SBI Life Smart Privilege Plan: Benefits & Features

SBI Life Smart Privilege is a unit-linked, non-participating life insurance plan offered by SBI Life Insurance Company Limited. This plan is designed to offer a combination of investment and insurance benefits. SBI Life Smart Privilege provides its policyholders with the ability to customize their strategy and achieve their financial goals with a range of investment options.

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7.7 Crore Registered Consumer
50 Partners Insurance Partners
4.2 Crore Policies Sold

ULIP Plans

Plan starting from ₹1,000/month
Save upto ₹46,800 in Tax under section 80C^{^}
Zero LTCG Tax^¶
In built life cover

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7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

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.

Fund Name

AUM

NAV

Returns (in %)

3 Year

5 Year

10 Year

High Growth Fund

Max Life

AUM:8,482 Cr

8,482 Cr

NAV

119.99

1.59%

Returns

23.95%

Returns

31.9%

Highest Returns

Returns

20.47%

Get Details

Whole Life Mid Cap Equity Fund

Tata AIA

AUM:13,435 Cr

13,435 Cr

NAV

158.69

2.49%

Returns

21.08%

Returns

27.7%

Highest Returns

Returns

20.43%

Get Details

Virtue II

PNB Metlife

AUM:3,532 Cr

3,532 Cr

NAV

77.53

1.12%

Returns

17.59%

Returns

26.28%

Highest Returns

Returns

17.97%

Get Details

Accelerator Mid-Cap Fund II

Bajaj Allianz

AUM:6,452 Cr

6,452 Cr

NAV

86.49

1.27%

Returns

17.79%

Returns

22.67%

Highest Returns

Returns

16.96%

Get Details

Opportunities Fund

HDFC Standard

AUM:40,966 Cr

40,966 Cr

NAV

78.44

1.16%

Returns

15.75%

Returns

23.42%

Highest Returns

Returns

16.86%

Get Details

Fund Name

AUM

NAV

Returns (in %)

3 Year

5 Year

10 Year

Whole Life Aggressive Growth Fund

Canara HSBC Oriental Bank

AUM:869 Cr

869 Cr

NAV

93.59

0.82%

Returns

16.11%

Returns

20.41%

Highest Returns

Returns

15.83%

Get Details

Whole Life Stable Growth Fund

Canara HSBC Oriental Bank

AUM:266 Cr

266 Cr

NAV

61.92

0.32%

Returns

12.53%

Returns

15.66%

Highest Returns

Returns

12.78%

Get Details

Balanced Fund

Canara HSBC Oriental Bank

AUM:380 Cr

380 Cr

NAV

48.06

0.34%

Returns

11.49%

Returns

14.21%

Highest Returns

Returns

11.91%

Get Details

Asset Allocation Fund II

Canara HSBC Oriental Bank

AUM:341 Cr

341 Cr

NAV

31.32

0.18%

Returns

9.45%

Returns

12.98%

Highest Returns

Returns

11.36%

Get Details

Save N Grow Money Fund

Canara HSBC Oriental Bank

AUM:68 Cr

68 Cr

NAV

58.7

0.37%

Returns

8.69%

Returns

11.34%

Highest Returns

Returns

10.82%

Get Details

Fund Name

AUM

NAV

Returns (in %)

3 Year

5 Year

10 Year

Builder

Canara HSBC Oriental Bank

AUM:243 Cr

243 Cr

NAV

89.55

0.06%

Returns

6.87%

Returns

8.26%

Returns

8.91%

Highest Returns

Get Details

Whole Life Income Fund

Canara HSBC Oriental Bank

AUM:802 Cr

802 Cr

NAV

38.31

0.03%

Returns

6.22%

Returns

7.01%

Returns

8.18%

Highest Returns

Get Details

Debt Fund

Canara HSBC Oriental Bank

AUM:482 Cr

482 Cr

NAV

36.29

0.04%

Returns

5.92%

Returns

6.91%

Returns

7.93%

Highest Returns

Get Details

Conservative Fund

Canara HSBC Oriental Bank

AUM:233 Cr

233 Cr

NAV

55.4

0.09%

Returns

7.01%

Returns

7.98%

Highest Returns

Returns

7.92%

Get Details

Protector

Canara HSBC Oriental Bank

AUM:307 Cr

307 Cr

NAV

64.22

0.06%

Returns

6.07%

Returns

7.01%

Returns

7.89%

Highest Returns

Get Details

Disclaimer :
†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. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Let us learn the details and key features of this ULIP plan in this article.

What is SBI Life Smart Privilege Plan?

SBI Life Smart Privilege Plan is a savings and protection-oriented life insurance policy. It is a non-participating, Unit Linked Insurance Plan (ULIP) that provides a combination of life insurance coverage and savings benefits.

It is among the best investment plans that offer a range of benefits like:

Guaranteed additions
Maturity benefits
Life cover

All the features and benefits are designed to provide financial security and stability to the policyholder and their loved ones.

