SBI Life – Flexi Smart Plus


This is a non-linked variable SBI life insurance policy that not only offers you comprehensive life insurance cover, but also acts as an investment. It’s one of the few plans that provides guaranteed and regular benefits, in addition to benefits like premium holidays, bonus interest rates, etc.

Eligibility Conditions of SBI Life – Flexi Smart Plus

Entry Age

Minimum – 18 years.

Maximum – 60 years.

Maturity age

Minimum – 23 years.

Maximum – 65 years.

Sum assured

Basic Sum Assured: Annualized Basic Premium X SAMF

Sum Assured Multiple Factor (SAMF)

Minimum – SAMF Higher of:

  • 10 / 7 (age < 45 / age >= 45), or
  • 0.50 – 0.25 (age < 45 / age >= 45) x Policy Term.

Maximum – 20.

Key Features of SBI Life – Flexi Smart Plus


Non-linked variable




Gold and Platinum options.


  • Death Benefit:
    • 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.
    • 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.
  • 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


  • Yearly: Rs.50,000
  • Half-yearly: Rs.30,000
  • Quarterly: Rs.20,000
  • Monthly: Rs.9,000


  • No limit

Policy Revival

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

Discontinuance Charges

Policy year of discontinuance



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


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


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


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

5 onwards



No riders.


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


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.


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

Advantages of SBI Life – Flexi Smart Plus

The plan are:

  • Guaranteed minimum bonus interest rate of 1.00% p.a.
  • A bonus interest rate to be announced every financial year.
  • At the time of Maturity, Death or Surrender of policy, a Terminal Bonus Interest Rate will be credited to your account.
  • Gold and Platinum coverage options.
  • Partial withdrawals made available to you from the 6th policy year onwards to meet liquidity needs.
  • Increase or decrease Sum Assured.
  • Choose your own policy term.
  • Income Tax benefits.

How the Plan Works

Mr. Babu, a 25 year old software professional, opts for the Platinum option, with a policy term of 30 years and a premium payment term of 30 years. He pays annual premiums of Rs.50,000 and has a SAMF of 15.

Mr. Babu has a Sum Assured value of Rs.7,50,000 and on plan maturity, he will earn (at 4%) Rs.20,42,035 and (at 8%) Rs.43,47,364.


There are no riders available with this plan.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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