Sbi Life Smart Platina Assure

Besides providing a sense of security, this intelligent policy ensures that your hard-earned money is utilized efficiently while you strive for the betterment of your loved ones. Moreover, it can also be conveniently purchased through online platforms.

The minimum age at which one can enter the SBI Life Smart Platina Assure policy is 3 years, while the maximum entry age is 60 years. The policy can be active until the insured reaches 75 years of age. There are two available policy terms: 12 and 15 years. The premium payment term for a policy with a term of 12 years is 6 years, whereas for a policy with a term of 15 years, it is extended to 7 years. The basic sum assured under this plan ranges from Rs.2,40,000 as the minimum amount to no limit as the maximum amount that can be chosen by individuals.

Rate of return for SBI Life Smart Platina Plus: An overview in English for India

Firstly, it mentions the Maturity Benefit. This means that at the end of the policy term, you will receive a return of 110% of all the premiums you have paid throughout the duration of your policy. So if you have paid a total premium amount of Rs. 1 lakh over the years, at maturity, you will get back Rs. 1.10 lakhs.

Overall, these features make SBI Life Smart Platina Assure an attractive insurance plan as it not only guarantees a good return on investment but also gives flexibility in receiving payouts according to individual needs and goals.

Features of the SBI Life Smart Platina Assure Plan

Here are a few notable aspects of the plan:

  • Option to avail Surrender Value

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The policyholder can choose to end the SBI Life Smart Platina Assure policy at any time during the policy term, but only after paying premiums for the first two complete insurance years. Upon surrendering the policy, either the guaranteed surrender value (GSV) or the non-guaranteed special surrender value (SSV) will be paid out, whichever is higher.

The SSV factors, which include the Paid-up Sum Assured on Maturity and Accrued Guaranteed Additions, are equal to the SSV. The SSV is considered as the most accurate estimation of the value of future benefits that can be obtained by policyholders if they choose to surrender their policy. This is because the benefits at maturity remain constant and do not change over time. Additionally, a loan facility is also available for policyholders.

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Policyholders can avail of the option to borrow money from their policies in case of urgent financial needs. However, this facility is only accessible once the policy has acquired a Surrender Value. The amount that can be borrowed through policy loans is limited to 80% of the surrender value provided by the company.

The SBI Life Smart Platina Assure plan offers a grace period of 15 days for monthly premium payments and 30 days for yearly premium payments after the due date. If the premium is not paid within this grace period, the insurance policy will lapse. However, if the premium is paid within the grace period, the policy will remain in effect. The plan also includes a revival facility to reinstate lapsed policies.

Benefits Of SBI Life Smart Platina Assure

There are several reasons why you should think about purchasing the SBI Life Smart Platina Assure plan. One of these reasons is the maturity benefit that it offers.

If the policyholder survives the entire duration of the SBI Life Smart Platina Assure plan, they will receive a maturity benefit. This benefit, along with guaranteed returns, can help them meet their current financial goals. Additionally, there is a death benefit provided under this plan.

In case of the unfortunate demise of the insured individual, the recipient will receive a payout consisting of the sum assured and any guaranteed additions that have accumulated. The death benefit amount is determined as either 10 times the annual premium or 105% of all premiums paid until the date of death, whichever is higher. Additionally, there is a provision for Reduced Paid-Up Value.

The policy will only acquire a reduced paid-up value after the premiums have been paid for at least two full years. In the case of a reduced paid-up policy, the death benefit is determined by combining the Paid-Up Sum Assured on Death with Accrued Guaranteed Additions. Similarly, for a reduced paid-up policy, the maturity benefit is calculated by adding the Paid-Up Sum Assured on Maturity to Accrued Guaranteed Additions. Additionally, there are tax benefits available with this policy.

As per the current income tax regulations in India, which are subject to revisions, you might be eligible for certain tax benefits or exemptions. To obtain more details, kindly refer to the official website of the company.

  • Employee perks

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For the staff cases, an additional benefit, as defined below, will be paid when they mature or pass away. All workers, retired employees, VRS holders, minor children, and spouses of employees of SBI Life Insurance Co. Ltd., State Bank, Associated Banks, RRBs sponsored by State Bank of India, and subsidiaries of State Bank group are considered to be “staff” for the purposes of this definition.

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Premium Payment Term Additional Benefit

6 Years 25% of the annualized premium

7 Years 30% of the annualized premium

  • Rebates On Guaranteed Additions

Provided that all the required premiums are paid, the SBI Life Smart Platina Assure plan offers a fixed rate of guaranteed additions. This rate is determined by referring to two different premium slabs mentioned in the table below.

