SBI Life – Flexi Smart Plus

Basis

Individual.

Options

Gold and Platinum options.

Coverage

1. Death Benefit:
   1. Gold option: In case the life insured dies, the nominees will receive the higher of Policy Account Value, or Sum Assured, or 105% of all premiums paid.
   2. Platinum option: In case the life insured dies, the nominees will receive the higher of Policy Account Value plus Sum Assured, or 105% of total premiums paid.
2. Maturity Benefit: The Policy Account Value including Terminal Bonus Interest Rate calculated on the Maturity Date will be paid to the policyholder as a lump sum.

Policy Term

Minimum: 5 years.

Maximum: 30 years.

Premium paying term

Same as policy term.

Premium paying frequency

Monthly, half-yearly, quarterly and yearly.

Premium paying amounts

Minimum:

1. Yearly: Rs.50,000
2. Half-yearly: Rs.30,000
3. Quarterly: Rs.20,000
4. Monthly: Rs.9,000

Maximum:

1. No limit

Policy Revival

1. Policy can be revived within 2 years from date of discontinuance in the Revival Period.
2. All due premiums must be paid.

Discontinuance Charges

Policy year of discontinuance

Charges

1

Lower of 6% of AP or FV, maximum Rs.6,000.

2

Lower of 4% of AP or FV, maximum Rs.5,000.

3

Lower of 3% of AP or FV, maximum Rs.4,000.

4

Lower of 2% of AP or FV, maximum Rs.2,000.

5 onwards

None

Riders

No riders.

Bonuses

A Bonus Interest Rate will be declared at the end of every financial year.

Loan

No loan.

Free look period

The plan has a 15 days free look period from the date of receipt of the policy document.

Grace period

The policyholder gets a 30 day grace period to pay the premiums in annual, semi-annual and quarterly modes, and 15 days for monthly mode.

Tax benefits

You will be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Nomination

You can appoint anyone as Nominee to receive the benefits under this policy.