes. Large sum assured rebates are available as discounts on the basic premium based on the following slabs.

Sum assured (in Rs.) Rebate per thousand sum assured
Limited premium Single premium
1 lakh ≤ sum assured < 2 lakhs Nil Nil
2 lakhs ≤ sum assured < 3 lakhs 2 20
3 lakhs ≤ sum assured < 5 lakhs 3 25
≥ 5 lakhs 5 30

If you have not paid the premium within the premium payment due date, grace period is given for payment from premium payment due date. SBI Life’s Smart Money Planner offers 30 days grace period for yearly/half yearly/quarterly premium and 15 days for monthly premium policies. The policy will stay in force during the grace period. If you fail to make premium payment even within the grace period, then the policy will get lapsed. However, a lapsed policy can be revived within two years from the date of first unpaid premium. Revival will be subjected to satisfactory proof of insurability.