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SBI Life - Smart Guaranteed Savings Plan

What is the Plan all About?

SBI Life - Smart Guaranteed Savings Plan is a traditional non-participating individual savings plan that provides Guaranteed Additions that give a boost to your savings. With insurance cover, your family’s financial security is ensured. So, enhance savings with various add-on benefits.

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What are the Key Features?

  • Get Guaranteed Additions in each policy year
  • Maturity benefit
  • Life cover available
  • Limited premium pay term of 7 years
  • Benefits through the entire policy term
  • Get loan benefit
  • Avail tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of unfortunate death of the life assured, Sum Assured on Death plus accrued Guaranteed Additions are payable, provided the policy is in-force. Sum Assured on Death is higher of 10 times of annualized premium or 105% of total premiums paid or basic sum assured.

Maturity Benefit

    On survival of the life assured till maturity of the policy, Basic Sum Assured plus accrued Guaranteed Additions are payable.

Guaranteed Additions

    Guaranteed Additions are added at the end of each policy year, on the sum of basic premiums paid till date. 5.5%/6% of Guaranteed Additions is applicable for annual premium band of Rs 15,000-29,000/Rs 30,000-75,000 respectively. Guaranteed Additions are payable on death along with sum assured on death or at maturity along with basic sum assured.

Loan Benefit

    The policy loan can be availed up to 90% of the surrender value.

Surrender Value

    Surrender Value (as applicable) can be acquired on payment of all the due premiums for at least 2 full policy years.

Tax Benefit

    You can avail tax benefits under section 80C & 10(10D) of the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 50 Years
Age at Maturity - 65 Years
Policy Tenure 15 Years -
Premium Paying Term 7 Years -
Premium Paying Mode Annually Only -
Premium Amount Rs 15,000 Rs 75,000 (per Life)
Sum Assured Depends On The Premium Amount -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider is available with this plan.

How the Plan Works?

Let’s understand the plan with the help of the below illustrated example.

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy SBI Life - Smart Guaranteed Savings Plan with the policy term of 15 years with annual premium of Rs 15,000.

Scenario A: Raman Survives through the Policy Term

On survival of Raman till the end of the policy term, Basic Sum Assured plus accrued Guaranteed Additions are payable. The maturity benefit payable helps grow your wealth.

Scenario B: Raman dies during the Policy Term

On the death of Raman during the policy term, the death benefit payable is Sum Assured on Death plus accrued Guaranteed Additions. The death benefit provides a financial cover for the family, in the event of a mishap.