Get Quotes from Top Insurers with Lowest Premium
Enter Details > Get Quotes > Buy Your privacy is protected.
Why Comparepolicy.com
Unbiased information on plans from varied insurance companies
Easy comparisons to choose the best insurance plan
No hidden costs, pay the same premiumas offered by the insurer
Pre and post sales expert assistance for smooth online buying experience
Reliable, Accurate and Quick policy servicing
THANK YOU!
Our representative will get back to you soon.
You can also directly contact us at
+91-7836966356

SBI Life Smart Power Insurance Plan

What is the Plan all About?

SBI Life - Smart Power Insurance is a non-participating unit linked insurance plan that meets your both the insurance and investment needs. With reasonable premium, this plan takes care of sustainable growth of your money. This plan also takes care of additional protection requirement, owing to changing personal and/or financial circumstances.

Two variants can be opted under this plan:

  • Level Cover Option: Sum Assured remains same through the entire policy term.
  • Increasing Cover Option: The initial sum assured increases by 10% starting from 6th policy year, and it increases after every 5 years.

You can choose one of the two plan options and once chosen at the policy inception, cannot be altered throughout the policy term.

BUY NOW

What are the Key Features?

  • 2 fund options to choose from
  • Level or Increasing Cover Option
  • In-built Accelerated Total and Permanent Disability Benefit
  • Avail life insurance coverage
  • 2 free switches
  • 1 free premium re-direction is allowed in a policy year
  • Access liquidity through partial withdrawal after 5th policy year
  • Avail tax benefits

What are the Fund Investment Options?

You have the flexibility to choose one of the following two fund options:

  • Trigger Fund Option- Advantage of ’Buying Low and Selling High’
  • Smart Fund Option- choose from 7 following fund options

This policy offers following 7 investment funds and you have the option to invest in any one or combination of the funds available.

  • Equity Fund
  • Top 300 Fund
  • Equity Optimiser Fund
  • Growth Fund
  • Balanced Fund
  • Bond Fund
  • Money Market Fund

What are the Plan Benefits?

Death Benefit

    In the event of death of the life insured during the policy term, the higher of Sum Assured or Fund Value is payable, subject to a minimum of 105% of the total basic premiums paid, as on the date of death.

    For age below 60 years, 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 from 58 years onwards.

In-Built Accelerated Total and Permanent Disability Benefit

    In the event of Total and Permanent Disability owing to accident/sickness, 100% of the death benefit is payable immediately. The permanence of the disability can only be ascertained 6 months after the date of disability.

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 the maximum period of five years from the date of maturity.

Switching

    You can switch among 7 varied fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 2,000.

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 2nd policy year onwards.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy year onwards. The minimum partial withdrawal amount is Rs 2,000 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.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 45 Years
Age at Maturity - 65 Years
Policy Tenure 10 Years & 15 To 30 Years -
Premium Paying Term (PPT) Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 15,000 (annually), Rs 9500 (semi Annually), Rs 5500 (quarterly), Rs 2000 (monthly) No Limit
Sum Assured Range Higher Of (10 Times The Annualized Premium) Or (0.50 * Policy Term * Annualized Premium) 20 Times The Annualized Premium, To A Maximum Of Rs 1 Crore
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 5.75%/4%/3.5%/2.5%/2%/1.5% for year 1/years 2 to 5/years 6 to 7/year 8/year 9/year 10 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 33.33 per month is deducted.

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 cancellation of units.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Equity Fund, Top 300 Fund, Equity Optimiser Fund & Growth Fund, 1.25% p.a for Balanced Fund, 1% p.a for Bond Fund, 0.25% p.a for Money Market Fund, 0.50% p.a for 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 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: You can avail 1 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: 2 free partial withdrawals are allowed during a policy year. Rs 100 is levied for each partial withdrawal, in excess of free withdrawals allowed. A maximum of 4 partial withdrawals can be done in a policy year and not more than 10 such withdrawals are allowed during the entire policy term, in case the policy term is 10 years. A maximum of 15 partial withdrawals is allowed during the entire policy term, in case the policy term is 15 years & above.

Accelerated Total and Permanent Disability (TPD) Charge: Accelerated TPD Charges of Rs 0.40 per 1000 Sum Assured is deducted on a monthly basis by cancelling the appropriate number of units.

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

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, 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 Power Insurance (increasing cover option) with initial sum assured of Rs 5,00,000. In 6th policy year, the sum assured increases to Rs 5,50,000 and by 30th year, the sum assured would be increased to Rs 7,50,000.

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 7th policy year, the higher of Rs 5,50,000 (i.e., Sum Assured) or Fund Value is payable to the nominee/beneficiary.