SBI Life Smart Elite Plan

• 4 varied fund options to get market linked returns
• Gold & Platinum Protection Option available
• Pay premium for single or limited term
• No premium allocation charge after 5th policy year
• Avail life insurance coverage
• Alter your sum assured
• In-built Accidental Death & Accidental Total and Permanent Disability Benefit
• Switching/premium redirection facility
• Avail tax benefits

SBI smart elite plan offers following 4 investment funds and you have the option to invest in any one or combination of fund options (in multiple of 1%).

• Equity Elite Fund II
• Balanced Fund
• Bond Fund
• Money Market Fund

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^# or Fund Value is payable, subject to a minimum of 105% of the total premiums paid, as on the date of death.

^# Up to the age of 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 of age, Sum Assured is reduced to the extent of Partial Withdrawals made within two years before attaining age 60. On attaining more than 60 years, all Partial Withdrawals are adjusted to determine the actual sum assured payable on death.

For Platinum Option: Sum Assured plus Fund Value is payable, subject to a minimum of 105% of the total premiums paid, as on the date of death.

In-Built Accident Benefit

Accident Benefit provides an additional benefit of accidental sum assured equal to the base sum assured, subject to a maximum of Rs 50 Lacs. In the event of Accidental Death, the amount is payable as a lump sum and in case of Accidental Total Permanent Disability, the amount is payable in 10 equal annual installments.

This Accident Benefit is payable once for Accidental Death or Disability, whichever occurs first.

Maturity Benefit

On survival of the life insured till the end of the policy term, the Fund Value is payable as a lump sum. The maturity benefit can also be taken in installments through settlement option.

Settlement Option

Settlement Option is available at maturity and it provides you the flexibility to receive the maturity benefits in annually, semi annually, quarterly, & monthly installments within a period of five years from the date of maturity.

Change in Sum Assured Multiplier Factor (SAMF)

Sum Assured Multiplier Factor can be changed at each policy anniversary starting from the 6^th policy year. The option to alter SAMF can be exercised up to 3 times throughout the policy term. 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 by intimating the company in writing at least 2 months prior the policy anniversary.

Switching

You can switch among 4 varied fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 5,000.

Premium Re-direction

Premium Re-direction facility is available to alter future premium allocation based on investment strategies. This facility can be availed from the 2^nd policy year onwards.

Partial Withdrawal

Partial Withdrawal is allowed from 6^th policy year onwards. The minimum partial withdrawal amount is Rs 5,000 and further withdrawals should be in multiples of Rs 1,000. The maximum partial withdrawal allowed is up to 15% of the fund value. The minimum fund value required post withdrawal is 50% of the total premiums paid.

Bonus

The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

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 fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum of 4% per annum is payable after the end of the lock-in period.

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

No rider can be opted under this plan.

Premium Allocation Charge: This charge is deducted from the premium paid, before the allocation of units. For a single premium policy, it is 2% during the first year. For a limited premium policy, it is 3% during the first 5 years.

Policy Administration Charges: Monthly policy administration charge is levied by the redemption of units under the policy. The charge of Rs 50 per month for the single premium and Rs 60 per month for the limited premium policy is deducted, subject to a maximum of Rs 200 per month upon prior approval from IRDAI.

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 fund value by the cancellation of units.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.25% p.a for Equity Elite Fund II & Balanced Fund, 1% p.a for Bond Fund, 0.25% p.a for Money Market Fund, 0.50% p.a for Discontinued Policy Fund. FMC is subject to a maximum of 1.35% p.a, except Discontinued Policy Fund.

Discontinuance Charges: This charge is levied, in case the policy is discontinued during the first 4 policy years. Discontinuance charge is a percentage of one annualized premium or fund value. This charge is levied as applicable under the policy terms & conditions. For more details, please refer to the policy brochure.

Switching Charge: You can avail 2 free switches during a policy year. A charge of Rs 100 is levied per switch when opted for more than free switches available in the same policy year. No option is there to carry forward the unused free switches.

Premium Re-direction: Premium re-direction is allowed from 2nd policy year onwards. You can avail one free premium re-direction in a policy year. A charge of Rs 100 is levied per redirection request when opted for more than free premium redirection request available in the same policy year. No option is there to carry forward the unused redirections.

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. A maximum of 2 partial withdrawals can be done in a policy year and not more than 5 such withdrawals are allowed during the entire policy term, in case the policy term is 10 years or below. A maximum of 10 partial withdrawals is allowed during the entire policy term, in case the policy term is above 10 years.

Accidental Benefit Charges: These charges are recovered on a monthly basis by canceling the appropriate number of units. Accidental Benefit Charges of Rs 0.50 per 1000 Sum Assured is deducted.

Miscellaneous Charges: For issuance of duplicate or an additional copy of the fund statement, Rs 100 is levied.

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

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

Mr. Raman aged 35 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 - Smart Elite (platinum option) with the policy term of 5 years, single premium payment of Rs 4,00,000 and sum assured is Rs 5,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is payable as a lump sum. The maturity benefit can also be taken in installments through settlement option.

Scenario B- Death Benefit: In the event of his death during the policy term, Rs 5,00,000 plus Fund Value is payable to the beneficiary.