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  • Term Life

SBI Life - Smart Wealth Assure

SBI Life Wealth Assure is an investment cum insurance plan offered by SBI Life. SBI Life Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif.

SBI Life is a single premium Unit linked non-participating Life Insurance Plan which offers market-linked returns along with insurance coverage, with only a one-time premium. This plan is an excellent combination of security, flexibility, affordability and liquidity. Note: All information has been sourced from the official website of SBI Life.

Features of SBI Life - Smart Wealth Assure Plan

The features of this plan are:

  • This plan gives market-linked returns along with insurance cover
  • One-time premium payment
  • You can make partial withdrawals post 5th policy year
  • Option to customize the plan with Accidental Death Benefit Option
  • Option to select from a mix of funds from bond and equity fund

Benefits of SBI Life - Smart Wealth Assure Plan

The benefits of this plan are:

Death Benefit

The death benefit payable will be higher of the Fund Value or Sum Assured, with a minimum of 105% of Single Premium paid. The Sum Assured will be reduced to the extent of partial withdrawals made in the last two years for age on death below 60 years, and for age at death 60 years and above, all partial withdrawals made from 58 years onwards.

Accidental Death Benefit

Under this rider option, the accidental death benefit sum assured is payable on the death of the life assured due to an accident. This benefit is in addition to the base sum assured payable. The benefit is paid in lump sum and accident is defined as, ‘a sudden, unforeseen and involuntary event caused by external/visible and violent means.’

Maturity Benefit

The maturity benefit payable on completion of the policy term is the Fund Value.

Settlement Option

The maturity benefit can also be availed in installments under the Settlement Option. You get periodic installments of your maturity proceeds within 2-5 years from the date of maturity. Payments will be made in the form of yearly, monthly, half-yearly or quarterly basis, as chosen by you.

Partial Withdrawals

A maximum of two partial withdrawals can be made in one policy year and not more than 5 partial withdrawals are allowed in the entire policy term in case of policy term less than 15 years and not more than 10 partial withdrawals for policy term of 15 years and above.

Tax benefits under Sections 80C and 10(10D) of the Income Tax Act 1961 are applicable.

Eligibility Criteria for SBI Life - Smart Wealth Assure

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Age at Entry
Min: 8 years
Max: 65
Age at Maturity75 years
Policy Term10 to 30 years
Premium Payment TermSingle Premium
Single Premium Amount (x 100)
Min: Rs. 50,000
No such limit on maximum amount
Sum Assured
Min:
For ages below 45 years: 1.25 x SP
For ages 45 years and above: 1.10 x SP
Max:
For ages below 45 years: 5 x SP
For ages 45 years and above: 3 x SP
Accidental Death Benefit Option
Min: Rs. 25,000
Max: Equal to basic sum assured subject to a maximum of Rs. 50 lakhs

Product Details

Free Look Period

You can review the terms and conditions of this policy within a period of 15 days or 30 days for distance marketing. You have the option to return the policy to the insurer stating the reasons for your objection.

Surrender Option

You can surrender your policy at any time during the policy term. If you surrender within the first 5 years:

  • The lock-in condition applies
  • The fund value post deduction of applicable discontinuance charge (if any), will be transferred to the ‘Discontinuance Policy Fund’
  • You will earn a minimum interest rate of 4%.
  • Fund Management Charge of Discontinued Policy Fund will be deducted.
  • Life cover and Accidental Death Benefit Option Cover will cease to apply.
  • The fund value will be payable on the 1st working day of the 6th policy year. If you surrender post completion of 5th policy year, the fund value will be paid immediately.

What is Discontinuance Charge?

Discontinuance charge is expressed as a percentage of Single Premium or Fund Value. It also depends on the year of discontinuance.

Year of Discontinuance Applicable Charges
1Lower of 1% of Single Premium or Fund Value subject to a maximum of Rs. 6000
2Lower of 0.5% of Single Premium or Fund Value subject to a maximum of Rs. 5000
3Lower of 0.25% of Single Premium or Fund Value subject to a maximum of Rs. 4000
4Lower of 0.1% of Single Premium or Fund Value subject to a maximum of Rs. 2000
5Nil

What are Mortality Charges?

It is the amount charged every year by the insurer to provide life cover to the policyholder on the life of the Life Insured. It can otherwise be called the Cost of Insurance. Mortality charges are deducted on the 1st business day of each policy month from Fund Value by way of cancellation of units.

What is Accidental Death Benefit Charge?

Accidental Death Benefit Charges are recovered on a monthly basis, on the 1st working day of each policy month by way of cancellation of appropriate number of units.

Documents required to buy SBI Life Wealth Assure Plan

The documents required for this plan are:

  • Application/Proposal form
  • KYC Details - Proof of ID and Address
  • Proof of Age
  • Proof of Income - Bank Account Statement
  • SIP/Auto Debit/SI Mandate Form
  • Medical check-up/report if required

Exclusions

Suicide - In case of death due to suicide within 12 months from the date of inception of the policy or from the date of the revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the date of death.

Exclusions under Accidental Death Benefit Option

  • Death caused by infection
  • Drug/Alcohol abuse
  • Radioactive contamination/Nuclear war
  • Criminal/Self-inflicted Acts
  • Participation in hazardous activities and sports