SBI Life - Smart Wealth Builder Plan

1. The Guaranteed Additions commence after the completion of ten years of the policy
2. The policyholder can choose between different plan types such as Regular Premium, Limited Premium or Single Premium
3. No Policy Administration fees are charged for the first 5 years for Regular and Limited Premium Paying Term (LPPT) plans. This helps the policyholder enhance his or her fund value
4. From the eleventh year onwards no premium allocation charges are applicable
5. The policyholder has the option to choose from seven different fund options
6. The plan offers with a minimum Sum Assured based on the age of the policyholder
7. The plan also offers the policyholder the flexibility to increase or decrease his or her Sum Assured from the sixth policy year onwards

Benefits of SBI Life - Smart Wealth Builder

1. Maturity Benefit - The total fund value will be paid to the policyholder on completion of the policy term
2. Death Benefit - In case of death of the policyholder higher of the fund value or Sum Assured is payable, with a minimum of 105% of total basic premiums paid till the date of intimation of death
3. Tax Benefit - The policyholder can avail of the following tax benefits under this plan:
   1. Tax deduction under Section 80C. If the premium paid during the financial year exceeds 10% of the Sum Assured then the benefit will be limited up to 10% of the Sum Assured
   2. At the time of maturity or surrender of the policy, tax exemption under Section 10(10D) is available to the policyholder subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy
   3. Death proceeds are completely exempt

Eligibility Criteria to Avail of SBI Life - Smart Wealth Builder

1. The minimum entry age of the Life assured is 7 years
2. The maximum entry age of the Life assured is 60 years for Regular Premium and Limited Premium
3. The maximum entry age of the Life assured is 65 years for Single Premium
4. The maximum age of maturity is 70 years
5. The policy term for Regular and Limited Premium payment ranges from 10 years and 15 to 30 years
6. The policy term for Single Premium payment ranges from 5 to 30 years
7. The premium payment term is as follows:
   1. For Limited Premium Payment Term - 5/8 Years for Policy Term of 10 Years and 5/8/10 Years for Policy Term of 15-30 Years
   2. For Regular Premium - Same as the policy term
   3. For Single Premium - One-time payment at the time of the policy commencement
8. The minimum premium amount payable by the policyholder is as follows:
   1. For Regular Premium - Minimum of Rs 30,000 and a maximum of Rs 3,00,000
   2. For Limited Premium - Minimum of Rs 40,000 and a maximum of Rs 3,00,000
   3. For Single Premium - Minimum of Rs 65,000 and a maximum of Rs 3,00,000
9. The Sum Assured will be Rs 12,00,000, which is the sum of all payouts ie: Rs 10,000 per month for ten years
10. The premium payment can be made either in a single payment for Single Premium or annually for Regular and Limited Premium

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