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.
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 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.
|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%|
Where, sum assured on death is higher of the following
Multiple for limited premium policies
|Entry age < 45 years||Entry age ≥ 45 years|
Multiple for single premium policies
|Entry age < 45 years||Entry age ≥ 45 years|
|Maturity age||75 years|
|Premium payment term|
|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.|
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.
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.
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|
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.
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.