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Investment Plans 2200 views March 11, 2020
Life Insurance is an integral part of every family, whether you are single or married. And if you are married, you have an additional responsibility to take care of the needs and future requirements and dreams for your spouse as well. And here comes an insurance plan which can give you peace of mind with the coverage of both insurance as well as savings. SBI Life Smart Humsafar life Insurance Plan has the dual benefits of providing life coverage together with savings under one umbrella. SBI Life, as we all know is the leader and a pioneer in the life insurance industry in India. With its various array of life insurance products at an affordable rate, SBI Life has become an essential need in every Indian citizen’s life.
Here, we take you through the various aspects of the SBI Life Smart Humsafar life insurance plan.
Table of Contents
SBI Life Smart Humsafar is an exclusive plan which offers the following to its customers.
SBI Life Smart Humsafar, a Joint Life Insurance with non-linked participating and an endowment plan, comes with a host of benefits which can be listed as below:
Payment of Sum Insured on death will be greater of the basic sum Insured or the guaranteed sum insured upon maturity or a multiple of the Annualized Premium or AP. The multiple is as below:
Entry age < 45 years | AP * 10 |
Entry age >= 45 years | AP * 7 |
105% of the entire premiums paid under the main or basic plan:
For the 2nd Death, the benefit is given to the nominee, as option 1 or 2 whichever is higher, as given below:
Payment of Sum Insured on death will be greater of the basic sum Insured or the guaranteed sum insured upon maturity or a multiple of the Annualized Premium or AP. The multiple is as below:
Entry age < 45 years | AP * 10 |
Entry age >= 45 years | AP * 7 |
105% of entire premiums paid under the main or basic plan including the waived off premiums
The benefit of tax exemption under section 80(D) can be availed under SBI Life Smart Humsafar
The basic policy is a traditional endowment plan with a bonus that gets accrued until the end of the term of the policy for all running policies. The Basic Sum Insured together with the due bonuses is being paid to the surviving life insured or both till the policy is matured. Upon the 1st death, payment will be for the sum insured and all future premiums are waived off from the next renewal of the plan. And on the 2nd death, the sum insured with all the accrued bonuses are paid. In all situations, the policy has to be a running policy.
Let us see who all can apply for SBI Life Smart Humsafar and other criteria.
Entry Age | The minimum is 18 years Maximum is 46 years |
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Maturity Age- Maximum | 65 years |
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Sum Assured | Minimum -INR 100000 Maximum- INR 50000000 |
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Policy Tenure | The minimum is 10 years Maximum is 30 years |
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The difference in age of the lives Insured | 20 years Maximum | ||||||||||
Premium Payment Term | Equal to Policy Term |
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Frequency of Premium | Monthly, Quarterly, Bi-Annually and Annually |
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Premium Amount Maximum | It is calculated on the Basic Sum Insured |
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Premium Amount (excluding Tax) |
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Loading | Monthly- 8.5% of the yearly premium Quarterly-26% of the yearly premium Bi-Annually-51% of the yearly premium |
There is one situation where the payments will be not as per the normal rule. In case, if the life insured or both the life insured commits suicide then
So, plan well and invest wisely so that under any given situation of life, which is unpredictable, you and your spouse will be able to face the situation without any stress. SBI Life Smart Humsafar will support you and your better half in every possible way to make your all dreams come true.