SBI Life - Smart Money Planner

Type

Participating traditional savings plan

Sum assured

1. Minimum: Rs. 1 lakh
2. Maximum: Rs. Rs. 5 crore
3. For limited pay policies the minimum sum assured will be:
   1. 10 time the premiums paid for those under 45 years of age at entry
   2. For those over 45 years of age, 7 times the premiums paid.
4. For single pay policies the minimum sum assured will be:
   1. 1.25 times the premium paid for those under 45 years of age.
   2. 1.10 times the premium paid for those over 45 years.

Coverage

Death benefits: The death benefits payable under this policy will be the higher of the sum of the basic sum assured, terminal bonus and simple vested reversionary bonus and 105% of all the premiums paid.

Maturity benefits: The maturity benefit of this plan is the sum of the guaranteed sum assured, terminal bonuses and the vested reversionary bonus.

Basis

Individual

Premiums

The premiums payable for this policy will depend on the plan opted for and the addition of any riders. They can either be paid as a single premium or for a limited period.

Premium paying term

The premium paying term differs for each plan under this policy.

Paln

Premium paying term

Plan 1

6 Years

Plan 2

6 Years

Plan 3

10 Years

Plan 4

10 Years

Premium paying modes

There are four ways to pay the premiums for this policy:

1. Single pay where the entire premium is paid as one lump sum.
2. Annual
3. Half-yearly
4. Quarterly
5. Monthly

Policy term

The policy term is determined by the plan that the policyholder takes:

Plan

Policy term

Plan 1

15 years

Plan 2

20 years

Plan 3

20 years

Plan 4

25 years

Premium loading

1. For half-yearly premium payments policyholders will pay 52% of the annual premium.
2. For quarterly premiums it will be 26.5% of the annual premium.
3. For monthly payments 8.9% of the annual premiums will be paid.

Growth period

The growth period for each plan will be:

Plan

Growth period

Plan 1

4 years

Plan 2

4 years

Plan 3

5 years

Plan 4

5 years

Benefit paying term

The benefit paying term for each plan will be

The benefits paid will be:

Plan

Benefit paying term

Plan 1

5 years

Plan 2

10 years

Plan 3

5 years

Plan 4

10 years

Plan

Benefit paying term

Plan 1

5 years

Plan 2

10 years

Plan 3

5 years

Plan 4

10 years

Policy validity

The policy validity is the same as the policy term provided all premiums are paid and the policy does not lapse.

Renewability

Not Applicable

Bonuses

This policy offers two bonuses:

1. Vested simple reversionary bonus
2. Terminal bonus

Other features

1. The freelook period will range from 15 days to 30 days.
2. The grace period for the payment of premiums for this policy is 30 days from the due date.
3. Growth period for single pay policies will be 10 years for plans 1 and 2 and 15 years for plans 3 and 4.
4. This plan also includes a suicide exclusion where if the policyholder commits suicide within 1 year of the policy, the death benefits will not be paid but 80% of the premium paid will be returned minus any cess and service tax.

Add-on covers / Riders

There are no riders for this policy.