SBI Life Smart Guaranteed Savings Plan
SBI Life Smart Guaranteed Savings Plan is a traditional, non-participating savings cum insurance plan that inculcates the habit of saving in policyholders while offering them financial protection against unforeseen circumstances.
The plan offers guaranteed savings and insurance which makes it popular among customers who are looking for a single product to offer both. The plan thus, is well-suited to individuals who are looking to save for a rainy day and to provide for their family even when they are no longer around.
Eligibility Criteria for SBI Life Smart Guaranteed Savings Plan
Listed below are the minimum and maximum entry age for the Plan
Age at entry | Minimum Age - 18 years Maximum Age - 50 years |
Maturity Age | 65 years |
Key features of SBI Life Smart Guaranteed Savings Plan
The table below depicts the key features of the Plan.
Plan type | Non-Participating Non-unit-linked traditional, insurance plan. |
Plan basis | Individual |
Premium paying terms | 7 years |
Policy term | 15 years |
Premium payment Mode | Yearly |
Grace period | 30 days from the expected date of payment of premium |
Free Look Period | 15 days from the date of availing the policy |
Nomination | Nomination facility is available under section 39 of the Insurance Act, 1938 |
Sum Assured | Sum assured is a function of the annual premium paid by a policyholder |
Policy coverage | Death benefits and maturity benefits. Death Benefits: In case of first death of the policyholder, sum assured plus guaranteed accrued additions will be paid out to the beneficiary. Maturity Benefits: This applies to events where the policyholder survives the policy period. The basic sum assured plus guaranteed accrued additions are payable to the policyholder at the time of policy maturity |
Premium Amounts Applicable | Minimum premium amount - Rs. 15,000 Maximum premium amount - Rs.75,000 (both these figures are per person) |
Benefits/Advantages of SBI Life Smart Guaranteed Savings Plan
Following are some of the most significant advantages of availing the SBI Life Smart Guaranteed Savings Plan life insurance policy.
- Tax benefits: Tax exemption under section 80C of the Income Tax Act can be availed by policyholders, subject to a maximum exemption limit.
- Premium payment only for half the policy period: Premium amount needs to be paid just for 7 years of the policy period while protection is guaranteed for the entire 15 years of policy
- Guaranteed Additions: Guaranteed additions accrue at the end of each policy year. These additions are in proportion to the annual premium amount paid by the policyholder
- Dual Benefits of savings cum protection: A single insurance scheme offers both savings as well as insurance option, making this plan a truly great financial product
- Loans against Smart Guaranteed Savings Plan: SBI allows loans against this insurance policy. Loans are allowed only after the policy has attained surrender value. Loan amounts up to 90% of the surrender value can be availed.
How does the SBI Life Smart Guaranteed Savings Plan work
Smart Guaranteed Savings Plan insurance plan is a standard savings cum insurance plan that offers protection as well as facilitates the habit of saving among customers. The plan offers guaranteed additions and death benefits. The plan is unique since it charges premium payment for 7 years when the policy period is a total of 15 years. Just half way down the line, customers can relax and stop payment of premiums and continue to enjoy your SBI life insurance benefits.
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