SBI Life Smart Wealth Builder Plan

• Option to invest in any 7 different funds
• Guaranteed Additions to enhance fund value
• Life insurance coverage to ensure family’s financial protection
• Option to alter Sum Assured
• Zero policy administration charges during first 5 years
• No premium allocation charge after 10^th policy year
• Option to alter the sum assured & premium payment frequency
• Host of flexible options
• Avail tax benefits

This policy offers following 7 investment funds and you have the option to invest in any one or combination of fund options (in multiple of 1%).

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

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, provided the policy is in-force.

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 payable should be 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 Fund Value is paid in 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 two to five years from the date of maturity.

Guaranteed Additions

Guaranteed Additions (as applicable) is available at the end of 10^th, 15^th, 20^th, 25^th & 30^th policy year. For regular/limited premium policies, Guaranteed Additions is a percentage of annual premium and for single premium policies, Guaranteed Additions is a percentage of the single premium.

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 in the policy term.

Switching

You can switch among 7 varied 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 2^nd policy year onwards.

Partial Withdrawal

Partial Withdrawal is allowed from 6^th policy year onwards or on attaining 18 years of age, 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.

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 is available under this plan.

Premium Allocation Charges (PAC): This charge is deducted from the premium paid, before allocation of units. For regular premium, the premium allocation charge varies from 9% to 3% from 1st to 10th policy year. For limited premium, the premium allocation charge varies from 9% to 3% from 1st to 10th policy year, depending on the chosen premium pay term. For single premium, the premium allocation charge is 3% during the 1^st policy year.

Policy Administration Charge: Monthly policy administration charge is levied by the redemption of units under the policy. For single premium, The charge of Rs 50 per month is deducted throughout the policy term. For regular/limited premium, it is Rs 60 per month from 6^th policy year onwards.

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, 50% p.a for Discontinued Policy Fund.

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 2 free switches during a policy year. The minimum switch amount is Rs 5000. A charge of Rs 100 is levied per switch when opted for more than 2 switches in the same policy year. No option is there to carry forward the unused free switches.

Premium Re-direction Charge: Premium re-direction facility is available free of charge.

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 of policy term 10 years or below. A maximum of 10 partial withdrawals is allowed during the entire policy term, in case of policy term more than 10 years.

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

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 Wealth Builder with the policy term of 10 years, annual premium payment of Rs 50,000 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 paid in a lump sum. The maturity benefit can also be taken in installments through settlement option. Guaranteed Additions are also added at specific durations within the policy tenure that boosts the fund value.

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