Features of SBI Life Smart Privilege Plan

The key features of the SBI Life Smart Privilege Plan are listed in the table below:

Features	Details
Plan Type	Non-Participating Unit Linked Insurance Plan (ULIP)
Life Insurance and Investment Benefits	Provides life coverage benefits along with investment corpus-building opportunities to secure the financial needs of your family in your absence
Premium Payment Flexibility:	Single/ Regular/ Limited Premium Options Flexible Tenure: 5/ 10 - 30 Years Multiple Options for Premium Payment Frequency
Investment Fund Options	11 Funds: Top 300 Fund Balanced Fund Bond Fund Equity Optimizer Fund Bond Optimizer Fund Money Market Fund Equity Fund Growth Fund Pure Fund Midcap Fund Corporate Fund Discontinued Policy Fund
Charges	Premium Allocation Charges: 1st to 5th Policy Year: 2.50% (Limited / Regular Premium) : 2% (Single Premium) From 6th Policy Year: NIL Policy Administration Charges: NIL Fund Management Charges (FMC): 0.35% - 1.35% (for different fund options) Discontinuance Charge: Regular/ Limited Premium: 2% - 6% of Annualised Premium or Fund Value (depending on the year of discontinuance) Single Premium: 0.35% - 1% of Single Premium or Fund Value (based on year of discontinuance) Mortality Charges:
Loyalty Additions	From the 6th policy year of active policy
Free Switches	Unlimited free switches Among 11 investment funds Minimum Switch Amount: Rs. 5,000
Premium Redirection	Available from 1st policy year Unlimited premium redirections Redirection applicable to future premiums Existing fund units stay unaffected No charges applicable
Partial Withdrawals	Allowed after the latter among the following: After 5th policy year, or At 18 years age of the policyholder 2 Partial Withdrawals for free in a policy year Rs. 100 for every withdrawal is charged from 3rd partial withdrawal in a policy year Maximum 4 partial withdrawals in a policy year Maximum 10 partial withdrawals in a policy term (PT <= 10 Years) Maximum 15 partial withdrawals in a policy term (PT > 10 Years) Amount of Partial Withdrawal: Rs. 5,000 – 15% of Fund Value*

*Fund Value cannot go below 50% of the total amount of premiums paid
**You can use online SIP calculator to estimate your maturity returns and interest earned.

Eligibility Criteria

The eligibility criteria for SBI Life Smart Privilege Plan are as follows:

Particulars	Eligibility Criteria Details
Entry Age	Regular and Limited Premium: 8 - 55 years Single Premium: 13 - 55 years
Maturity Age	18 - 70 years
Plan Type	Regular Premium Limited Premium Single Premium
Policy Tenure	Regular/ Limited Premium Options: 10 - 30 years Single Premium Option: 5 - 30 years
Tenure of Premium Payment	Regular Premium Option: Same as policy tenure Limited Premium Option: 5 - Policy (tenure - 1 year) Single Premium Option: One-time payment at policy inception
Premium Modes	Single/ Lump Sum Annually Half-yearly Quarterly Monthly
Premium Amount	Regular/ Limited Premium: Annually: Rs. 6 lakhs Half-yearly: Rs. 3 lakhs Quarterly: Rs. 1.5 lakhs Monthly: Rs. 50,000 Single Premium: Rs. 6 lakhs yearly
Sum Assured	Regular/ Limited Premium Options: 10 x Annual Premium Payment Single Premium Option: 1.25 X Lump Sum Premium
Suicide Exclusion	If Policyholder Dies Within 1st Policy Year: Fund Value+ Deducted Charges (except FMC) are provided to the nominee/ beneficiary

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

SBI Life Privilege Fund^†† Options

Fund Name	Investment in Equity/ Equity-Related Instruments	Investment in Debt Instruments	Investment in Money Market Instruments/ Cash	Risk Profile of the Fund
Balanced Fund	40% - 60%	20% - 60%	0 – 40%	Medium Risk
Bond Fund	--	60% - 100%	0 – 40%	Low – Medium Risk
Bond Optimizer	0 – 25%	75% - 100%	0 - 25%	Low – Medium Risk
Corporate Fund	--	Corporate Bonds: 70% - 100% G- Securities: 0 – 30%	0 – 20%	Low – Medium Risk
Discontinued Policy Fund	--	G- Securities: 60% -100%	0 – 40%	Low Risk
Equity Fund	80% - 100%	0 -20%	0 – 20%	High Risk
Equity Optimizer Fund	60% - 100%	0 – 40%	0 – 40%	High Risk
Growth Fund	40% -90%	10% - 60%	0 -40%	Medium-High Risk
Midcap Fund	80% - 100%	0 – 20%	20%	High Risk
Money Market Fund	--	0 – 20%	80% - 100%	Low Risk
Pure Fund	80% - 100%	--	0 -20%	High Risk
Top 300	60% - 100%	--	0 – 4-%	High Risk

Disclaimer: †† 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. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

How Does SBI Life Smart Privilege Plan Works?

