SBI Life Smart Platina Plus Plan Review, Benefits, Eligibility and more: SBI Life Insurance has come up with an insurance plan named SBI Life Smart Platina Plus, which offers reliable guaranteed income (savings) to meet your expenses and achieve bigger goals. In today’s time, the level of uncertainty around us has increased tremendously. Hence, it is important to have a strong financial security that works for you and your family. Let us know in detail about this plan?
SBI Life Smart Platina Plus Plan
SBI Life Smart Platina Plus is an individual, non-linked, non-participating and savings life insurance product. It provides financial independence in your future years by providing regular guaranteed income during the payout period to make your dreams come true. It secures the financial future of the family through life insurance coverage during the entire policy term.
Eligibility Criteria for SBI Life Smart Platina Plus Plan
| Name of Insurance: | SBI Life – Smart Platina Plus (SBI Life – Smart Platina Plus) |
| Entry Age: | Minimum:- 30 days Maximum:- 60 years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.5,50,000 Maximum:- No limit (Subject to Board approval) |
| premium mode: | Monthly, Half Yearly, and Yearly |
| Maturity Age (Maximum): | 99 years |
| Official website: | www.sbilife.co.in |
Features of SBI Life Smart Platina Plus
- Two income plan options Guaranteed Income and Life Income are available to suit your financial needs.
- The insured gets the guaranteed income benefit in the form of regular income during the chosen payment term.
- The Maturity Benefit gives a return of 110% of the total premiums paid till the end of the policy term.
- You can choose the frequency of income benefit as yearly, half-yearly, quarterly or monthly.
- Limited premium payment options are 7, 8 and 10 years.
- You can also get a loan on this policy.
Benefits of SBI Life Smart Platina Plus Plan
Death Benefit
The death benefits under the two income options are as follows:
Life Income
In case of death of the life assured at any time during the policy term, the Sum Assured on Death shall be payable to his beneficiary in a lump sum and the policy shall terminate.
Guaranteed Income
The death benefits payable before the commencement of the Payout Period and after the Payout Period are different. which is like this:
- In case of death of the life assured before the start of the payout period, the Sum Assured on Death is paid to the beneficiary of the life assured in a lump sum and the policy terminates.
- In case of death of the Life Assured after the commencement of the Payout Period, the Sum Assured on Death is payable to the beneficiary of the Life Assured in a lump sum and the beneficiary continues to receive guaranteed future income during the Payout Period.
Where Sum Assured on Death is higher of the following:
- Basic Sum Assured 11 times the annualized premium
- 105% of the total premiums paid till the date of death
- Annual Guaranteed Income * Death Benefit Factor for Guaranteed Income + Maturity Benefit * Death Benefit Factor for Maturity Benefit
Maturity Benefit
For both the income plan options, on survival to the end of the policy term, 110% of the total premiums paid is returned at the end of the policy term.
Survival Benefit
For both the income plan options, guaranteed income is paid on the basis of the frequency of payouts during the payout period, provided the life assured is alive.
Tex Benefits
You are eligible for income tax benefits/exemptions as per the income tax laws applicable in India, which are subject to change from time to time.
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. 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 – Smart Platina Plus 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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