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SBI Life Flexi Smart Plus Plan

What is the Plan all About?

SBI Life - Flexi Smart Plus is an individual, participating unit linked insurance plan that helps achieve goals at different stages of life. Planning for your financial needs is now much easier. This plan also assures you to take care of your savings through guaranteed minimum bonus interest rate applicable throughout the policy term.

Two variants can be opted under this plan:

  • Gold Option
  • Platinum Option

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What are the Key Features?

  • Guaranteed minimum bonus interest rate
  • Terminal bonus interest rate is payable
  • Gold & Platinum protection option
  • Partial withdrawals from 6th policy year onwards
  • Increase/Decrease the sum assured
  • Flexibility to choose the policy term
  • Avail bonuses
  • Life insurance coverage
  • Avail tax benefits

What are the Fund Investment Options?

You have the option to invest in the Policy Account. All the premiums paid net the charges applicable, are credited to the policy account.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured, the beneficiary is entitled to receive following benefit:

    For Gold Option: The higher of Sum Assured less partial withdrawals#, Policy Account Value, or 105% of the total premiums paid, as on the date of death.

    # For age below 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. On attaining 60 years & above, Sum Assured is reduced to the extent of Partial Withdrawals made 58 years onwards.

    For Platinum Option: Higher of Sum Assured plus Policy Account Value is payable or 105% of the total premiums paid, as on the date of death.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Policy Account Value including terminal bonus interest rate as calculated on the maturity date and it is payable as a lump sum.

Increase/Decrease Sum Assured

    There is an option to increase/decrease in sum assured  at each policy anniversary starting from the 6th policy year. Any increase in sum assured is not available for age at 50 years & above. The SAMF once decreased can’t be increased during the policy term. This option can be exercised on intimating the company 2 months prior notice.

Increase in Policy Term

    Increase in Policy Term is available at each policy anniversary starting from the 6th policy year. This option can be exercised on intimating the company 2 months prior notice. This option can be availed only once during the entire policy term.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy year onwards. With this facility, you can avail cash under the policy.

Bonus

    The guaranteed minimum bonus rate is 1% p.a and the interest accrued will be credited at the end of every financial year and it becomes a part of the principal amount at the beginning of the next year.

    A non-zero positive regular bonus rate is declared at the end of every financial year and it becomes a part of the principal amount at the beginning of the next year. An interim bonus is also declared at the beginning of every financial year. A non-zero positive regular addition is added at the end of every policy year starting from the 5th policy year.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the policy account value less applicable discontinuance charges is credited to the ‘Discontinued Policy Account’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum interest rate, as stipulated by IRDAI is payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the policy account value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 60 Years
Age at Maturity 23 Years 65 Years
Policy Tenure 5 Years 30 Years
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 50000 (annually), Rs 30000 (semi Annually), Rs 20000 (quarterly), Rs 9000 (monthly) No Limit
Sum Assured Range Higher Of Annualized Premium * 10/7 (age<than 45 Years/age Of 45 Years & Above) Or Annualized Premium * 0.50/0.25 (age Less Than 45 Years/age Of 45 Years & Above) * Policy Term 20 Times The Annualized Premium
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?

No rider can be opted under this plan.

What are the Plan Charges?

Premium Allocation Charge: This charge is deducted from the premium paid, before allocation of units. Premium Allocation Charge is 9%/6.5%/6%/5% for year 1/years 2 to 4/years 5/year 6 onwards, respectively.

Policy Administration Charges: Monthly policy administration charge is levied by the redemption of units under the policy. The Policy Administration Charge of Rs 70 per month for the first year and Rs 50 per month from second year onwards is deducted and it is applied on the policy account. This charge may increase each year @3% per annum, subject to a maximum of Rs 200 per month.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk (SAR) at the time of deduction of charge. It is deducted on each Policy Month Anniversary from the policy account value by cancellation of units.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the value of the policy account. The annual Fund Management Charges for the policy account is 0.75% p.a and 0.50% p.a for discontinued policy account.

Discontinuance Charges: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Partial Withdrawal Charge: 1 free partial withdrawal is allowed during a policy year. Rs 100 is levied for each partial withdrawal, in excess of free withdrawals allowed.

Medical Expenses on Revival: Cost of medical expenses incurred is borne by the policyholder, subject to a maximum of Rs 3,000.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Raman aged 30 years, is leading a happy life with his wife Ananya and a daughter Sanya. He wants to build a corpus amount, so his family can achieve their dreams such as Sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for SBI Life - Flexi Smart Plus (platinum option) with the policy term of 5 years with annual premium payment of Rs 50,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Policy Account Value including terminal bonus interest rate as calculated on the maturity date and it is payable as a lump sum.

Scenario B- Death Benefit: In the event of his death during any policy year, the higher of Sum Assured plus Policy Account Value is payable or 105% of the total premiums paid, as on the date of death.