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SBI Life - Smart Bachat Plan

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.)

Features of SBI Life - Smart Bachat Plan

The features of SBI Life - Smart Bachat are as under:

  • Life insurance cover through two plan options - A. Endowment option B. Endowment option with in-built Accidental Death and Total Permanent Disability Benefit
  • Choice of four premium payment terms - 5 years, 7 years, 10 years and 15 years
  • Premium waiver in the event of total and permanent disability (only under Option B)
  • Simple reversionary bonuses throughout the policy period

Benefits of SBI Life - Smart Bachat Plan

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

  • AD&TPD Benefit would be payable in lump sum plus
  • Death benefit

In case of Accidental Total and Permanent Disability of the life assured during the policy period, then

  • AD&TPD Benefit would be paid in lump sum,
  • All future premiums shall be waived off and
  • The base plan continues till surrender, demise or maturity, whichever is earlier.

Eligibility Criteria - SBI Life - Smart Bachat

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 Maturity65 years
Minimum Sum AssuredRs. 1,00,000

Source: Official website of SBI Life

Premium Details - SBI Life - Smart Bachat

PremiumDetails
Premium FrequencyMonthly, 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

Documents Required for SBI Life - Smart Bachat

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.

Why Buy SBI Life - Smart Bachat Plan

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.

Exclusions for SBI Life - Smart Bachat Plan

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.

Review of SBI Life - Smart Bachat Plan

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.

FAQs on SBI Life Smart Bachat

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.

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