Insurance Plans 579 views March 14, 2020

SBI Life Flexi Smart Plus

Life Insurance is a tool that not only gives life coverage but also helps you to invest in the market to get the benefits of your investment. As the head of the family, you would always like to do the maximum and the best things for your family. Likewise, when it comes to insuring yourself and your family, you want the best plan which will not only give the scope of life cover and investment but also will maximize all the given chances to grow your wealth over the years thereby fulfilling the dreams of your family. SBI Life, a pioneer in the country’s life insurance industry, offers such a plan which gives both protection as well as an investment opportunity with growth under one single plan.

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SBI Life Flexi Smart Plus life insurance plan is the name of the plan offered by SBI Life which helps you to achieve the above. Here are the details of the said plan.

Details of SBI Life Flexi Smart Plus Insurance Plan

SBI Life Flexi Smart Plus Insurance Plan is a flexible, individual and participating life insurance plan which offers:

Financial Guard- A financial cover with life cover for the family

Flexible – Choice of a variable sum insured with an increase in the term of the policy as per the need

Withdrawal Facility– Comfort of part withdrawal, when needed
Consistency- Building of a financial corpus over the years

Tax Benefit- Exemption under section 80(D) of the Income Tax Act with consultation from the tax advisor

Benefits of SBI Life Flexi Smart Plus Insurance Plan

SBI Life Flexi Smart Plus Insurance Plan has several benefits which can be stated as below:

  1. Choice of two funds which are Gold and Platinum Option
  2. Guaranteed Minimum Bonus Interest Rate of 1% per annum for the entire term
  3. Flexibility to change the Sum Insured which can be increased or decreased from the 6th year
  4. Option to increase the SAMF (explained in the below table) to have an increased sum insured, however, there will be no change in the premium amount. On the other hand, the sum insured can be decreased by reducing the SAMF, again here the premium amount will not be reduced
  5. The option of increasing the term under the policy from the 6th year
  6. The facility of Partial withdrawal from the 6th year of the policy. In one policy year, you can avail one switch free of cost, however, any further withdrawal is chargeable for INR 100 per withdrawal. The minimum amount of partial withdrawal will be INR 2000 and the maximum amount will be till the summation of all accumulated bonuses at the time of the partial withdrawal
  7. Availability of Bonus and Terminal bonus
  8. Maturity Benefit: Upon survival of the life insured, he or she will be eligible to get the Policy Account Value and this will include the terminal bonus rate as well. This will be considered as a maturity benefit which will be calculated as on the date of maturity and will be paid as lumpsum to the policyholder
  9. Death Benefit: On the death of the life assured, the benefits will be given to the nominee as per the plan chosen which is as below:
    • Gold Plan- Policy Account Value OR Sum Insured or 105% of all the premiums paid as on the date of notification of death, whichever is higher.
    • Platinum Plan- Policy Account Value AND Sum Insured or 105% of all the premiums paid as on the date of notification of death, whichever is higher

Eligibility for SBI Life Flexi Smart Plus plan

Below are the eligibility criteria for this plan:

Entry age18 years to 50 years
Maximum maturity age55 years
Entry AgeMinimum 18 years, Maximum 60 years
Maturity AgeMinimum 23 years, Maximum 65 years
Policy tenure Minimum -5 years
Maximum – 30 years
Sum Assured Multiple Factor or SAMF
Minimum
Greater of Annualized Premium *10/7 (Age < 45 years/ age >= 45)
OR
Annualized Premium* 0.50/ 0.25 (Age < 45 years/ age >= 45) * Term of the Policy

Maximum 20 * Annualized Premium
Sum InsuredBasic Sum Insured = Annualized Basic Premium * SAMF
Frequency of PremiumMonthly, Quarterly, Bi-Annually and Annually
Term of Premium PaymentEqual to the term of the policy
Amount of PremiumMinimum
Yearly- INR 50000
Bi-Annually- INR 30000
Monthly- INR 9000
Quarterly- INR 20000

Maximum -Zero Limit

Charges applicable under SBI Life Flexi Smart Plus plan

There are certain charges which are there in this plan. These are:

  1. Premium Allocation Charges ranges between 5% till 9% depending on the number of policy years
  2. Charges for Policy Administration which is INR 70 each month for 1st year and INR 50 for 2nd year
  3. The yearly charges for Fund Management are 0.75% per year
  4. Charges for Mortality is reduced from the account on the 1st business day each month
  5. Charges for discontinuation is calculated as a percentage of annualized premium or the value of the fund with a limitation on the maximum amount for each policy year

Condition of Suicide under SBI Life Flexi Smart Plus plan

If the life insured commits suicide within 12 months from the policy issue date or revival date, then the policy will stand cancelled.

SBI Life has made it easy for all customers to contact SBI Life for their convenience in the below-mentioned ways:

  1. You can call at the toll-free number 1800 267 9090 any day between 9 am till 9 pm OR
  2. Drop an email at sbilife.co.in OR
  3. Send an SMS CELEBRATE to 56161

With the SBI Life Flexi Smart Plus Life Insurance plan, your plans of providing the financial protection to your family become easy, so that they stay secure and are able to fulfil their dreams and lead a stable life.

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