Investment Plans 710 views April 6, 2020

SBI Life Smart Wealth Assure

Investments are done by all with an expectation that it will create wealth that will help to meet a purpose or many goals. And life insurance is necessary to mitigate the risks of any unfortunate incidents by way of giving strong financial protection. So, if you are looking for a life insurance plan with an investment tool where there will be coverage of life as well as an opportunity to invest in the market, you can consider SBI Life Smart Wealth Assure which is a combination of these two aspects which can surely make a difference in your life. SBI Life Smart Wealth Assure life insurance plan helps you to enjoy the dual benefit of getting a life cover with scope for investment in the market.

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Let us take you through the features of theSBI Life Smart Wealth Assure life insurance plan for your reference.

Details of SBI Life Smart Wealth Assure Insurance Plan

SBI Life Smart Wealth Assure Insurance Plan is an individual, Unit-Linked and non-participating life insurance tool. The plan has:

  1. Protection- A financial coverage for the family
  2. Flexible – Choices of 7 funds based on the risk appetite
  3. The facility of Withdrawal- Ease of partial withdrawal, if needed
  4. Affordable- Extension of the plan by taking the facility of riders
  5. Tax Benefit- Exemption under section 80(D) of the Income Tax Act with further consultation from the tax advisor

Benefits of SBI Life Smart Wealth Assure Insurance Plan

Smart Wealth Assure Insurance Plan has several benefits which can be stated as below:

  1. The plan offers a combination of various funds providing returns related to the market
  2. Choices of 7 funds to invest in the market as per your risk-taking ability which are equity fund, bond fund, balanced fund, corporate bond fund, bond optimizer fund, pure fund, and money market fund
  3. A single-premium plan but benefits can be enjoyed during the policy term
  4. Maturity benefit :On maturity and upon the survival of the life insured, the value of the fund is paid as a lump sum amount to the life insured. Let us take an example:

Mr Arnab Sen, 45 years of age, have takenthe Smart Wealth Assure plan and paid a single premium of INR 2000000 for a term of 20 years and with a sum insured as INR 2500000 with 100% equity investment. The Value of the fund approximately will be at 4% will be INR 3052509 and at 8% 6518079. The maturity value will be any one of these depending on the market scenario. The percentage of the return of 4% and 8% are taken for giving example and is not guaranteed since it is linked to the market.

  1. Death Benefit under Smart Wealth Assure Plan will be the basic sum insured or the fund value, whichever is higher. In the above example, if the insured person dies in the 16th year of the policy term, then the death benefit will be considered to be the higher of INR 1250000 or INR 2717095 at a 4% return or 4804137 at 8% return, as applicable.

Note: Calculator for the purpose of Illustration has been used from the official website of SBI Life under theSmart Wealth Assure plan.

  1. Partial withdrawal is allowed from the 6th year of the policy
  2. For Accidental Death Benefit, the sum insured for Accidental Death Benefit will be paid

Eligibility for SBI Life Smart Wealth Assure plan

Below are the eligibility criteria for this plan:

Entry AgeMinimum 8 years, Maximum 60 years
Maturity AgeMaximum 70 years
Policy tenure Minimum -10 years
Maximum – 30 years
Mode of PremiumSingle
Sum InsuredSingle-Premium * 1.25 times
Amount of PremiumMinimum INR 50000, Maximum -Zero Limit

Charges applicable under Smart Wealth Assure plan

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

  1. Premium Allocation Charges which is 3% of the Single-Premium
  2. Charges for Policy Administration of the Policy which is INR 45 each month and is calculated for the 5 years
  3. Charges for Mortality which is removed from the units of the fund value on the 1st business day each month
  4. Charges for discontinuation which is considered as a percentage of the single premium or the value of the fund
  5. Charges for Switching fund from one fund to the other for INR 100 for all switch from the 3rd switch
  6. Charges for Accidental Death Benefit which is taken every month by taking the units as applicable

Condition of Suicide under SBI Life Smart Wealth Assure plan

If the life insured commits suicide within 12 months from the date of the beginning of the policy, then the nominee will get the fund value as on that date.You can contact SBI Life in the following ways:

  1. By calling their toll-free number 1800 267 9090 any day between 9 am till 9 pm OR
  2. Email at sbilife.co.in OR
  3. SMS to 56161 and write CELEBRATE

Build a strong corpus with SBI Life Smart Wealth Assure plan reap the benefits of the same by investing in the market to the fullest extent and give solid financial protection to your family.

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