SBI Life New Smart Samridhi Plan Review, Benefits, Eligibility and more: SBI Life keeps on launching new insurance plans from time to time for its customers. SBI Life has come up with New Smart Samriddhi Plan for its customers. In this plan you get the benefit of Guaranteed Edition.
What is SBI Life New Smart Samridhi Plan?
SBI Life New Smart Samridhi Plan is a non-linked, non-participating, endowment life insurance policy. This plan gives you the benefit of Guaranteed Addition. This plan provides financial support to your family.
Eligibility Criteria for SBI Life New Smart Samriddhi Plan
| Name of Insurance:- | SBI Life Smart Samriddhi Plan |
| Entry Age:- | Minimum:- 3 Years Maximum:- 50 Years |
| Coverage (Basic Sum Assured):- | Minimum: – Rs.63,500 Maximum:- Rs.5,73,000 (The maximum Sum Assured can be increased as per the approval of the Board.) |
| Premium Paying Term:- | 6 years for a policy term of 12 years 7 years for a policy term of 15 years |
| Policy Term:- | 12 and 15 years |
| Maturity Age (Maximum):- | 65 years |
| Official website:- | www.sbilife.co.in |
Features of SBI Life New Smart Samriddhi Plan
Some of the salient features of SBI Life New Smart Samriddhi Plan are as follows:
- This plan is a non-linked, non-participating, endowment life insurance policy.
- The insured gets Guaranteed Additions at the end of each policy year.
- This insurance plan can be availed without medical examination.
- In this, premiums have to be paid for 6 years for a policy term of 12 years and for 7 years for a policy term of 15 years.
- 141% to 181% of the amount of premiums paid is paid as this policy maturity benefit.
Benefits of SBI Life New Smart Samriddhi Plan
Death Benefit
In the event of death of the Life Assured at any time during the policy term, the Sum Assured on Death along with accrued Guaranteed Additions (if any) is paid as Death Benefit to the beneficiary of the Life Assured .
Here Sum Assured on Death will be higher of:
- 10 times the annualized premium
- More than 105% of the premiums paid till the date of death
Maturity Benefit
On survival to the end of the policy term, Basic Sum Assured plus accrued Guaranteed Additions will be paid.
Guaranteed Additions Benefits
Guaranteed Additions are paid along with the Basic Sum Assured to the policyholder or his beneficiary on maturity or death of the policy. Where the annual premium is less than 30,000, Guaranteed Addition @ 5.5% will be payable. Same if the annual premium is more than 30,000, then Guaranteed Addition will be payable as per 6%.
Tex Benefits
Tax deduction can be claimed under section 80C of the Income Tax Act 1961 for the premium paid by the insured. Apart from this, the income received from the plan is completely tax free under section 10(10D) of the Act.
Policy Loan
The insured can apply for a loan by getting the surrender value on his SBI policy. The loan will be up to 90% of the surrender value. The interest rate on the loan will be declared by the insurance company from time to time.
Grace Period
A grace period of 30 days is available for annual premium payment. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
In this insurance plan, an option to surrender the policy is provided at any time after the policy has been continued for two consecutive years. In such situations, the insurer pays the higher of the Special Surrender Value or a surrender value equal to the Guaranteed Surrender Value.
Revival
If the premium is not paid within the grace period, the policy lapses. SBI Life New Smart Samriddhi Plan offers revival option but within 5 consecutive years. It means from the date of your first unpaid premium, and it can be revived only before the maturity date.
Free look period
The policyholder gets a free look period of 30 days if the policy is purchased through online channels (Digital Marketing and Electronic Policies) and 15 days if purchased through any other channel . Within this free look period, if the insured is not satisfied with the terms and conditions of the policy, the insured can return the policy to the company for the purpose of cancellation.
The Bottom Line:
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