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SBI Life - Smart Bachat is an individual, non-linked, participating endowment assurance plan. The product comes with two plan options – i) Endowment option and ii) Endowment option with in-built Accidental Death and Total Permanent Disability Benefit. It provides the policyholder the flexibility to choose the policy and premium paying term (limited premium pay), as per the individual’s convenience and financial goals.
About SBI Life - SBI Life is one of the top life insurance providers in India. It is a joint venture between State Bank of India and global insurer BNP Paribas Cardif. SBI Life offers a range of life insurance products at competitive prices. (Note - All the information contained in this page has been sourced from the official website of SBI Life.)
The features of SBI Life - Smart Bachat are as under:
The benefits offered under SBI Life - Smart Bachat are as under:
Maturity Benefit for both Options - If the policyholder survives till the end of the policy period, then Guaranteed Sum Assured on maturity + Vested Simple Reversionary Bonuses + Terminal bonus, if any, shall be paid out.
Death Benefit for both Options
On the life assured’s demise during the policy period, the beneficiary is entitled to get higher of: a) Sum Assured on demise + Vested Simple Reversionary Bonuses + Terminal Bonus, if any. Here, Sum Assured on death is higher of Basic Sum Assured or 10 times annualized premium b) 105% of all the premiums paid till the date of demise.
Inbuilt Accidental Death and Total Permanent Disability Benefit (applicable only for Option B)
In the event of Accidental Death of the life assured during the policy period, then
In case of Accidental Total and Permanent Disability of the life assured during the policy period, then
| Parameters | Criteria |
|---|---|
| Options | Option A: Endowment Option Option B: Endowment Option with in-built Accidental Death and Total Permanent Disability Benefit |
| Age at Entry | Minimum: Option A - 8 years, Option B - 18 years Maximum: 50 years |
| Maximum Age at Maturity | 65 years |
| Minimum Sum Assured | Rs. 1,00,000 |
Source: Official website of SBI Life
| Premium | Details |
|---|---|
| Premium Frequency | Monthly, Quarterly, Half Yearly or Yearly |
| Premium Frequency Loading | Half Yearly: 51.00% of annual premium Quarterly: 26.00% of annual premium Monthly: 8.50% of annual premium |
| Minimum Premium | Yearly: Rs. 5,100 Half Yearly: Rs. 2,600 Quarterly: Rs. 1,350 Monthly: Rs. 450 |
To avail a life insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include:
ID Proof - PAN card, Passport, Voter ID card, etc.
Address Proof - Passport, Driving License, Voter ID card, etc.
SBI Life - Smart Bachat is a long-term life insurance policy with limited premium paying term. It is designed to financially protect the loved ones of the policyholder in the event the individual is no more. Additionally, the policy helps to meet the investment needs of the policyholder. SBI Life - Smart Bachat offers simple reversionary bonuses throughout the policy period.
Suicide Exclusion: If the life assured - sane or insane - commits suicide within a year from the risk commencement date or reinstatement/revival date (if reinstated/revived), then no death benefit shall be paid. However, an amount equal to 80% of the premiums paid shall be paid to the nominee in case of suicide within one year from risk commencement date. In case of suicide within one year from the date of reinstatement/revival, 80% of the premiums paid till the date of demise or the surrender value, whichever is higher, shall be paid.
SBI Life - Smart Bachat is intended to keep the policyholder’s obligation of premium payment over the long-term at bay. Individuals have the flexibility of choosing the premium payment term as well as the policy term, as per their financial goals. Tax benefits can be claimed under Section 80C of the Income Tax Act, 1961, for the premiums paid toward the policy.
Is loan facility available with SBI Life - Smart Bachat Plan?
Yes, loans are available, however, only after the policy has acquired surrender value. It will be limited to a maximum of 90% of the surrender value.
What is offered under Endowment Option (Option A) of SBI Life - Smart Bachat?
SBI Life - Smart Bachat offers life insurance throughout the policy term and the benefit of wealth creation through simple reversionary bonuses. The policyholder will receive guaranteed sum assured on maturity with vested simple reversionary and terminal bonuses, if any, on maturity.
What is the minimum age at entry for SBI Life - Smart Bachat?
The minimum age at entry under Option A is 8 years and under Option B is 18 years
What is the grace period under SBI Life - Smart Bachat?
The policy offers a grace period of 30 days from the premium due date for quarterly/ half yearly/ yearly premium payment frequencies and 15 days for monthly premium payment frequency.
