• SBI Life - Smart Humsafar

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    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    Overview

    The Smart Humsafar is an endowment plan where the policyholder can also cover their spouse under the same plan. It offers some interesting benefits to the policyholder which include things like waiver of premium in case of the death of one of the life assured and a payment of the sum assured in such a case. It can provide life insurance cover of amounts as high as Rs. 5 crore and offers both death and maturity benefits. There are also bonuses that can be paid in this policy that include a terminal and a reversionary bonus.

    Eligibility Conditions

    Entry age

    Minimum: 18 years

    Maximum: 46 years

    Maximum maturity age

    65 years

    Difference between ages of lives assured

    20 years

    Key Features

    Type

    This is a non-linked participating endowment plan

    Sum assured

    • Minimum: Rs. 1 lakh
    • Maximum: Rs. 5 Crore
    • The sum assured can also be a multiple of the annual premium.
      • If the entry age is less than 45 year then the sum assured will be 10 times the annual premium.
      • If it is above 45 years, the sum assured will be 7 times the annual premium.

    Coverage

    Death benefits: The death benefits under this plan are slightly different for each member. There are two options and the benefits paid are the higher of the two.

     

    First Death

    Second Death

    Option A

    • Sum assured on death which is the higher of the basic sum assured or a multiple of the annual. premium.
    • Future premiums will also be waived off.
    • Sum assured in addition to vested simple reversionary bonus and any terminal bonus.

    Option B

    • 105% of the premiums paid.
    • All future premiums will also be waived off.
    • 105% of all premiums paid, including the ones that were waived off.

    Maturity benefits: The maturity benefit in this policy is the payment of the basic sum assured along with the vested simple reversionary bonus and terminal bonus.

    Basis

    Joint

    Premiums

    The maximum premium that can be paid under this policy will depend on the basic sum assured however, the minimum premiums can be:

    Mode

    Amount

    Monthly

    Rs. 500

    Quarterly

    Rs. 1,500

    Half-yearly

    Rs. 3,000

    Yearly

    Rs. 6,000

    Premium paying term

    This is a regular pay policy so the premium paying term will be the same as the policy term.

    Premium paying modes

    The premiums can be paid annually, semi-annually, quarterly and monthly.

    Policy term

    10 years to 30 years

    Policy validity

    Same as policy term

    Renewability

    Not applicable

    Bonuses

    This policy offers a simple reversionary bonus and a terminal bonus.

    Other features

    • Freelook period: The freelook period for this policy ranges from 15 days to 30 days.
    • Grace period: The grace period for the payment of premiums is 15 days for monthly premium payments and 30 days for all other premium payments.
    • For the first 3 years, policyholers get a guaranteed simple reversionary bonus of 2.5% of the basic sum assured.
    • The policy also offers a surrender value wherein a percentage of the premiums paid are returned if the policy is surrendered. The exact values are calculated as indicate below.

    Policy term

    Surrender value (% of premiums paid)

    1-2 years

    0%

    3

    30%

    4-7 years

    50%

    8-10 years

    55%

    11-15 years

    60%

    16-20 years

    65%

    21 years or more

    70%

    Add-on covers / Riders

    This plan can be coupled with the accidental death benefit rider however, the rider can only be taken when the policy is first taken, it cannot be added on later.

    Benefits/Advantages

    • Premiums paid towards this policy and the returns from it are eligible for tax benefits under section 80C and 10(10D) of the IT Act.
    • Once the policy has attained a surrender value, policyholders can take a loan of up to 90% of the surrender value of the policy.
    • For policies with a sum assured between Rs. 3 lakhs and Rs. 5 lakhs a rebate of Rs. 2 per Rs. 1,000 of sum assured is available.
    • For a sum assured of more than Rs. 5 lakhs the rebate on the premium is Rs. 3 for every Rs. 1,000 of the sum assured.

    How the Plan Works?

    Since this is a joint plan, it can be taken by couple and provides cover for both of them. To understand this plan let us take the example of Ajay, who is married to Parul. He takes this plan and covers his wife too. The amount chosen is Rs. 30 lakhs for a term of 20 years. For this he has to pay an annual premium of Rs. 1,63,944 (basic premium + service tax). The benefits he gets under this plan are:

    • At the time of maturity he will get his basic sum assured and the bonuses which could be Rs. 13,14,450 at a rate of return of 4% per annum or Rs. 20,70,000 at a rate of return of 8% per annum (the bonuses are indicative and can change as per company declarations and performance)
    • From the 3rd year he will also be eligible to claim surrender values that could range from Rs. 1,42,560 to Rs. 20,59,200 depending on when the policy is surrendered.
    • Should he pass away before the policy matures, Parul will get the sum assured and future premiums will be waived off.
    • Should Parul also pass away, the beneficiary in that case will get the basic sum assured plus any applicable bonus. The sum assured, in case of option B for second death is selected, will be 105% of all premiums paid including those that were waived off.

    Premium Payment

    The premium payments remain the same for the duration of the premium paying term and they are paid for the entire duration of the policy. There are four options when it comes to paying the premium and in case the monthly mode is selected, the first three months premiums needs to be paid in advance. The premiums can also be paid either via a credit card or through direct debit from your account. This is the best way for payment of any SBI Life Insurance Policies.

    Riders

    This plan can be coupled with the Accidental Death Benefit Rider which can enhance the cover of the policy by Rs. 25,000 to Rs. 50 lakhs. This sum assured under this rider will become payable if the death is caused by an accident and is applicable to both the lives assured under the parent plan. The main condition associated with this rider is that the death of the person will be considered to have been a result of the accident if it happens within 120 days of the accident. The premiums for this rider can be paid along with those for the main policy.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

    SBI Life – Smart Humsafar Plan Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the State Bank of India life and the premium is around 50000 Rupees per annum. I need to pay it for the tenure of 5 years of time and the return value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
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