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.

What is the Endowment Life Insurance Policy?

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

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

Features of SBI Life’s Smart Samriddhi

  • No medical examination
  • Guaranteed additions at the end of each policy year
  • Depending on the age and annual premium chosen, get 160% to 174% of total premium paid as maturity benefit
  • Pay for a limited period of seven years and enjoy the benefit throughout the policy term
  • Loan on policy can be availed

Benefits of SBI Life’s Smart Samriddhi

  • Death benefit : In case of the untimely demise of the life assured, the sum assured on death + accrued guaranteed additions will be payable to the beneficiary. Where sum assured on death is higher of the below :

    • Basic sum assured
    • 10*annualized premium
    • 105% of total premiums paid till the date of death
  • Maturity benefit : In case the life assured survives the policy term, the basic sum assured + accrued guaranteed additions, is payable at the end of the term.
  • Reliability : Guaranteed additions offered by the plan makes it more reliable for savings. Guaranteed additions are added to the policy every year at a simple rate on the total premiums paid. Accrued guaranteed additions are paid along with sum assured on maturity or on death, whichever is earlier. The percentage of guaranteed addition will be based on the chosen annual premium.

    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
    18-29 years 168% 174%
    30-36 years 167% 173%
    37-40 years 166% 172%
    41-43 years 165% 171%
    44-45years 164% 170%
    46 years 163% 169%
    47-48 years 162% 168%
    49 years 161% 167%
    50 years 160% 166%
  • Paid-up value benefit : The policy will acquire paid-up policy status if the premium is paid in full for at least two years. However, the sum assured payable on death or on maturity will be reduced to paid-up sum assured value.

    • Paid-up sum assured on death = sum assured on death X number of premiums paid/number of premiums originally payable
    • Paid-up sum assured on maturity = Basic sum assured X number of premiums paid/ number of premiums originally payable
  • Tax benefit : SBI life’s Saral Samriddhi premiums paid can be claimed under Section 80C of the Income Tax Act for a tax deduction. Benefits payable are tax exempt (depending on the applicable conditions) under Section 10 (10D) of the IT Act.

Eligibility Criteria of SBI Life’s Smart Samriddhi

Eligibility conditions Minimum Maximum
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

Who should buy SBI Life’s Smart Samriddhi?

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.

When should you buy SBI Life’s Smart Samriddhi?

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.

Documents required for buying SBI Life’s Smart Samriddhi?

  • PAN Card is mandatory
  • Age proof : PAN card/Passport/driving license /Birth certificate etc.
  • Identity proof : PAN card/ Aadhaar card / Voter’s ID card / driving license/ Passport etc.
  • Address proof : Electricity bill/ bank account statement etc.
  • Income proof : IT return/ employer certificate

Discontinuance of premium in SBI Life’s Smart Samriddhi

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.

Surrender of SBI Life’s Smart Samriddhi

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
1 0
2 30%
3 30%
4-7 50%
8-10 55%
11-15 60%

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.

Loan facility in SBI Life’s Smart Samriddhi

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.

Exclusions for SBI Life’s Smart Samriddhi

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.