Founded in the year 2001, SBI Life Insurance Company is a joint venture between India’s largest bank, State Bank of India and a French multinational bank and financial services company, BNP Paribas Cardif. SBI life insurance offers a wide range of insurance products for groups and individual customers. With approach and new age products, SBI life has been recognised and awarded. Along with insurance products, SBI life also offers many investment-oriented products that help in wealth creation.
Unit-linked insurance plans are integrated products that offer the best of both the worlds-investment and insurance. Part of premium paid gets invested into various market investments like equity, debt and money market instruments through various fund options offered by the particular plan. Fund type can be chosen as per your goal and risk profile. ULIPs are meant for long-term investment goals. ULIP plans can be with profit plans or without profit plans.
Smart elite is a non-participating unit linked insurance plan that is specifically designed for High Net-worth individuals (HNIs). This plan can be availed as a single premium or limited pay policy that only provides your family protection in the event of death but also helps you maximise your savings over the long-term through market-linked returns. Like any other unit-linked insurance plan, Smart Elite also comes with a five year lock-in period during which money cannot be withdrawn or the surrender benefit cannot be availed.
|Entry age||18 years||60 years|
|Maturity age||–||65 years|
|Policy Term||5 years||20 years|
|Premium payment frequency||Single for single premium policies
For limited pay- yearly/half-yearly/quarterly/monthly ( three months premium to be
paid in advance and monthly premium payment can only be made through ECS,
standing instruction, direct debit and credit card.
|Premium Paying Term||5 years||10 years|
|Plan type||Limited premium/single premium|
Premium range depending on plan type and premium payment frequency
|Plan Type||Premium payment frequency||Premium range (In Rs.)|
|Single premium||2,00,000||No limit|
|Limited Premium||Yearly||1,50,000||No Limit|
Sum assured range depending on plan type and age of the policyholder
|Plan Type||Age||Premium range (In Rs.)|
|< 45 years||1.25 times the single premium||5 times the single premium|
|Single premium||≥ 45 years||1.10 times the single premium||5 times the single premium|
|< 45 years||10 times the annualized premium||20 times the annualized premium|
|Limited premium||≥ 45 years||7 times the annualized premium||20 times the annualized premium|
|Fund type||Allocation in assets||Risk profile|
|Equity and equity related instruments||Debt instruments||Money market instruments|
|Equity elite fund II||60%-100%||0%-40%||0%-40%||High|
|Money market fund||0%||0%-20%||80%-100%||Low|
SBI Life’s Smart Elite policy is suitable for investors looking for investments that offer wealth creation with greater flexibility along with life protection benefit. Investors looking for one-time large ticket size investments can also consider this.
Anyone between 18-60 years age group can buy SBI Life’s Smart Elite plan anytime. As the plan offers six different funds of varying equity and debt combinations for investment, one can make a choice of funds depending on the market condition, individual goals and preferences.
If you discontinue the premium, SBI life’s Smart Elite policy can completely withdraw or revive or can be converted into paid-up policy depending on the below two scenarios
These charges are expressed as a percentage of annualised premium or fund value.
|Year of discontinuance||For single premium policies||For limited premium policies|
|1||Lower of 1% * (single premium or fund value) subject to a maximum of INR. 6,000||Lower of 6% * (annualised premium or fund value) subject to a maximum of INR. 6,000|
|2||Lower of 0.5% * (single premium or fund value) subject to a maximum of INR. 5,000||Lower of 4% * (annualised premium or fund value) subject to a maximum of INR. 5,000|
|3||Lower of 0.25% * (single premium or fund value) subject to a maximum of INR. 4,000||Lower of 3% * (annualised premium or fund value) subject to a maximum of INR. 4,000|
|4||Lower of 0.1% * (single premium or fund value) subject to a maximum of INR. 2,000||Lower of 2% * (annualised premium or fund value) subject to a maximum of INR. 2,000|
If the policy is surrendered within the first five years of the policy, your fund value as on date of surrender fewer discontinuance charges will be transferred to ‘discontinued policy fund’ which will earn a minimum of 4% p.an interest. Policy benefits will cease to apply from then on. The fund value will be paid out on the first business day of the 6th policy year. If the surrender is made after five years of the policy, the fund value will be paid immediately.
There is no loan facility available in SBI Life’s Smart Elite policy.
Suicide exclusion: If the life assured commits suicide within a year of commencement of policy or from the date of revival, fund value as on date of death intimation would be paid and all the policy benefits will cease.
With great flexibility, competitive cost structure and diverse fund options, SBI life’s Smart Elite a great option for building wealth over the long-run with life insurance benefit. As the plan has a high premium bucket with two different options to avail life cover, HNI’s can avail the dual benefit of wealth creation and life protection.
Yes. You can return or cancel the Smart elite policy within the free look period. For offline policies, the free look period is 15 days and 30 days for online bought policies. You can return the policy with the reason stated if you are not satisfied with the policy terms and conditions.
Other SBI Life ULIP Plans