SBI Life Smart Platina Assure

SBI Life Smart Platina Assure is a life insurance savings plan that offers guaranteed returns. It's a non-linked, non-participating policy, meaning its value isn't tied to market performance. You pay premiums for a limited period but enjoy the benefits for a longer term. This plan provides financial security for your family and peace of mind for you.

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  • 51 Partners Insurance Partners
  • 4.9 Crore Policies Sold

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  • 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 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: 

Age at Entry Min. : 30 days Max.:60 years
Maximum Age at Maturity 75 years
Policy Term 15 & 20 years Note: If the life assured is minor, the policy term should be appropriately chosen so as to ensure that life assured will be at least 18 years (last birthday) as on the maturity date.
Premium Payment Term (PPT) 7 years for policy term of 15 years 10 years for policy term of 20 years
Premium Frequency Yearly/ Monthly
Annualized Premium (in multiples of `1,000) Minimum: â‚ą50,000 Maximum: No Limit
Basic Sum Assured (BSA) Minimum:â‚ą3,15,000 Maximum: No Limit
BSA = Maturity factor X PPT X Annualized Premium Where the Maturity Factor would be based on the Age at entry and Premium Payment Term, which is as given below: 
Age at Entry Premium Payment Term
7 years 10 years
0 to 17 120% 145%
18 to 40  120% 145%
41 to 50  110% 135%
51 to 55 100% 125%
56 to 60 90% NA
Rider SBI Life - Accident Benefit Rider (UIN: 111B041V01):
Option A: Accidental Death Benefit (ADB)
Option B: Accidental Partial Permanent Disability Benefit (APPD)

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

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

FAQs

  • What are the key benefits of the SBI Life Smart Platina Assure plan?

    Guaranteed returns: Enjoy assured returns throughout the policy term.

    Limited premium payment term: Pay premiums for a shorter duration and enjoy benefits for a longer term.

    Life cover: Provides financial protection for your family in case of unfortunate events.

    Tax benefits: You can avail of tax benefits under the Income Tax Act (consult your tax advisor).

  • How does Smart Platina Assure work?

    You pay premiums for a specific term. In return, you receive guaranteed additions to your policy value each year. At the end of the policy term, you can choose to receive the accumulated amount as a lump sum or opt for regular income.
  • Is Smart Platina Assure linked to the market?

    No, it's a non-linked plan. Its value is not influenced by market fluctuations.
  • What is the difference between a linked and non-linked plan?

    A linked plan's value is tied to the performance of underlying investments, while a non-linked plan's value is fixed.
  • Can I add riders to my Smart Platina Assure plan?

    Yes, you can enhance your coverage by opting for additional riders (subject to terms and conditions).

˜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

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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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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