SBI Life Smart Privilege Plan is a unit-linked, non-participating life insurance product that was launched in the year 2016 for the HNI segment by SBI Life Insurance Company.
Unit-linked insurance plans offer both life insurance coverage and a platform for investments as per the risk appetite of the policyholder. The plan offers multiple benefits and key features which makes this unit-linked plan a comprehensive life insurance plan.
Table Content
SBI Life Smart Privilege Plan Benefits Features
| Key Features | Benefits |
| Premium Payment Flexibility: | Death Benefit |
| 8 Funds are available, Choices yours | Maturity Benefit |
| Minimal Premium Charges | Tax Benefit |
| Policy Tenure | NA |
Key Features of the SBI Life Smart Privilege Plan
- Flexible-Premium Payment option: The plan offers the benefit to pay the premiums as a single payment or as a limited pay as per the choice and convenience of the policyholder.
- Choice of 8 Funds: The plan offers 8 funds to invest your premium into ranging from equity to balanced to debt-related funds.
- Minimal Charges: The plan offers zero policy administration charges throughout the policy term and no premium policy allocation charge from the 6th policy year.
- Loyalty Additions to boost Fund Value: Loyalty additions are added to the fund value of the policyholder and help to boost the fund value. The plan offers loyalty additions for all the premium paying policies from the 6th policy year.
- Flexible Options: The plan allows the policyholder to do unlimited fund switches free of cost to manage to change financial priorities. The minimum switch amount is Rs 5,000. The plan offers a free unlimited premium redirection facility from the 1st policy year onwards.
- Partial Withdrawals: In case of any financial contingency, the policyholder can partially withdraw a minimum of Rs 5,000 and a maximum of up to 15% of the fund value. Partial withdrawals are allowed after the 5th policy anniversary. The life insured must have attained 18 years of age for making a partial withdrawal request.
Benefits of the SBI Life Smart Privilege Plan
- Death Benefit: In case the policyholder dies during the policy period, the plan offers a death benefit that is higher than the fund value or sum assured with a minimum of 105% of total premiums paid till the date of intimation of death.
- Maturity Benefit: The maturity benefit is payable on the completion of the policy term. On maturity, the policyholder is eligible for the fund value as a maturity benefit which is equal to the number of units multiplied by net asset value (NAV).
- Tax Benefits: The plan allows tax rebates for the premiums paid under section 80 C and under section 10 (10 D) on maturity benefits as per the Income Tax Act, 1961.
Eligibility Criteria for the SBI Life Smart Privilege Plan
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 8 years – Regular/Limited Pay 13 years – Single Pay | 55 years |
| Age at Maturity | 18 years | 70 years |
| Policy Tenure | 10 years- Regular/Limited Pay 5 years- Single Pay | 30 years |
| Premium Paying Term (PPT) | Single/Limited & Regular Pay | |
| Premium Paying Mode | Single Pay/Yearly/Half Yearly/Quarterly /Monthly | |
| Premium Amount | Rs 6 Lacs (Yearly) | No Limit |
| Sum Assured multiple | < 45 years- Higher of 10 or (policy terms 0.5) x Annual premium – Regular/Limited Pay < 45 years – 1.25 times the Single Premium – Single Pay >= 45 years- 1.10 times the single premium | 1.25 |
| Freelook Period | 15 days/30 days (for distance marketing channel) from the receipt of the policy | |
| Grace Period | 30 days (15 days for monthly mode) |
The smart choices made by you are beneficial at every stage. Buy SBI Life Smart Privilege Plan, this plan is also a comprehensive plan which will ensure safety, protection, flexibility, and investment returns to the policyholder.
Documents Required
Before using any kind of service, you need to verify yourself with those unique IDs, and along with this, you also have to verify whether you are eligible for this scheme or not. For all these things, we have to submit the documents and this is what the original process is carried forward with. Document required:
- Proof of identity(Aadhaar card PAN card Driving license Voter ID card Government ID card)
- Proof of address(Passport Electricity bill Telephone bill Driver’s license).