SBI Life New Smart Samriddhi Plan

The SBI Life New Smart Samriddhi Plan is a life insurance plan that focuses on growing your savings while keeping your loved ones protected. It offers guaranteed returns which makes it a reliable investment option for securing your financial future.

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  • 4.8++ Rated
  • 9.7 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 4.9 Crore Policies Sold

Investment Plans

  • Guaranteed Tax Savings^Under sec 80C & 10(10D)
  • Under sec 80C & 10(10D)Invest ₹10k Per Month*
  • Zero LTCG Tax^
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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is SBI Life New Smart Samriddhi Plan?

SBI Life New Smart Samriddhi Plan is an individual, non-linked, non-participating life insurance savings plan that offers you Guaranteed Additions ensuring benefits for your loved ones. This investment plan helps to keep your family financially protected and safeguard your family's happiness by providing additional returns.

Features of SBI Life New Smart Samriddhi Plan

A quick overview of the key features of the SBI Life New Smart Samriddhi Plan is as follows: 

  • The policy process is straightforward and quick.

  • No medical examination is needed to get started.

  • Receive guaranteed additions to your plan every year.

  • Maturity benefits range from 137% to 220% of the total premiums paid, based on your age and premium amount.

  • Pay premiums for 6, 7, or 10 years, and enjoy benefits for the full policy term of 12, 15, or 20 years.

  • Tax benefits are available under the current Income Tax Act 1961.

Eligibility Criteria of SBI Life New Smart Samriddhi Plan

Criteria Eligibility Details
Entry Age 30 days – 50 years
Maturity Age 65 years
Policy Term (PT) 12/ 15/ 20 years
Premium Payment Term (PPT) 12- Year PT: 6 years;
15- Year PT:7 years;
20- Year PT: 10 years.
Premium Payment Frequency Annually/ Monthly
Premium Amount ₹12,000 - ₹75,000 (annually)
Basic Sum Assured ₹61,000 - ₹9,54,000

Benefits of New Smart Samriddhi SBI Life Plan

  • Guaranteed Additions: Guaranteed Additions are calculated based on the total premiums you have paid, excluding taxes and additional charges. These additions are paid out either at maturity or earlier if the policyholder passes away.

  • Maturity Benefit: If the policyholder survives the entire policy term, you will receive the Basic Sum Assured along with any Guaranteed Additions that have accrued.

  • Death Benefit: In the event of death of the policyholder, their nominee will receive the higher of the Basic Sum Assured, 10 times the Annualized Premium, or 105% of the total premiums paid, plus any Guaranteed Additions.

  • Paid-Up Value (PUV): If you stop paying premiums after the first year, the New Smart Samriddhi SBI Life Policy will still have value, though the Sum Assured will be reduced. This reduced value will be at least 105% of the premiums you have paid.

  • Surrender Value: The policy will have a Guaranteed Surrender Value if you have paid premiums for at least two full years. It will also have a Special Surrender Value after paying premiums for one full year.

  • Tax Benefit: You can get tax benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

Policy details of SBI Life New Smart Samriddhi Plan

  • Grace Period: You are given a 30-day grace period for yearly premiums and a 15-day grace period for monthly premiums. During this time, the policy remains active.

  • Revival Facility: If your policy lapses, you can revive it within 5 years by providing proof of insurability and paying the overdue premiums with interest.

  • Participation in Profits: The New Smart Samriddhi SBI Life policy does not share in the company’s profits.

  • Nomination & Assignment: The nomination and assignment of the policy follow Sections 39 and 38 of the Insurance Act, 1938.

  • Free Look Period: You have 30 days from the date you receive your policy document to review it. If you decide to cancel it within this period, you will receive a refund, minus any deductions for risk coverage and expenses.

Information About
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

How the Plan Works?

Step 1: Pay premiums regularly over a chosen term (10, 12, or 15 years).

Step 2: Accumulate Guaranteed Additions each year, enhancing your plan’s value.

Step 3: Receive a lump sum at maturity, combining the Sum Assured and accumulated additions.

Suicide Exclusion Criteria

If the policyholder passes away due to suicide within 12 months from the policy's start or revival, the nominee or beneficiary will receive at least 80% of the total premiums paid or the surrender value, whichever is higher, provided the policy is active. Once this benefit is paid, the policy will be terminated.

FAQs

  • What are the benefits of SBI Life Smart?

    The key benefits of the SBI Life Smart Samriddhi Plan are as follows:
    • Guaranteed maturity benefits

    • Tax benefits under Section 80C and 10(10D)

    • Simple, limited premium payment option

    • Loyalty additions at maturity

  • What is the SBI 5 lakh investment plan?

    The SBI 5 lakh investment plan refers to investment options like SBI Life insurance plans where you can invest a lump sum of ₹5 lakh for potential life cover, guaranteed returns, and tax benefits.
  • What is SBI Life Smart Income Protect?

    The SBI Life Smart Income Protect Plan is a traditional savings plan offering regular income payouts, life cover, and tax benefits, ensuring financial protection along with guaranteed returns.
  • What is the new name of SBI Life Insurance?

    SBI Life Insurance has retained its name and continues to operate under the same brand.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Insurers Offering Guaranteed Return Plans

Max Life

Bajaj Allianz

Tata AIA

Aditya Birla Sun Life

ICICI Prudential

HDFC Life

Bharti AXA Life

Canara HSBC

Edelweiss Life

Bandhan Life

Aviva

Future Generali

IDBI Federal

IndiaFirst

Kotak Life

PNB MetLife

Pramerica Life

Reliance Life

Sahara Life

Shriram Life

Star Union

View more insurers
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Average Rating
(Based on 1249 Reviews)

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SBI Life Traditional Plans Reviews & Ratings

4.6 / 5 (Based on 1249 Reviews)
(Showing Newest 10 reviews)
Amit
Guwahati, March 26, 2025
Reliable and Safe Investment
Policybazaar is reliable for investment. HDFC Life Dynamic Advantage Fund performs well and is safe for long term.
Raghavan
Ranchi, March 25, 2025
Easy and Helpful Investment Process
Policybazaar made it easy to invest in HDFC Life Dynamic Advantage Fund NFO. Simple process helpful customer service very happy.
Priya
Coimbatore, March 21, 2025
Quick and Secure Investment
Simple quick and secure way to invest in HDFC Life NFOs. Policybazaar makes everything clear and support is excellent.
Meenal
Kochi, March 21, 2025
Stable Steady Returns
I like this fund. Returns are stable but not fast. Best for people who want slow and steady growth in their portfolio.
Venkatesh
Hyderabad, March 19, 2025
Simple and Transparent Process
I found HDFC Life NFOs through Policybazaars platform. Very good process easy to understand and no hidden charges. Satisfied.
Manisha
Bangalore, March 17, 2025
Good for Long term Growth
Best for long term goals. HDFC Life Advantage Fund NFO gives a good growth chance.
Karthik
Chennai, March 17, 2025
Balanced Long term Investment
I invested in HDFC Life Dynamic Advantage Fund. Its balanced but sometimes market changes give negative returns. Better for long term.
Shalini
Bhopal, March 16, 2025
Great Platform for Investment
Policybazaar helped me choose HDFC Life Dynamic Advantage Fund NFO. Great platform for easy investments and the process was simple.
Satyendra
Jodhpur, March 16, 2025
Hassle Free Investment Process
Investing HDFC Life NFOs through Policybazaar is very good. Simple to follow no hassle and good advice from experts.
Priyanka
Indore, March 15, 2025
Flexi Cap Fund
This fund is flexi cap. I like how it adapts to market. Returns are ok but need patience for better growth.
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