SBI Life Insurance Company, a joint venture between State Bank of India and BNP Paribas Cardif, was founded in the year 2001. SBI Life Insurance Company is headquartered in Mumbai with its branches across various parts of the country. The company was first started as a bancassurance channel, but now it has grown tremendously with the multi-distribution model. SBI life insurance is known for offering a comprehensive range of life insurance, savings and pension products for individuals.
Endowment life insurance policy is a traditional insurance product designed to provide lump sum benefit at the end of endowment term along with providing life cover during eventualities within the term. Endowment insurance plans come in various types such as participating, non-participating. Basically, these plans are considered to be safer plans in comparison to market-linked life insurance products.
SBI Life’s Smart Samriddhi is a non-participating, non-linked endowment life insurance plan. With this plan, you can avail a life cover and protect you and your family in the event of eventualities. It also helps you save regularly for building wealth for your future dreams. With the ease of enrolment, prompt processing and multiple features, SBI life’s Smart Samriddhi can help you secure you and your loved one’s future financially
|Annual premium||% of guaranteed additions (at a sample rate)|
|Rs. 15,000 – Rs. 29,000||5.5%|
|Rs. 30,000 – Rs. 75,000||6%|
In other words, maturity benefits depending on the entry age and annual premium chosen are as below :
|Entry age||Maturity benefit (as % of total premiums paid)|
|For annual premium INR 15,000 –INR 29,000||For annual premium INR 30,000 –INR 75,000|
|Entry age||18 years||50 years|
|Maturity age||–||65 years|
|Policy term||15 years|
|Premium paying term||7 years|
|Premium payment frequency||Yearly/ Monthly (for monthly mode, the monthly premium will be 8.5% annual premium chosen)|
|Premium range (annual, in multiples of Rs. 1,000)||Rs. 15,000||Rs. 75,000|
|Sum assured range||Rs. 98,700||Rs. 5,34,750|
SBI Life’s Smart Samriddhi is an ideal option for investors seeking investment options that can provide assured return along with life protection. Investors looking for long-term benefits with only limited period investment can also opt for SBI Life’s Smart Samriddhi plan.
SBI life’s Smart Samriddhi is a great plan to make regular savings. Starting investment in such plans as early as possible makes you spend less and helps you save for future dreams.
SBI life’s Smart Samriddhi policy offers the benefit of surrender value/paid-up value. In this, policy acquires paid-up status if the premium is paid for at least 2 full years. If the premium payment is discontinued within these two years, the policy will lapse and benefits will cease. The policy can be revived within two years from the first unpaid premium. If you discontinue your premium payment after the policy attains paid-up value, the policy will not be terminated. However, the benefit of sum assured will be reduced to paid-up sum assured which will be paid out on death or on maturity with reduced guaranteed additions.
The policy will acquire surrender value on paying the first two year’s full premium. When you surrender, the higher of guaranteed surrender value (GSV) or non-guaranteed SSV will be paid. GSV factors are mentioned below
|Policy year||GSV as % of the basic premium paid|
The surrender value of accrued guaranteed additions will also be added guaranteed surrender value (GSV). The surrender value of accrued guaranteed additions is calculated by multiplying GSV factors with accrued guaranteed additions. Special surrender value is based on an assessment of the actual experience of the plan.
In an emergency situation, SBI Life’s Smart Samriddhi plan allows you to avail loan against policy up to a maximum of 90% surrender value. The loan interest rate applicable is declared by the company from time to time.
Suicide Exclusion : If the life assured, sane or insane, commits suicide within one year of policy purchase or within a year of policy revival, then no benefits under the plan will be payable as the policy is considered void. However, for in-force policies, 80% of the total premium paid will be paid to the nominee.
SBI Life’s Smart Samriddhi plan is a plan that provides assured returns on your investment along with providing your family future financial security in the event of an unfortunate situation like death. SBI Life’s Smart Samriddhi plan provides all the amazing benefits for the longer-term of the policy without any obligations to pay for the entire term. With simple and swift processing without any medical examination, SBI Life’s Smart Samriddhi is a great plan to save some money regularly for a better future.
Yes. SBI life’s Smart Samriddhi comes with a free look period of 15 days for policies bought offline and 30 days for policies bought through distance marketing. Within this free lookup period, you can cancel your policy if you are not satisfied with its terms and conditions. However, it’s important to state the reason for cancellation/objection.
Yes. If you miss a premium payment within stipulated due date for payment, the same can be paid within grace period given. The grace period given is 30 days from the day of due date for yearly premium payment mode and 15 days from the day of due date for monthly premium payment mode.
Yes. The policy can be revived within a period of two years from the date of the first unpaid premium. However, revival is subjected to satisfactory proof of insurability.
Limited premium payment insurance plans are the plan where you make a premium payment for a shorter period such 7 years in SBI Life’s Smart Samriddhi plan. And you can enjoy the coverage and policy benefits for the entire policy tenure such as 15 years in SBI Life’s Smart Samriddhi plan.