– For annualized premium slabs below Rs. 1 Lakh, the rate of guaranteed additions is 5.25% per year.

– If the annualized premium slab is equal to or greater than Rs. 1 Lakh, the rate of guaranteed additions is 5.75% per year.

How Does the SBI Life Smart Platina Assure Plan Operate?

Consider the case of Mr. Kumar, a 40-year-old individual who has chosen to pay an annual premium of Rs. 1,000,000 for a period of 7 years in order to secure a policy term of 15 years. The Basic Sum Assured for him amounts to Rs. 8,40,000. Over the course of the premium payment term (7 years), Mr. Kumar will have paid a total sum of Rs. 7 lakhs as premiums.

Upon maturity, the total amount received will be Rs. 13,23,000 which includes the Basic Sum Assured and Guaranteed Additions.

Death Benefit : If Mr. Malik passes away, the nominee will get a death benefit of Rs. 10,00,000 plus any accrued guaranteed additions.

Exclusions of SBI Life Smart Platina Assure

If a policyholder dies by suicide within a year, their nominee or beneficiary will receive at least 80% of the total premiums paid until the date of death. Alternatively, if the policy is revived, the nominee or beneficiary will receive either 80% of the premiums paid up to the day of death or the surrender value on that date, whichever is greater.

Frequently Asked Questions

You have the flexibility to pay the premium for SBI Life Smart Platina Assure either monthly or yearly. If you choose the monthly payment mode, your monthly premium will be 8.50% of the annualized premium amount.

The plan requires a minimum annual premium of Rs. 50,000, with no maximum limit set for the annual premium amount.

No. The plan does not participate in the profits of the company.

Certainly! In accordance with Sections 38 and 39 of the Insurance Act 1938, the SBI Life Smart Platina Assure plan permits both nomination and assignment.

Does SBI Life Smart Platina have tax exemption?

– You may be eligible for Income Tax benefits or exemptions in accordance with the prevailing income tax laws in India, which are subject to change periodically.

– For more information, click here. However, it is advisable to consult your tax advisor for specific details and guidance regarding your individual circumstances.

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What is the procedure to terminate my SBI Life Smart Platina Plus policy?

P.S. We kindly request you to ensure that your cancellation request reaches us within the specified timeframe mentioned above. This will enable us to process your cancellation smoothly and provide any necessary assistance during this process. Thank you for choosing SBI Life Insurance.

The interest rate of SBI Platina

The SBI Life Smart Platina Assure policy offers several attractive features for its policyholders. One of the key benefits is the guaranteed additions that can be enjoyed at the end of each policy year. These additions are set at a rate of either 5.50% or 6.00%, providing an additional boost to the overall returns on investment.

Furthermore, SBI Life Smart Platina Assure provides customers with options when it comes to premium payment frequencies. They can choose between monthly or yearly payments based on their convenience and financial capabilities. This flexibility ensures that individuals have greater control over managing their finances while still enjoying comprehensive life insurance coverage.

Is SBI Smart Platina Plus plan worth it?

Furthermore, what sets apart the SBI Life Smart Platina Assure from other plans is its wide range of functions tailored specifically for individuals seeking comprehensive financial solutions. These functions include flexible premium payment options based on individual preferences and needs, as well as additional riders or add-ons such as critical illness cover or accidental death benefit which can be customized according to personal requirements.

Is it possible to cancel my SBI life insurance policy after 3 years?

Although it is possible to terminate your SBI Life policy after three years, doing so may result in a surrender value charge being imposed.

2. The surrender value charge serves as compensation for any potential losses incurred by the insurance provider due to early termination of the policy. It helps cover administrative costs and other expenses associated with managing policies and claims processing. Therefore, it is crucial for individuals considering cancellation to carefully evaluate whether it outweighs any benefits they might receive from discontinuing their coverage.

4. Additionally, seeking guidance from an authorized representative or contacting customer support at SBI Life can help clarify any doubts or concerns related to cancelling policies prematurely. They can provide personalized advice based on individual circumstances while also explaining alternative options available within their product offerings that may better suit changing needs without incurring significant penalties.

Remember: Always make informed decisions when dealing with insurance policies like SBI Smart Platina Assure offered by SBI Life Insurance Company Limited (SBI Life) – understanding all terms and conditions will ensure you choose what best aligns with your financial goals and requirements.