SBI Life Smart Money Planner

The SBI Life Smart Money Planner is a traditional, participating, individual, non-linked investment plan that can provide regular income to the policyholder. It allows the individual to meet their financial demands at different stages of their life. It is a profit endowment assurance plan that offers reliability, security, flexibility through life covers, 4 different plan choices and regular income.

Features and Advantages of SBI Life Smart Money Planner

The features of this investment plan are mentioned below.

1. Life cover throughout the policy term
2. Sum assured in equal instalments throughout the payment period
3. Four plan options.
4. Limited and Single Premium Payment Options

Advantages of SBI Life Smart Money Planner

1. It offers financial protection for the policyholder’s family
2. This plan is reliable and provides regular income to fulfill your financial goals
3. It comes with four plan options customized to suit the financial requirements of the policyholder.
4. SBI Life Smart Money Planner policyholders can choose their premium payment period according to their financial commitments.
5. Policyholders are eligible to avail tax benefits as per the applicable Income Tax Laws in India.

Plan Benefits of SBI Life Smart Money Planner

The benefits of the SBI Life Smart Money Planner are as follows

Death Benefit

In the event of the unfortunate demise of the policyholder during the policy term, the nominee will receive the higher of the following :

1. the sum assured on death + simple reversionary bonus + terminal bonus
2. 105% of the premium paid by the plan holder until his death. The Sum assured on the death of the policyholder will be higher of the basic sum assured, the guaranteed sum assured payable at maturity which is 10% or 20% of the basic sum assured according to the plan chosen or a multiple of single premium.

Maturity benefits

If the policyholder survives throughout the policy term, he/she will get guaranteed sum assured payable at maturity plus vested reversionary bonuses plus terminal bonus, if any. The guaranteed sum assured at maturity is 10 or 20% of the basic sum assured according to the plan chosen.

Survival benefits

If the policyholder survives during the benefit payout period, he/she will get regular payouts at the end of the policy year. The regular annual payouts will be equal to 20% of the basic sum assured for five years if the policyholder has chosen plan 1 & 3, and 10% of the basic sum assured for ten years if the plan holder has chosen plan 2 & 4.

Eligibility conditions of SBI Life Smart Money Planner

Before filing a proposal form for this investment plan, you must meet the following eligibility criteria

Entry age

1. Plan 1 – Minimum is 18 years and the maximum is 60 years.
2. Plan 2-Minimum is 18 years and the maximum is 55 years.
3. Plan 3-Minimum is 18 years and the maximum is 55 years.
4. Plan 4-Minimum is 18 years and the maximum is 50 years.

Maturity age

The maximum age of maturity is 75 years.

Plan type

Limited premium/single premium

1. The minimum and maximum sum assured for the policyholder is INR 1,00,000 and INR 5,00,00,000, respectively.
2. Premium Payment Period: The premium payment period is 6 years for plan 1 and 2 and 10 years for plan 3 and 4.
3. Growth Period: The growth period is 4 years for plan 1 and 2 and 5 years for plan 3 and 4.
4. Benefit Payment Period: The benefit payment period is 5 years for plan 1 and 3 and 10 years for plan 2 and 4.
5. Policy Term: You can get a policy term is 15 years for plan 1, 20 years for plan 2 and 3 and 25 years for plan 4.
6. Premium Payment Term: You can pay the premium annually, bi-annually, quarterly or monthly or only once in the policy period.
7. Premium frequency loading: The premium frequency loading is 51%,  26% and 8.50% of the annual premium for half-yearly, quarterly and monthly payment intervals, respectively.

Conclusion

The SBI Life Smart Money Planner is excellent for individuals looking for a regular income throughout the policy term. It promises regular annual payout and life cover providing dual benefits to the policyholder.