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SBI Life Smart Elite

The is a Unit Linked Insurance Plan (ULIP) that doubles as an investment portfolio in addition to a life insurance policy. This is a flexible policy where you can pay premium once, for a limited period or for the policy tenure, and ensure that you are protected over the long term while staying invested in funds. There are multiple options to choose from and plans are available at very attractive rates.

Key features

  • Two types of plans available namely Gold Option and Platinum Option.
  • Option to pay premium as one-time Single premium or spread it over limited tenures of 5, 8 or 10 years as you see fit.
  • Enhanced fund value after the 5th policy year as premium allocation charges are not applicable from then.
  • Multiple fund options available for investing in, and ability to manage them according to your risk profile and preferences.
  • Life insurance cover value up to 7 or 10 times the annual premium paid by you, as per your age group.
  • Greater control of investments through switching and redirecting features.
  • Flexibility to increase or decrease your sum assured after the 5th policy year.
  • Accidental total and permanent disability (TPD) and accidental death benefits are integrated with the .
  • Premium can be paid in monthly, quarterly, half-yearly, yearly or single variants.


  • In Gold Option, the death benefit includes higher of sum assured or Fund Value, with at least 105% of overall premium collected to be paid in either case.
  • In Platinum Option, the death benefit includes sum assured plus Fund Value, with at least 105% of overall premium collected to be paid in either case.
  • Maturity benefit includes payment of Fund Value on maturity of the policy.
  • Additional accident benefit in terms of Accidental Death and Accidental Total and Permanent Disability.
  • Tax benefits are available under Section 80C of the Income Tax Act. Deductions are limited to 10% of sum assured in case the premium collection in a year exceeds 10% of sum assured.
  • Exemptions are also available under Section 10 (10D) when the policy matures or is surrendered, applicable only if the premium paid in any year of the policy tenure does not exceed 10% of the sum assured.
  • Death benefits are fully exempt from taxes.


  • Applicants within the age group of 18-60 years can buy this policy.
  • Maximum age at maturity of an applicant must not exceed 65 years.
  • Policy tenures are available between 5-20 years.
  • Minimum limited premium amount of Rs.1.5 lakhs (yearly), Rs.75,000 (half-yearly), Rs.37,500 (quarterly) and Rs.12,500 (monthly).
  • Minimum single premium amount of Rs.2 lakhs.
  • There is no maximum limit on the premium payments.
  • For limited premium payment tenure, minimum sum assured of 10 times of the annual premium for policyholders below 45 years of age, and minimum sum assured of 7 times annual premium for policyholders including and above 45 years of age.
  • For single premium customers, minimum sum assured of 1.25 times the single premium amount for applicants under 45 years and 1.10 time the premium amount for applicants of 45 years or above ages.
  • Maximum premium of 20 times of annual premium for limited premium plans and 5 times single premium amount for single premium customers.

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

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