SBI Life – Smart Insure Wealth Plus Plan

SBI Life Insurance Company is a public limited insurer in India. India’s largest bank, State Bank of India owns 62.1% stake in the company and 22% of the stake is held by a global insurance expert, BNP Paribas Cardif. SBI Life Insurance Company has been given AAA/stable rating by the well-known global analytical company CRISIL. SBI life offers many types of products ranging from pure protection plan to savings plans, combo plans, new-age and digital plans to cater to the diverse needs of people across the country.

What are the Unit-linked Insurance Plans?

Unit-linked insurance plans are the hybrid products offered by the life insurance companies that offer the benefits of insurance and investment both. Out of the premium you pay every time, a small portion is deducted as mortality charges depending on the age to provide you protection cover. The rest of the portion gets invested into different market instruments through fund option chosen by you to maximise your savings. As unit-linked insurance plans are long-term investment products, comes with a five year lock-in period.

SBI Life – Smart Insure Wealth Plus Plan

SBI Life’s smart insure wealth plus is a non-participating unit linked insurance plan with five year lock-in period. Smart insure wealth plus is designed to provide disciplined savings option with multiple features to save for your long-term goals such as children education, marriage and for financial security.

Features of SBI Life’s Smart Insure Wealth Plus Plan

  • Easy monthly investment with insurance cover for the disciplined savings
  • Three investment strategy to choose depending on your style of investing
  • Nine investment fund options under a smart investment strategy
  • Return of mortality charges on policy maturity
  • Systematic monthly withdrawals to meet your regular liquidity needs
  • Loyalty additions to boost the fund value from 11th year onwards
  • Partial withdrawals from 6th year onwards

Benefits of SBI Life’s Smart Insure Wealth Plus Plan

  • Flexible features: Some of the main flexible features offered are:

    • The policy allows you to change the investment strategy at any policy anniversary to a maximum of four times in a policy term.
    • Premium redirection option is also available
    • Switching from one fund to another is allowed in smart choice strategy
  • Liquidity benefits: Liquidity requirements can be met in many ways

    • Systematic monthly withdrawal can be availed from 11th year onwards for the duration of your choice. SMW can be availed up to 1.25% of fund value monthly.
    • Partial withdrawal facility from 6th year onwards.
    • Surrender of policy is also allowed for free from 6th year onwards.
  • Death benefits: benefits in the event of death are paid out depending on the age at entry and risk commencement date

    • For life assured with entry age below 8 years: Fund value is paid out if the death occurs before the commencement of risk. If the death occurs after the commencement of risk, the death benefit (sum assured or fund value whichever is higher) is paid out. In case, the policyholder dies when the life assured is minor, immediate benefits are not paid out. A new policyholder will be appointed.
    • For life assured with entry age 8 years and above: fund value or sum assured whichever is higher is paid to the nominee.
  • Maturity benefit: On the date of maturity, fund value plus return of mortality charges are paid in a lump sum. You can also opt for a settlement option to receive benefits in periodic instalment.
  • Tax benefit: Tax deductions on the premium paid and exemptions for benefits received can be claimed under section 80C and Section 10(10D) of the IT Act, respectively.

Eligibility Criteria for SBI Life’s Smart Insure Wealth Plus Plan

Eligibility conditions Minimum Maximum
Entry age 0 years 30 days 55 years
Maturity age 18 years 65 years
Policy term 10 years 25 years
Plan type Regular premium
Premium payment frequency Monthly
Premium paying term Same as the policy term
Premium range (in multiples of Rs. 100) Rs. 4,000 No limit
Sum assured range Annualized basic premium*10 or
Annualized basic premium*0.5* policy term, whichever is higher

There is an additional allocation applicable for policies purchased by staffs and the policies purchased online. Following is the additional allocation applicable.

Policy year % of premium
1 Nil
2nd year onwards 2.5%

Please note:

  • For life assured with entry age 8 years and below, risk cover would commence on completing one year of the policy. For life assured with entry age 8 years and above, risk cover would commence immediately.
  • Depending on the underwriting policy, a policyholder in case of policy for minor life assured can be parents, grandparents or legal guardians.
  • In case of minor life assured the policy term should be appropriately chosen so that the life assured turns major at the time of maturity to get the benefits.

The investment strategy and fund choices in SBI Life’s Smart Insure Wealth Plus

Depending on your need you can choose the investment strategy suitable for you. You can also change the strategy whenever needed.

