SBI Life Smart Platina Assure

What is SBI Life Smart Platina Assure Plan?

SBI Life - Smart Platina Assure is a comprehensive life insurance savings plan designed to offer financial security and peace of mind. As an individual, non-linked, non-participating product, it guarantees steady returns while requiring premium payments for a limited duration.

This SBI Investment plan is perfectly made for individuals who are focused on building a strong financial future for their families. By combining life insurance protection with guaranteed returns, SBI Life Smart Platina Assure ensures your money works for you while you work hard to provide for your loved ones.

Features of SBI Life Smart Platina Assure Plan

Below are the features of the SBI Smart Platina Assure Plan:

• Life Cover and Assured Returns: Enjoy the peace of mind that comes with life insurance coverage while also benefiting from guaranteed returns.

• Flexible Premium Payment: Choose between monthly or yearly premium payments to suit your convenience.

• Limited Premium Payment Term: Pay premiums for just 7 or 10 years and enjoy the benefits for the entire policy term of 15 or 20 years, respectively.

• Guaranteed Additions: Earn attractive guaranteed additions of 4.90% or 5.40% at the end of each policy year, helping your savings grow steadily.

• Enhanced Protection: Opt for additional riders to strengthen your coverage.

• Tax Benefits: Potentially avail tax benefits under the Income Tax Act, 1961 (consult your tax advisor for details).

Eligibility Criteria for the SBI Life Smart Platina Assure Plan

Below is the eligibility criteria for the SBI Smart Platina Assure Plan: 

Benefits of the SBI Life Smart Platina Assure Plan

Below are the benefits of the SBI Smart Platina Assure Plan:

• Guaranteed Returns: Enjoy assured returns in the form of Guaranteed Additions, which accrue at the end of each policy year. The rate of Guaranteed Additions varies based on the annualized premium amount.

• Maturity Benefit: On maturity, you receive the Guaranteed Sum Assured (equal to the Basic Sum Assured) along with the accumulated Guaranteed Additions. This provides a lump sum amount to meet your financial goals.

• Comprehensive Death Benefit: In the unfortunate event of the policyholder's death, the beneficiary receives the higher of:

  • 10 times the Annualized Premium

  • 105% of total premiums paid until the date of death

  • Plus, any accrued Guaranteed Additions.

• Limited Premium Payment Term: Pay premiums for a shorter duration (7 or 10 years) and enjoy the benefits for the entire policy term (15 or 20 years, respectively).

Riders Under the SBI Life Smart Platina Assure Plan

Below are the riders under the SBI Smart Platina Assure Plan: 

SBI Life - Accident Benefit Rider (UIN: 111B041V01):

• Option A: Accidental Death Benefit (ADB)

• Option B: Accidental Partial Permanent Disability Benefit (APPD)

Policy Details of the SBI Life Smart Platina Assure Plan

• Policy Loans: In emergency situations, policyholders can borrow against their policy, provided it has acquired a Surrender Value. Loans are capped at 80% of the Surrender Value. The interest rate on the loan is 150 basis points higher than the 10-year government security benchmark, compounded semi-annually. For the financial year 2024-25, the applicable interest rate is 8.50% p.a.

• Grace Period: A grace period of 30 days is provided for yearly premium payments and 15 days for monthly premiums. The policy remains active during this period but will lapse if no payment is made by the end.

• Revival Facility: Lapsed policies can be revived within 5 years from the first unpaid premium date, subject to proof of insurability. Upon revival, the policy regains its eligibility for future Guaranteed Additions, and any accrued differences will be added. The interest rate for revival is set at 250 basis points above the repo rate, compounded semi-annually. For 2024-25, the applicable interest rate is based on a repo rate of 6.50%.

• Participation in Profit: This product does not participate in the company's profits.

• Free Look Period: A 30-day free look period is provided from the date of receipt of the policy document. During this period, policyholders can return the policy for cancellation if dissatisfied with its terms, receiving a refund of premiums paid, minus risk premiums, medical examination expenses, and stamp duty charges.

Exclusions Under the SBI Life Smart Platina Assure Plan

Suicide Exclusion

The SBI Life Smart Platina Assure Plan includes a specific exclusion related to death due to suicide.

If the policyholder commits suicide within 12 months of:

• Policy commencement: The nominee or beneficiary will receive at least 80% of the total premiums paid up to the date of death, provided the policy is in force.

• Policy revival: The nominee or beneficiary will receive the higher of the following:

  • 80% of the total premiums paid up to the date of death

  • The surrender value available as on the date of death

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

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*For annual premium upto ₹5 Lacs