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SBI Life - Smart Humsafar Plan

What is the Plan all About?

SBI Life - Smart Humsafar is a non-linked participating Joint endowment plan that provides you the benefits of savings and insurance cover for both husband and wife. This plan helps you fulfill your family’s dreams such as buying a car/home, children’s education/marriage, etc. You can also ensure financial protection for the family, even in your absence.

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What are the Key Features?

  • Joint life cum savings plan
  • Guaranteed minimum bonus for first 3 years
  • Financial protection for family
  • Maturity payout
  • Premium waiver benefit
  • Rider to boost protection
  • Premium rebate on choosing sum assured of Rs 3 Lacs & above
  • Get tax benefits

What are the Plan Benefits?

Death Benefit

    • For First Death

    In the event of death of the first life assured, the Death Benefit payable is Sum Assured on Death or 105% of the all the premiums paid, whichever is higher. Here, Sum Assured on Death is higher of guaranteed sum assured on maturity or basic sum assured or multiple of annualized premium.

    Multiple of annualized premium is 10 times when age at entry is less than 45 years and it is 7 times when age at entry is 45 years or above. All future premiums are waived for the surviving life assured.

    • For Second Death

    In the event of death of the second life assured, the Death Benefit payable is Sum Assured on Death plus vested simple reversionary bonuses plus terminal bonus or 105% of the all the premiums paid, whichever is higher.

    Sum Assured on Death is higher of guaranteed sum assured on maturity or basic sum assured or multiple of annualized premium. Multiple of annualized premium is 10 times when age at entry is less than 45 years and it is 7 times when age at entry is 45 years or above. Premiums are already waived under the policy.

Maturity Benefit

    If one or both of the lives assured survives till end of the policy term, Basic Sum Assured plus vested simple reversionary bonuses plus terminal bonus is payable, provided the policy is in-force.

Bonus

    Simple Reversionary Bonuses is declared as a percentage of the basic sum assured. This bonus when declared become guaranteed benefit under the plan. Future bonuses are non-guaranteed and it depends on future profits. Simple Reversionary Bonus for the first three years is guaranteed as at least 2.5% of the basic sum assured. Terminal Bonus is paid at maturity, surrender, or death, whichever is earlier.

Loan Benefit

    The maximum loan amount that can be availed is 90% of the surrender value.

Surrender Value

    Surrender Value can be acquired on payment of all due premium for at least three full policy years. Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value.

Tax Benefit

    The premiums paid under the policy is eligible for tax deduction under section 80C and the policy proceeds can avail tax exemption under section 10(10D) of the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 46 Years
Age at Maturity - 65 Years
Policy Tenure 10 Years 30 Years
Premium Paying Term Equal To The Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 6000 (annually), Rs 3000 (semi Annually), Rs 1500 (quarterly), Rs 500 (monthly) Based On Basic Sum Assured
Sum Assured Rs 1 Lac Rs 5 Crores
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) -
Plan Type Offline -

Is any Rider Available with this Plan?

SBI Life- Accidental Death Benefit Rider can be opted under this plan, on payment of additional rider premium.

How the Plan Works?

Let’s understand the plan with the help of 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 Humsafar with the policy term of 10 years and the sum assured of Rs 1 Lac.

Scenario A: Raman Survives through the Policy Term

On survival of one or both lives till the end of the policy term, Rs 1 Lac plus plus vested simple reversionary bonuses plus terminal bonus is payable. The maturity benefit can be used to enhance wealth.

Scenario B: Raman dies during the Policy Term

On first death, Rs 1 Lac is payable and the future premiums are waived from the next policy anniversary. In the event of the second death, Rs 1 Lac plus all accrued bonuses is payable. This payout provides financial cover for the family.