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SBI Life Smart Privilege Plan

What is the Plan all About?

SBI Life - Smart Privilege is a non-participating unit linked life insurance plan that offers you eight diverse funds, along with multiple switches and premium re-directions. This plan provides loyalty additions that help boost your fund value. With life insurance coverage, you & your family is financially protected.


What are the Key Features?

  • Option to invest in any 8 funds
  • Market linked returns along with life insurance coverage
  • Enjoy Loyalty additions from 6th policy year onwards
  • Choice of Regular, Limited, or Single pay options
  • No policy administration charges
  • Partial withdrawals to meet financial contingency
  • Unlimited free switches as per your financial priorities
  • Avail tax benefits

What are the Fund Investment Options?

This policy offers following 8 investment funds and you have the option to invest in any one or combination of fund options.

  • Top 300 fund
  • Balanced Fund
  • Bond Fund
  • Equity Optimiser Fund
  • Equity Fund
  • Growth Fund
  • Pure Fund
  • Midcap 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.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. After 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made from 58 years onwards. The minimum death benefit should be 105% of the total premiums paid.

Maturity Benefit

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

Loyalty Additions

    Loyalty Additions are a percentage of the average fund value over the 1st day of last 12 policy months before the date of its allocation. Loyalty Addition is 1%/2.5%/3.5%/5%/6%/7% on the last day of the 6th/10th/15th/20th/25th/30th policy year, respectively.

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 over a period of 2 to 5 years from the date of maturity.


    You can switch among 8 fund options to suit your changing investment needs.

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 1st policy year onwards.

Partial Withdrawal

    Partial Withdrawal is allowed after completion of five policy years or on attaining 18 years, whichever is later. 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 15% of the fund value. The minimum fund value required post withdrawal is 50% of the total premiums paid.


    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) 8 Years (regular/limited Premium), 13 Years (single Premium) 55 Years
Age at Maturity 18 Years 70 Years
Policy Tenure 10 Years(regular/limited Premium), 5 Years (single Premium) 30 Years
Premium Paying Term (PPT) Regular, Single, & Limited Premium (5 Years To A Maximum Of Policy Term Less 1 Year) -
Premium Paying Mode Single, Annually, Semi Annually, Quarterly, & Monthly -
Premium Amount Regular/Limited Premium: Rs 600,000 (annually), Rs 300,000 (semi Annually), Rs 150,000 (quarterly), Rs 50,000 (monthly) Single Premium: Rs 600,000 No Limit (subject To Underwriting)
Sum Assured Multiple Factor (SAMF) Regular/Limited Premium: For All Ages, SAMF Is Higher Of 10 Or 0.5 * Policy Term Single Premium: For Age At Entry Less Than 45 Years, SAMF Is 1.25. For Age At Entry 45 Years Or More, SAMF Is 1.10 Up To A Maximum Of 1.25 -
Sum Assured SAMF * Annualized Premium (for Regular/Limited Premium) SAMF * Single Premium (for Single 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 is available under this plan.

What are the Plan Charges?

Premium Allocation Charges (PAC): This charge is deducted from the premium paid. For regular/limited premium, PAC is 2.5% during 1st to 5th policy years. For single premium, PAC is 2% throughout the policy term.

Policy Administration Charge: No policy administration charge is levied under this plan.

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.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Top 300 fund, Equity Optimiser Fund, Equity Fund, Growth Fund, Pure Fund, Midcap Fund, 1.25% p.a for Balanced Fund, 1% p.a for Bond Fund, 0.50% p.a for Discontinued Policy Fund.
FMC is set on a cap of 1.35%, subject to revision of charges with prior approval from IRDAI.

Discontinuance Charge: 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.

Switching Charge: You can avail unlimited free switches throughout the policy term. The minimum switch amount is Rs 5000.

Premium Re-direction: Unlimited free premium re-direction is allowed throughout the policy term.

Partial Withdrawal: 2 free partial withdrawals are allowed during a policy year. 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 of policy term 10 years or below. A maximum of 15 partial withdrawals is allowed during the entire policy term, in case of policy term more than 10 years. Rs 100 is levied for each partial withdrawal, in excess of free withdrawals allowed.

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 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 Privilege with the policy term of 10 years (regular pay).

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, full Fund Value plus Loyalty Additions (as applicable) is payable to the policyholder. This maturity benefit helps meet long term financial goals.

Scenario B- Death Benefit: In the event of his death during the policy term, the higher of Sum Assured or Fund Value is payable. The death benefit payable provides financial security for the family.