SBI Life Smart Lifetime Saver

What is SBI Life Smart Lifetime Saver?

SBI Life Smart Lifetime Saver is a comprehensive life insurance and savings plan designed to provide long-term financial security. As a non-linked, participating (PAR) whole life insurance product, it offers guaranteed returns and life-long protection. This SBI investment plan ensures you and your loved ones are financially prepared for the future by providing life insurance coverage up to the age of 100, a guaranteed annual income for life, and the flexibility to enhance protection with optional riders.

Features of SBI Life Smart Lifetime Saver

Below are the features of the SBI Smart Lifetime Saver plan:

• Lifetime Security: Enjoy life cover up to the age of 100, ensuring your family's financial protection.

• Guaranteed Income: Receive a guaranteed survival income starting from the end of your premium payment term, providing a steady income stream for life.

• Potential for Additional Income: You may also be eligible for a non-guaranteed cash bonus, which can further enhance your income.

• Flexible Planning: Customize your plan by deferring or accumulating your survival income to align with your financial needs.

• Limited Premium Payment: Choose from convenient premium payment terms of 10, 12, or 15 years to suit your budget.

• Maturity Benefit: Receive a lump sum equal to the total annualized premiums paid at maturity.

• Enhanced Protection: Protect yourself further with optional riders tailored to your specific needs.

• Tax Benefits: Enjoy potential tax benefits as per the prevailing income tax laws.

Eligibility Criteria for SBI Life Smart Lifetime Saver 

Below is the eligibility criteria for SBI Smart Lifetime Saver plan: 

Benefits of SBI Life Smart Lifetime Saver

Below are the benefits of SBI Smart Lifetime Saver plan: 

• Guaranteed Survival Income: Enjoy a regular income starting from the end of your premium payment term, which continues until death, surrender, or maturity, whichever comes first. This income is calculated as a percentage of the Basic Sum Assured.

• Non-Guaranteed Survival Income (Cash Bonus): In addition to the guaranteed income, you may receive extra income in the form of cash bonuses starting from the 7th policy year, subject to declaration.

• Accumulate Your Income: You have the option to defer and accumulate both the guaranteed and non-guaranteed income. This accumulated amount, along with interest, can be withdrawn as a lump sum at any time during the policy term or paid to your nominee in case of death.

• Attractive Interest Rates: The interest rate on accumulated income is linked to the RBI Repo rate, ensuring competitive returns on your savings.

• Death Benefit: In case of unfortunate demise, your nominee receives the higher of:

  • Sum Assured on Death (calculated based on Death Benefit Multiple) plus other benefits

  • 105% of total premiums paid

• Maturity Benefit: On surviving the policy term, you receive the Guaranteed Sum Assured on Maturity (equal to total premiums paid) plus any accumulated income and terminal bonus.

• Auto-Cover Period: If you miss premium payments, the policy doesn't lapse immediately. You get an auto-cover period of one or two years, depending on the number of premiums paid.

Comparison Between

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

Still Better than FD’s and Debt Mutual Fund

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

VIEW PLANS

*For annual premium upto ₹5 Lacs

Policy Details of SBI Life Smart Lifetime Saver

Below are the policy details for the SBI Smart Lifetime Saver plan:

• Loan Facility: This policy does not offer any loan facility.

• Grace Period: A grace period of 30 days is provided for yearly and half-yearly premiums and 15 days for monthly premiums. During this period, the policy remains in force. If premiums remain unpaid beyond the grace period and the policy lapses, benefits are adjusted accordingly upon the death of the life assured.

• Tax Benefit: Policyholders may qualify for Income Tax benefits under current Indian laws. It's advisable to consult with a tax advisor regarding specific benefits applicable to this policy.

• Reduced Paid-up Policies: If premiums for the first two full policy years are unpaid, the policy lapses without acquiring paid-up benefits. Such policies can be revived within 5 consecutive years, subject to conditions.

• Free Look Period: A 15-day free look period (30 days for distance and electronic sales) allows policyholders to review and return the policy for cancellation if they disagree with its terms, subject to the deduction of applicable charges.

• Survival and Maturity Benefits: Paid-up policies may still provide Guaranteed Survival Income and Non-Guaranteed Survival Income (Cash Bonus) under specific conditions, such as after a minimum of 7 years' premiums paid.

• Surrender Value: Surrender value is available if at least two full policy years' premiums have been paid. The amount paid out is based on Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is higher.

• Revival: Policies that have lapsed can be revived within 5 years from the first unpaid premium, upon submission of required documents and payment of overdue premiums with interest.

• Bonuses: Cash bonuses are declared from the 7th policy year onwards, with Terminal Bonus becoming payable upon policy maturity, surrender, or death claim.

Exclusions Under SBI Life Smart Lifetime Saver

Below is the exclusion under the SBI Smart Lifetime Saver plan:

Suicide Clause

SBI Life Smart Lifetime Saver includes a specific exclusion related to suicide:

• Within 12 months of policy commencement: If the policyholder commits suicide within a year of starting the policy, the nominee or beneficiary will receive 80% of the total premiums paid up to the date of death, provided the policy is in force.

• After 12 months of policy commencement: If the policyholder commits suicide after a year of starting the policy but before revival, the nominee or beneficiary will receive the higher of 80% of total premiums paid or the policy's surrender value/policy account value on the date of death, provided the policy is in force.