  • Trigger strategy: Your premiums are invested in 80:20 proportion of equity fund and bond fund respectively. The strategy works on re-balancing basis. Any change to the extent of 15% gets re-distributed among these two funds to keep the portfolio balanced. If you would like to take advantage of market swings, this strategy is a suitable option.
  • Auto asset allocation strategy: You premium is invested in equity fund, bond fund and money market fund in a proportion chosen by you. Basically, if you are an aggressive investor looking for long-term gains through more equity exposure, this can be a suitable option.
  • Smart choice strategy: If you are an active investor who keeps a tab on market movements this can be a suitable option for you. You can enjoy the flexibility to switch between nine fund options available.
Fund type Allocation in assets Risk profile
Equity and equity related instruments Debt instruments Money market instruments
Pure fund 80%-100% 0%-20% High
Midcap fund 80%-100% 0%-20% 0%-20% High
Bond optimiser fund 0%-25% 75%-100% 0%-20% Low to medium
Balanced fund 40%-60% 20%-60% 0%-40% Medium
Corporate bond fund 70%-100% 0%-30% Low to medium
Equity optimiser fund 60%-100% 0%-40% 0%-40% High
Equity fund 80%-100% 0%-20% 0%-20% Medium to high
Growth fund 40%-90% 10%-60% 0%-40% Medium to high
Money market fund 0%-20% 80%-100% Low

Who should buy SBI Life’s Smart Insure Wealth Plus plan?

SBI Life’s smart insure wealth plus plan is suitable for Investors looking for a dual benefit of protection and wealth creation over the long-run in a disciplined way. As the entry age starts from 0 years for investment, this plan can be opted for securing your children’s future and to meet their various life-stage financial needs.

When should you buy SBI Life’s Smart Insure Wealth Plus plan?

Once all the eligibility criteria met, the investment can be done anytime. Investing in early age can maximize your market-linked returns with various flexible investment strategies available.

Documents required for buying SBI Life’s Smart Insure Wealth Plus plan

  • Proposal form
  • PAN card is mandatory
  • Identity proof: Aadhaar card/passport/driving license/Voter’s ID card etc.
  • Address proof: Bank account statement/electricity bill etc.
  • Income proof: IT return/ salary certificate
  • Age proof: Birth certificate/school certificate/Passport etc

Discontinuance of premium in SBI Life’s Smart Insure Wealth Plus plan

  • If you discontinue premium payment, you can revive/completely withdraw/ convert it to paid-up policy depending on the policy year in which you discontinue.
  • If you discontinue within the lock-in period of five years, you can revive the policy within two years from the date of discontinuance of premium.
  • If revival is not done, the policy is completely withdrawn and the value of discontinuance fund will be paid out on the 1st working day of the 6th policy year.
  • In case, you discontinue premium payments after the policy attains paid-up status i.e. after completion of the first five years of the policy with all premiums paid, then you can continue till maturity without losing the benefits. Fund value as on date of maturity will be paid out.

Surrender of SBI Life’s Smart Insure Wealth Plus plan

Surrender of policy can be done anytime during the policy term. However, if the surrender is initiated during the lock-in period, surrender benefits (discontinued policy fund minus charges if any) will be paid only on the 1st business day of the 6th policy year. If the policy is surrendered after five years of the policy, fund value as on date is paid immediately.

Loan facility in SBI Life’s Smart Insure Wealth Plus plan

Smart insure wealth plus policy is not eligible for any loans.

Exclusions in SBI Life’s Smart Insure Wealth Plus plan

If the life assured commits suicide within a year from date of policy commencement or from date of revival, the policy shall be void and the benefits under the plan will cease. Fund value as on date of death intimation will be paid to the beneficiary.


SBI Life’s Smart Insure Wealth Plus plan is a competent ULIP product that offers flexibility, liquidity along with inculcating disciplined savings habit. Along with insurance cover, this plan helps you achieve your financial goals by investing in various types of market instruments via a range of investment funds and strategies.


Loyalty addition of 0.3% on fund value gets added on the last day of every policy year from 11th year onwards which is applicable only for ‘in-force’ policies.

Premium redirection is an option to change the funds in which units are bought every time when you make renewal premium payment. Under SBI life’s smart insure wealth plus, this option is available under ‘smart choice strategy’. You can make unlimited free premium redirections to optimise your investment depending on your changing needs and market scenarios.

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