Investment Plans 1432 views March 11, 2020

SBI Life Smart Humsafar

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.

Investment

To know the right investment, please fill the details below and our policy experts will get in touch with you

+91

Here, we take you through the various aspects of the SBI Life Smart Humsafar life insurance plan.

Details of SBI Life Smart Humsafar

SBI Life Smart Humsafar is an exclusive plan which offers the following to its customers.

  1. Protection- In case of unfortunate death of the life assured this plan provides a great amount of security.
  2. Trustworthiness- By getting a premium waiver facility, this plan gives a complete trust of lessening the financial burden.
  3. Options- Add on riders helps to have various options which can be included as per the requirements
  4. Simple- Coverage of two lives under one single plan

Benefits of SBI Life Smart Humsafar Insurance Plan

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:

  1. SBI Life Smart Humsafar is a combined life insurance plan for you as well as your spouse in one request
  2. The guaranteed bonus of 2.50% of the Sum Insured for all running polices for the initial 3 years
  3. Availability of waiver of premium where one of the life insured is deceased
    Presence of added rider benefits like Accidental Death Rider for a complete coverage
  4. The plan provides a strong financial guard in case of any unfortunate death of all the lives insured as Death Benefit and also gives payment to the surviving life insured, as Maturity Benefit.
  5. Maturity Benefit comes as a payment of Basic Sum Insured, simple revisionary bonus with Terminal Bonus, if applicable.
  6. For the 1st Death, the benefit is given to the life insured who is present, 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 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

How does SBI Life Smart Humsafar work?

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.

Eligibility

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
Maturity Age- Maximum65 years
Sum AssuredMinimum -INR 100000
Maximum- INR 50000000
Policy TenureThe minimum is 10 years
Maximum is 30 years
The difference in age of the lives Insured20 years Maximum
Premium Payment TermEqual to Policy Term
Frequency of PremiumMonthly, Quarterly, Bi-Annually and Annually
Premium Amount MaximumIt is calculated on the Basic Sum Insured
Premium Amount (excluding Tax)
Mode Minimum (INR)
Monthly500
Quarterly1500
Bi-Annually3000
Annually6000
Loading Monthly- 8.5% of the yearly premium
Quarterly-26% of the yearly premium
Bi-Annually-51% of the yearly premium

Exclusions under SBI Life Smart Humsafar

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

  1. The Nominee will get 80% of all the premiums which are being paid in case of running policies with the nil death benefit
  2. From the date of revival of the policy, the nominee will get 80% of all the premiums paid until the death or the surrender value, whichever is greater for all running policies

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.

People Also Read