SBI Life Smart Platina Plus

What is SBI Life Smart Platina Plus?

SBI Smart Platina Plus is a life insurance savings plan designed to provide financial security and income during your retirement years. It's a non-linked, non-participating product, which means the policy's value is not linked to the performance of any market-linked investments and it doesn't share in the profits of the insurance company.

Features of SBI Life Smart Platina Plus

Below are the features of SBI Smart Platina Plus:

• Life Insurance Cover: Enjoy peace of mind knowing your family is financially protected during the policy term.

• Income Plan Options: Choose between two plans - Guaranteed Income or Life Income - to align with your specific financial goals.

• Guaranteed Income Benefit: Receive a fixed, regular income during your chosen payout period, ensuring a steady cash flow.

• Maturity Benefit: Get a substantial return of 110% of the total premiums paid at the end of the policy term.

• Customizable Payout Period: Customise the payout period to match your life goals and retirement plans.

• Flexible Income Frequency: Choose how often you want to receive your income - yearly, half-yearly, quarterly, or monthly.

• Limited Premium Payment: Enjoy the convenience of paying premiums for a shorter term - 6, 7, 8, or 10 years.

• Enhanced Protection: Opt for additional coverage with optional riders to safeguard against unforeseen circumstances.

• Tax Benefits*: Avail potential tax benefits on premiums paid and income received as per the prevailing Income Tax laws.

*Tax benefits are subject to changes in tax laws and regulations. Please consult your tax advisor for further details.

Eligibility Criteria for SBI Life Smart Platina Plus

Below is the eligibility criteria for SBI Platina Plus

Benefits of SBI Life Smart Platina Plus

Below are the benefits of SBI Life Smart Platina Plus: 

• Regular Income: Choose from various payout frequencies (yearly, half-yearly, quarterly, or monthly) to align with your income needs.

• Financial Stability: Enjoy a steady stream of income during the chosen payout period, providing financial security.

• Life Income Option: In case of the policyholder's unfortunate demise, a lump sum amount assured is paid to the nominee, ensuring financial support for the family.

• Guaranteed Income Option:

  • If death occurs before the payout period starts, a lump sum assured is paid to the nominee.

  • If death happens during the payout period, the nominee will receive a lump sum assured and continue to receive the guaranteed income.

  • The nominee also has the flexibility to opt for a lump sum payment of the discounted value of future guaranteed income.

• Reward for Persistence: On surviving the entire policy term, you receive 110% of the total premiums paid, acting as a substantial maturity benefit.

• Savings Booster: This benefit can be utilized for various financial goals like retirement planning, children's education, or a down payment on a property.

• Maturity Benefit: Receive 110% of the total premiums paid at the end of the policy term if the policyholder survives.

• Survival Benefit: Enjoy a guaranteed income during the payout period, chosen at the start of the policy.

• Death Benefit:

  • Life Income Option: A lump sum sum assured is paid to the nominee in case of the policyholder's death.

  • Guaranteed Income Option:

    • Lump sum assured is paid if death occurs before the payout period starts.

    • Lump sum assured and continued guaranteed income for the nominee if death occurs during the payout period.

    • Option for the nominee to receive a lump sum payment of the discounted value of future guaranteed income.

• Sum Assured on Death: Determined by the higher of the following-

  • Basic Sum Assured (11 times the annualized premium)

  • 105% of total premiums paid

  • A calculated value based on guaranteed income and maturity benefits

Riders Under SBI Life Smart Platina Plus

Below are the riders of SBI Platina Plus: 

SBI Life Smart Platina Plus allows you to enhance your policy's coverage by adding optional riders. These riders offer additional protection against specific risks.  

Key Rider: SBI Life - Accident Benefit Rider

This rider provides financial support in case of accidental death or permanent disability. It offers two options:  

• Option A: Accidental Death Benefit (ADB): Pays a lump sum amount to the nominee in case of accidental death of the policyholder.

• Option B: Accidental Partial Permanent Disability Benefit (APPD): Provides a lump sum amount if the policyholder suffers a permanent partial disability due to an accident.

Additional Details of SBI Life Smart Platina Plus 

Below are the policy details of the SBI investment plan i.e. SBI Life Smart Platina Plus: 

• Free Look Period: You have a 30-day period from the date of receiving your policy document to review its terms and conditions. If you're dissatisfied, you can cancel the policy without giving a reason and receive a refund of your premium minus the proportionate risk premium and any expenses incurred by the insurer.

• Grace Period: A grace period is a buffer to ensure your policy remains active even if you miss a premium payment.

  • Yearly and half-yearly premiums: You have a 30-day grace period.

  • Monthly premiums: You have a 15-day grace period.

If the policyholder dies during the grace period, the outstanding premiums until the next policy anniversary will be deducted from the benefits payable.

• Surrender: You can terminate your policy before maturity by surrendering it for a surrender value.

  • Guaranteed Surrender Value: Available after paying at least two full years' premiums. Calculated based on GSV factors multiplied by total premiums paid, minus any survival benefits received.

  • Special Surrender Value (SSV): Available after completing the first policy year. Calculated based on SSV factors and other policy details.

The higher of Guaranteed Surrender Value and SSV will be paid as the surrender value.

• Revival: If you miss a premium payment and the grace period lapses, you can revive your policy within 5 years from the date of the first unpaid premium. This requires a written application, proof of continued insurability, payment of overdue premiums with interest, and underwriting approval.

  • Interest: Calculated based on a rate determined by the insurer, with a minimum of 200 basis points above the 10-year government security yield.

Exclusions Under SBI Life Smart Platina Plus

Suicide Clause

• Death by Suicide: If the policyholder commits suicide within 12 months of the policy's commencement or revival, the nominee or beneficiary is entitled to specific benefits.

• Benefits: The nominee will receive the higher of the following:

  • 80% of the total premiums paid until the date of death.

  • The surrender value is available on the date of death.