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SBI Life Smart Power Insurance

Having a and your family requires you to start saving as early as possible, and do so regularly. With SBI Life’s Smart Power insurance, you can achieve financial security for your family members in case anything untoward happens to you, while also allowing you to achieve various personal goals of your life.

The is a non-participating unit linked insurance plan (ULIP) which provides both insurance and investment benefits. With greater flexibility in terms of liquidity, reasonable premiums and additional protection options, this is a great plan to secure your future with.


  • Two distinct varieties of plans available, namely, the Level Cover Option where the sum assured remains constant throughout the policy tenure, and the Increasing Cover Option, where the sum assured is enhanced by 10% every 5 years since the 6th policy year.
  • Two different fund options are available for choosing – the Trigger Fund Option which gives benefit of buying low and selling high, and the Smart Funds Option which provides the option to choose from 7 distinct funds.
  • You can switch between funds twice every year.
  • Partial withdrawal option gives you liquidity when you most need it.
  • Premium payment modes include monthly, quarterly, half-yearly and annual payments.


  • Fund value is paid out as maturity benefit on completion of policy term.
  • Death benefit is paid out as higher amount of sum assured or fund value, with at least 105% of overall premium paid till death of the policyholder.
  • Built-in accelerated total and permanent disability (TPD) benefit which kicks in when policyholder suffers from TPD due to sickness or accident. Benefit amount equals to 100% of death benefit to be paid immediately.
  • Tax deductions are available under Section 80C of the Income Tax Act. The deductions are limited to 10% of sum assured if the premium paid in a year exceeds 10% of sum assured.
  • Tax exemptions can be claimed under Section 10 (10D) at the time of policy maturity, provided the premium collected in any policy year does not exceed 10% of sum assured.
  • Death benefits are fully exempt from taxes.


  • Applicants should belong to the age group of 18 years to 45 years.
  • Maximum age of applicant at maturity should not exceed 65 years.
  • Policy terms are available as 10 years and 15-30 years.
  • Minimum premium amounts corresponding to payment frequency are – Rs.15,000 (yearly premium), Rs.9,500 (half-yearly), Rs.5,500 (quarterly) and Rs.2,000 (monthly).
  • There is no maximum cap on premium amount.
  • Minimum sum assured is defined as the higher amount between 10 times the annual premium or half of annual premium multiplied with the term duration (0.5*AP*Term).
  • Maximum sum assured is 20 times of annual premium.
  • Maximum sum assured is capped at Rs.1 crore.

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

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