SBI Life Smart Guaranteed Savings Plan

Key Features

• It is a non-participating SBI life insurance plan with limited premium payment option with a PPT of 7 years
• Guaranteed Additions from the end of the first policy year depending on the instalment premium selected
• Guaranteed Additions calculated on the cumulative premiums paid till date

Benefits

• On maturity, the basic SA along with the aggregate Guaranteed Additions are paid to the policyholder.
• Guaranteed Additions accrue @ 5.5% or 6% of the cumulative premiums paid depending on the premium range
• On death of the policyholder , higher of the basic SA including Guaranteed Additions till date of death or 105% of premiums paid
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual premium in Rupees

Policy Details

Grace period: 30 days’ grace period is allowed for premium payment. If policyholder fails to make payment within the grace period, the policy lapses

Policy termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * Basic premiums paid including the GSV of Guaranteed Additions

SSV = Paid-up Value on maturity * SSV Factor

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Loan is available under the plan to a maximum of 90% of the Surrender Value

Exclusions

• In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.