• SBI Life - Smart Money Planner

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    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    Overview

    The Smart Money Planner is a participating savings plan that offers the policyholder the benefits of an SBI life insurance plan along with the benefit of a source of regular income that can be used to deal with upcoming expenses. It features a choice of 4 different plans to choose from and also comes with surrender, death and maturity benefits. Even the premiums payable towards this plan offer benefits like limited pay options, regular payment options or lump sum payments. It also offers rebates in the premiums when the sum assured is higher and allows policyholders to take loans against the policy.

    Eligibility Conditions of SBI Life - Smart Money Planner

    Entry age

    The minimum and maximum entry ages will depend on the plan that is being opted for. They will be:

    Plans

    Min Age

    Max Age

    Plan 1

    18 years

    60 years

    Plan 2

    18 years

    55 years

    Plan 3

    18 years

    55 years

    Plan 4

    18 years

    60 years

    Maximum maturity age

    70 years

    Key Features of SBI Life - Smart Money Planner

    Type

    Participating traditional savings plan

    Sum assured

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

    • Single pay where the entire premium is paid as one lump sum.
    • Annual
    • Half-yearly
    • Quarterly
    • 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

    • For half-yearly premium payments policyholders will pay 52% of the annual premium.
    • For quarterly premiums it will be 26.5% of the annual premium.
    • 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

    Plan

    Benefit paying term

    Plan 1

    5 years

    Plan 2

    10 years

    Plan 3

    5 years

    Plan 4

    10 years

    The benefits paid will be:

    Plan

    Benefit paying term

    Benefits (% of the basic sum assured)

    Plan 1

    5 years

    20%

    Plan 2

    10 years

    10%

    Plan 3

    5 years

    20%

    Plan 4

    10 years

    10%

    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:

    • Vested simple reversionary bonus
    • Terminal bonus

    Other features

    • The freelook period will range from 15 days to 30 days.
    • The grace period for the payment of premiums for this policy is 30 days from the due date.
    • Growth period for single pay policies will be 10 years for plans 1 and 2 and 15 years for plans 3 and 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.

    Benefits/Advantages of SBI Life - Smart Money Planner

    • Premiums paid towards this life insurance policy and the benefits received from them are eligible for tax benefits under sections 80C and 10(10D).
    • Once the policy has achieved a surrender value, policyholders can take a loan of up to 90% of that value.
    • Higher sum assureds get a rebate on the premiums. The rebate is a specific amount for every Rs. 1,000 of the sum assured. The rebates are:
      • For sum assured between Rs. 2 lakhs and Rs. 3 lakhs the rebate will be Rs. 20 for single pay and Rs. 2 for limited pay policies.
      • For a sum assured between Rs. 3 lakhs and 5 lakhs with be Rs. 3 for limited pay and Rs. 25 for single pay policies.
      • For a sum assured equal to or greater than Rs. 5 lakhs the rebate will be Rs. 5 for limited pay and Rs. 30 for single pay policies.
    • The policy also offers a guaranteed surrender value which ranges from 30% to 70% of the basic premiums paid. The availability of the benefit depends on the plan opted for and can start from the 2nd year or the 3rd year. The amount that will be returned will depend on the number of years for which the policy is held.

    How the Plan Works?

    Let us assume that Ram, who is 25 years old, opts for this policy and takes a cover of Rs. 50 lakhs. The plan he goes in for is Plan 2, the policy term is 20 years and the premium paying term is 6 years. The annual premium that he will pay is about Rs. 7,86,807. This means that his benefits will be:

    • Death benefit: these will be the base sum assured of Rs. 50 lakhs and the bonuses applicable. Which, if we assure 4% to 8% annual returns, will be between Rs. 14,95,000 to Rs. 34,50,000.
    • Maturity benefits: From the 11th year onwards he will get an amount of Rs. 5 lakhs every year along with the non-guaranteed benefits that will be the annual returns.
    • Surrender benefits: The surrender benefits will range from Rs. 4,56,120 to Rs. 27,36,720 between the 2nd and 11th year of the policy. Thereafter the benefits will reduce till the 16th year and won’t be available after the 16th year.

    Premium Payment

    The premium payable will be calculated based on the sum assure, plan selected and the premium paying term. They will also include any applicable taxes such as service tax. They can also be paid as a single premium or for a limited period of the policy term.

    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 Money Planner Plan Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have take life insurance from Sbi life . Am satisfied with the premium amount . This policy covers accidental coverage and critical illness . Every 3 month i had to pay through cheque. They gave the tenure period of 13 years with 55years of policy coverage. Their customer service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 17, 2018
    • 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
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