The SBI Life Smart Money Planner is a traditional, participating, individual, non-linked investment plan that can provide regular income to the plan holder. It allows the individual to meet their financial demands at the different stages of their life. It is a profit endowment assurance plan that offers reliability, security, and 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 as mentioned below.
- It provides the benefit of life cover through the entire term of the policy.
- It provides the policyholder with an assured sum in equal instalments throughout the payment period.
- It provides the plan holder with four plan options.
- It also gives the following options to plan holders:
- Limited premium payment
- Single premium payment
The advantages of SBI Life Smart Money Planner are as mentioned below.
- It provides security in the form of financial support to ensure that the plan holder’s family is protected.
- This plan is reliable and provides regular income to ensure that the financial goals of the plan holder are met.
- It provides flexibility in the form of four plan options customized to suit the financial requirements of the plan holder.
- The plan holder of SBI Life Smart Money Planner is flexible to choose his premium payment period according to his financial commitments.
- Tax Benefits: The plan holder is 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
In the event of the unfortunate demise of the policyholder during the policy term, the nominee will receive higher of the following two options:
- the sum assured on death + simple reversionary bonus + terminal bonus
- 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.
If the plan holder survives through the policy term, he/she will get maturity benefits in the form of 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.
If the plan holder 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 plan holder 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 ensure the following eligibility
- Plan 1 – Minimum is 18 years and the maximum is 60 years.
- Plan 2-Minimum is 18 years and the maximum is 55 years.
- Plan 3-Minimum is 18 years and the maximum is 55 years.
- Plan 4-Minimum is 18 years and the maximum is 50 years.
The maximum age of maturity is 75 years.
Limited premium/single premium
- The minimum sum assured to the policyholder is Rs 1,00,000 and the maximum sum assured is Rs 5,00,00,000.
- Premium payment period: The Premium payment period is 6 years for plan 1 and 2 and 10 years for plan 3 and 4.
- Growth Period: The growth period is 4 years for plan 1 and 2 and 5 years for plan 3 and 4.
- Benefit payment period: The Benefit payment period is 5 years for plan 1 and 3 and 10 years for plan 2 and 4.
- Policy term: The policy term is 15 years for plan 1, 20 years for plan 2 and 3 and 25 years for plan 4.
- Premium Payment Term: Under the SBI Life Smart Money Planner, the premium can be paid annually, bi-annually, quarterly or monthly or a single premium.
- Premium frequency loading: The premium frequency loading is 51% of the annual premium for half-yearly, 26% of the annual premium for quarterly and 8.50% of the annual premium for monthly.
The SBI Life Smart Money Planner is excellent for individuals looking for a regular income throughout the policy term. This plan promises regular annual payout and life cover providing dual benefits to the plan holder.