- About Coverfox
SBI Life - Smart Platina Assure Plan is a non-linked, non-participating, life endowment assurance savings product by SBI Life. It assures guaranteed returns, and gives policyholders the benefit of paying premiums for a limited term. Smart Platina Assure Plan provides guaranteed additions at the end of every policy year.
About SBI Life - SBI Life is a joint venture between SBI and BNP Paribas Cardif. It is presently one of the leading life insurers in India. The company offers a range of life insurance and pension products at competitive rates.
(All the information contained in this page has been sourced from the official website of SBI Life.)
The features of SBI Life - Smart Platina Assure Plan are as under:
The benefits of SBI Life - Smart Platina Assure Plan are as under:
Maturity Benefit: If the life assured outlives the policy period, then guaranteed sum assured on maturity plus accrued guaranteed additions shall be paid.
Death Benefit: In the event of the life assured’s death, sum assured on death and accrued guaranteed additions (if any) will be paid to the beneficiary. The sum assured on death is higher of 10 times the annualized premium or 105% of total premiums paid up to the date of demise.
|Age at Entry||Minimum: 18 years||Maximum: 50 years|
|Maximum Age at Entry||65 years|
|Policy Term||12 and 15 years|
|Minimum: Rs. 3,00,000||Maximum: No Limit|
|Basic Sum Assured||PPT X Annual Premium|
|Where, the maturity factor would be based on the age at entry and premium payment term which is as given below:|
|Age at Entry (years)||Premium Payment Term|
|6 years||7 years|
|18 to 40||105%||120%|
|41 to 50||100%||1105|
Source: Official Website of SBI Life
|Premium Payment Term||
6 years for policy term of 12 years
7 years for policy term of 15 years
The monthly premium for monthly mode as percentage of annual premium is 8.50% of annual premium.
|Annual Premium||Minimum: Rs. 50,000|
|Annual Premium||Maximum: No limit|
Source: Official Website of SBI Life
Guaranteed Additions: The policy offers rate of guaranteed additions on the basis of two premium slabs as per the table below:
|Annual Premium||Rate of Guaranteed additions|
|6.00% p.a.||5.50% p.a.|
|Greater than or equal to Rs. 1,00,000||6.00% p.a.|
The guaranteed addition amount shall accrue at the end of every policy year throughout the policy period.
Guaranteed addition amount = Rate of guaranteed additions X cumulative premiums paid excluding applicable taxes, underwriting extra premiums and loading for the modal premium.
Policy Loans: During emergency situations, where the life assured may need money to meet some expenses, the individual can borrow against his or her policy. The loan facility is made available only if the policy has acquired a surrender value. The loan amount would be limited to a maximum of 80% of the surrender value.
To avail a life insurance cover, an individual would be required to submit certain documents that will serve as proof of identity and address. 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.
Individuals seeking a savings plan that minimizes risk and assures a guaranteed return while providing a life cover are advised to consider SBI Life - Smart Platina Assure Plan. The product also offers the advantage of paying premiums for a limited term - PPT of 6 years for a policy term of 12 years and PPT of 7 years for a policy term of 15 years.
In the event of death due to suicide within 12 months:
i) from the date of risk commencement under the policy, the policyholder's nominee or beneficiary shall be entitled to at least 80% of the total premiums paid till the date of demise or ii) from the revival date of the policy, the policyholder's nominee or beneficiary shall be entitled to an amount that is higher of 80% of the total premiums paid till the date of death or the surrender value as available on the date of demise.
With SBI Life - Smart Platina Assure Plan, individuals can benefit from life cover and assured returns. There is guaranteed additions of 5.50% to 6.00% at the end of every policy year. Also, the policyholders have the option to choose between monthly or yearly premium payment frequencies, as their convenience.
What are the premium payment term options of SBI Life - Smart Platina Assure Plan?
The premium payment term options of SBI Life - Smart Platina Assure Plan are 6 years for policy term of 12 years and 7 years for policy term of 15 years.
Can a loan be taken against SBI Life - Smart Platina Assure Plan?
Yes, the life assured can borrow against his or her policy. Loans are available once the policy has acquired surrender value. The loan will be limited to a maximum of 80% of the surrender value.
Does SBI Life - Smart Platina Assure Plan participate in profits?
No, the product does not participate in the profits of the
When does SBI Life - Smart Platina Assure Plan acquire surrender value?
The insurance plan acquires a surrender value when the premiums of at least the initial two full policy years have been paid. The life assured may terminate the insurance plan during the policy term by surrendering it for a surrender value.