SBI Life – Smart Future Choice Plan Review, Benefits, Eligibility and more: SBI Life Insurance has launched SBI Life – Smart Future Choice life insurance product that lets you choose from various payout options as per your changing needs to meet your long term and short term goals. This plan allows one to choose options such as choosing the premium amount, term policy or premium paying term along with the ability to review the features of the life insurance plan as per their changing needs and requirements.
What is SBI Life Smart Future Choices?
SBI Life – Smart Future Choice is an individual, non linked, participating, life insurance plan. You have your own aspirations in life while your family has its own needs as well. With SBI Life – Smart Future Choices, you can now have both at the same time. You can get cash bonuses to meet your life goals while protecting your family with life cover.
Plan Option
In this plan, you get the option to choose two benefit options according to your financial needs.
Classic Choice Option: With this option you get the benefit of Life Assured along with Lump Sum Maturity Benefit at the end of the policy term, provided the policy is in force and the life assured survives till the end of the policy term.
Flexi Choice Option: On opting for Flexi Choice, you get 10% of the Basic Sum Assured as survival benefit at specified intervals. With life cover, 80% of the Basic Sum Assured is paid as a maturity benefit at the end of the policy term.
SBI Life Smart Future Choices Plan Eligibility Criteria
| Name of Insurance: | SBI Life- Smart Future Choices |
| Entry Age: | Minimum:- 18 Years Maximum:- 50 Years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.6,50,000 Maximum:- No limit (Subject to Board approval) |
| Premium Payment Mode: | monthly, half yearly, yearly |
| Policy Term: | Minimum: 12 Years Maximum: 30 Years |
| Maturity Age (Maximum): | 70 years |
| Official website: | www.sbilife.com |
SBI Life – Smart Future Choice Features
Here are the salient features of SBI Life – Smart Future Choice Plan:
- It is an individual, non linked, participating life insurance plan.
- Provides the flexibility to choose the benefit payout as per your changing needs.
- Cash bonus is paid at the end of the policy year.
- Survival benefit is paid from time to time.
SBI Life – Smart Future Choice Plan Benefits
Death Benefit
For Classic Choice Option
The death benefit in this plan is higher than A and B, where:
- A = Sum Assured on Death + Accumulated Deferred Cash Bonuses (if any) + Terminal Bonus (if declared)
- B = Minimum Death Benefit, which is equal to 105% of the total premiums received till the date of death.
For flexi choice option
greater than A or B, where
- A = Sum Assured on Death + Accumulated Survival Benefit, (if any) + Accumulated Deferred Cash Bonuses (if any) + Terminal Bonus (if declared)
- B = Minimum Death Benefit, which is equal to 105% of the total premiums received till the date of death.
Maturity Benefit
If the policyholder survives the policy term, the following amounts will be payable:
- A. Under Classic Choice: Guaranteed Sum Assured on Maturity + Accumulated Deferred Cash Bonuses (if any) + Terminal Bonus (if declared) Where, Guaranteed Sum Assured on Maturity is Age, Policy Term and Premium Paying Term chosen Subject to a maximum of 138% of the Basic Sum Assured.
- B. Under Flexi Choice: Guaranteed Sum Assured on Maturity + Accumulated Survival Benefit (if any) + Accumulated Deferred Cash Bonuses (if any) + Terminal Bonus (if declared) Where, Guaranteed Sum Assured on Maturity is Basic Sum Assured Will be equal to 80% of the assured.
Survival Benefits
Under the Flexi Choice Benefit option, you will be eligible to receive benefit payments of 10% of the Basic Sum Assured at specified intervals depending on the policy term and premium paying term selected.
Grace Period
A grace period of 30 days is available for half-yearly and annual premium payments. 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. On surrender of the policy, higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) will be paid. The accumulated Survival Benefit (if any) and the accumulated Deferred Cash Bonus (if any) will also be added to the Surrender Value. The policy will terminate on payment of surrender benefit and no other benefit will be payable.
Revival
If the premium is not paid within the grace period, the policy lapses. SBI Life – Smart Future Choice offers the option to revive the policy 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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