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SBI Life – Smart Humsafar

SBI Life – Smart Humsafar is a joint life, non-linked, participating endowment plan. The insurance-cum-savings plan offers coverage for self and spouse. Individuals can be assured of a minimum bonus for the initial three years of 2.50% of the sum assured.

About SBI Life - SBI Life is among the leading life insurance providers in India. The company is a joint venture between SBI and BNP Paribas Cardif. SBI Life offers a comprehensive range of life insurance and retirement products at competitive rates.

(Note - All the information in this page has been sourced from the official website of SBI Life.)

Features of SBI Life – Smart Humsafar Plan

The features of SBI Life – Smart Humsafar Plan are as under:

  • A joint life insurance with savings plan that provides coverage for individual and his or her spouse
  • Single application for both lives
  • Guaranteed bonuses for in-force insurance policies
  • Premium waiver benefit
  • Additional rider benefit - SBI Life - Accidental Death Benefit Rider

Benefits of SBI Life – Smart Humsafar Plan

Maturity Benefit: In case either or both of the lives assured outlive the policy period, then Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any, shall be paid, provided the policy is active.

Death Benefit:

First death:

  • If the policy is active as on the date of first demise: Higher of A or B is paid to the surviving life assured.

A. Sum assured on death:

Sum assured on death is higher of Basic Sum Assured or guaranteed sum assured at maturity or a multiple of annualised premium; where multiple is:

B. 105% of all the premiums paid under the base plan.

  • Further, all future premiums beginning from the next policy anniversary will get waived off for the surviving life assured. Waiver of premium will take place only if the insurance plan is in force for the full sum assured at the time of first demise.

Second death:

If the policy is in force as on the date of second demise: Higher of A or B is paid to the nominee. A. Sum assured on demise:

Sum Assured on demise + Vested Simple Reversionary Bonuses + Terminal bonus, (if any).

Sum assured on death is higher of basic sum assured or guaranteed sum assured at maturity or a multiple of annualised premium; where multiple is:

B. 105% of all the premiums paid under the base plan. This would include premiums already waived under the policy (if any). Rider benefit:

Either or both of the lives assured have an option of including SBI Life - Accidental Death Benefit Rider at an affordable rate. The benefit of this rider will be payable in respect of each of the life assured.

The rider cover is available only for in force policies and till the policy anniversary following first death. However, if both lives assured have chosen rider and

  • both die simultaneously due to an accident, or
  • die on different dates due to the same accident, or
  • die during the same policy year due to a different accident

then rider benefit will be paid in respect of both lives assured, provided the accident occurs within the policy period and the death due to accident happens within 120 days from the date of accident. Source: SBI Life website

Eligibility Criteria

Age at EntryMinimum: 18 yearsMaximum: 46 years
Maximum Age at Maturity65 years
Maximum Age Difference between the lives assured20 years
Sum AssuredMinimum: Rs. 1,00,000Maximum: Rs. 5,00,00,000
Policy TermMaximum: Rs. 5,00,00,000Maximum: 30 years

Premium Details

parameterDetails
Premium FrequencyMonthly, Quarterly, Half Yearly, Yearly
Premium Payment TermSame as policy term
Minimum Premium
Monthly - 500
Quarterly - 1500
Half Yearly - 3000
Yearly - 6000

Documents Required

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.

Exclusion - SBI Life – Smart Humsafar

If the life assured commits suicide within a year

i. from the date of policy inception - whether sane or insane - the nominee or beneficiary will be entitled to 80% of the premiums paid, provided the policy is in-force.

ii. from the date of policy revival, the nominee or beneficiary will be entitled to 80% of the premiums paid till the date of demise or the surrender value, provided the policy is in-force.

Review of SBI Life – Smart Humsafar

SBI Life – Smart Humsafar provides the twin benefit of savings and insurance under a single policy for an individual and his or her spouse. There is the option of including SBI Life – Accidental Death Benefit Rider for comprehensive coverage. The lives assured have the flexibility of choosing the premium payment frequency as per their convenience.

FAQ's

What are the documents required to file a death claim?

The documents necessary to file a death claim include:

  • Original policy document
  • Original death certificate from municipal/local authorities
  • Claimant's statement and claim forms in prescribed formats
  • Any other documents including post-mortem report and FIR, wherever applicable

What is the duration of the free-look period?

For policies sourced through any channel mode besides distance marketing, the free-look period applicable is 15 days (of receipt of the policy). In case of policies sourced via distance marketing, the free-look period is 30 days.

Is policy loan facility available?

Yes, loans can be availed after the policy has acquired surrender value. The policy loan is limited to a maximum of 90% of the surrender value.

What are the tax benefits associated with SBI Life – Smart Humsafar?

Tax deduction can be claimed under Section 80C of the Income Tax Act, 1961, for the premiums paid toward the policy. The proceeds from the SBI Life – Smart Humsafar are tax-free under Section 10(10D) of the Income Tax Act in the hands of the receiver.

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