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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.BUY NOW
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.
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.
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.
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.
The maximum loan amount that can be availed is 90% of the 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.
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.
|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)||-|
SBI Life- Accidental Death Benefit Rider can be opted under this plan, on payment of additional rider premium.
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.