Let us understand the working of the SBI Life Smart Privilege Plan from the steps mentioned below:

Step 1: Decide a policy term that suits your needs

Step 2: Select the premium amount and premium payment term as per your wish

Step 3: Choose among the 11 fund options available to you

Step 4: Upon payment of the premium, the applicable taxes and premium allocation charges are deducted. The remaining amount is invested to buy the units of your selected fund option.

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Benefits of SBI Life Smart Privilege Plan

Some of the benefits offered by the plan are as follows:

Benefits	Details
Maturity Benefit	Survives of Policyholder up to End of Policy Tenure: Fund Value is paid in Lump Sum
Death Benefit	On unfortunate demise of the policyholder during the active policy, the death benefit is paid as the higher of: Sum Assured (minus applicable partial withdrawals) Fund Value 105% of Annualised Premiums (minus applicable partial withdrawals) Death Benefit Payment Option to Beneficiary: Lump Sum Settlement Option: Instalments spread over 2 – 5 years
Loyalty Additions	From the 6th policy year onwards Loyalty additions in: 6th /10th /15th /20th /25th / 30th policy year
Tax Benefit	Tax deductions of up to Rs. 1.5 lakhs u/Section 80C of the IT Act, 1961 Tax benefits u/ Sec 10(10D) of the IT Act (if Annual Premium Payment < Rs. 2.5 Lakhs)

Documents Required

Following is the list of documents you must provide to open an SBI Life Smart Privilege Plan account:

Particulars	Document Required
Proof of Identity	Aadhar card PAN card Driving license Voter ID card Government ID card
Address proof	Passport Electricity bill Telephone bill Driver’s license

Advantages of SBI Life Smart Privilege Plan

SBI Life Smart Privilege Plan offers several advantages that make it a popular choice among individuals looking for a comprehensive life insurance solution.

Here are some of the advantages of the plan:

Offers a combination of savings and protection benefits
Offers guaranteed additions to enhance the policy value and provides an additional source of income
On policy maturity, the policyholder is entitled to receive the fund value, including any bonuses or guaranteed additions
Offers flexible premium payment options
Policyholders are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961

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Wrapping it

SBI Life Smart Privilege Plan is a comprehensive life insurance solution that offers a combination of investments and life coverage benefits. With multiple features and a range of investment funds, the plan allows policyholders to customize their investment strategy to build wealth while protecting against unforeseen events.

FAQ's

Can I surrender my SBI Life Smart Privilege policy?

Just like other SBI policies, the Smart Privilege policy can also be surrendered at any time during the policy tenure. The policy can also be surrendered during the free-look period of the first 15-days of policy purchase.
Is there a grace period in the SBI Life Smart privilege policy?

A 30 days grace period is allowed for quarterly, half-yearly, and yearly premium frequency and 15 days for monthly payments.
Is there any tax benefit?

Tax benefits are available as per prevailing tax laws under the Income Tax Act, 1961. One may consult the tax consultant or visit the official website for further details.
What are the fund options available under SBI Life Smart Privilege policy?
The following 11 fund options are available under the policy:
- Top 300 Fund
- Balanced Fund
- Bond Fund
- Equity Optimiser Fund
- Bond Optimider Fund
- Money Market Fund
- Equity Fund
- Growth Fund
- Pure Fund
- Midcap Fund
- Corporate Bond Fund
What are the premium allocation charges under this policy?

Premium allocation charges under different payment modes are as follows:

Payment Mode 1 year to 5 years From 6th year

Regular or Limited Premium 2.50% NIL

Single-Premium 2%
What are allocation charges in SBI smart privilege?
In the context of SBI Smart Privilege, allocation charges typically refer to the fees that are charged by the company for allocating new shares or securities to its customers during an initial public offering (IPO) or other primary market offerings.
Fund Allocation Charges for SBI Smart Privilege:
- During 1st - 5th Policy Year: 2.50% (for Limited and Regular Premium Options) and 2% (for Single Premium Option)
- From 6th Policy Year Onwards: No Charges
What is the performance of SBI Life Smart Privilege?
SBI Smart Privilege Mid Cap Fund performance as of 04 May 2023 is as follows:
- 3-year Annualised Returns: 29% growth
- 5-year Annualised Returns:12.3% growth
Is SBI Smart Privilege tax-free?
Tax benefits on SBI Smart Privilege are as follows:
- Tax deductions of up to Rs. 1.5 lakhs u/Section 80C of the IT Act, 1961
- Tax benefits u/ Sec 10(10D) of the IT Act (if Annual Premium Payment < Rs. 2.5 Lakhs)
Is SBI Life a good investment?
ULIPs like SBI Life Smart Privilege offer potential benefits such as:
- Market-linked returns
- Tax benefits
- Life insurance coverage
However, they also involve market risks, and the returns are subject to the performance of the underlying investment funds.

It is important to carefully consider the charges associated with ULIPs, including premium allocation charges, policy administration charges, and fund management charges.

†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. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). 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.
^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.
+Returns Since Inception of LIC Growth Fund
¶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
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.