Sbi Smart Platina Assure Maturity Calculator

Apart from providing peace of mind, the SBI Smart Platina Assure plan ensures that your hard-earned money grows efficiently while you strive to support your family. This product is also available for purchase online.

The minimum age to enter the SBI Smart Platina Assure plan is 3 years, while the maximum entry age is 60 years. The policy can mature when the insured reaches a maximum age of 75 years. There are two options for the policy term: 12 years or 15 years. The premium payment term varies depending on the chosen policy term, with a duration of 6 years for a policy term of 12 years and 7 years for a policy term of 15 years. The basic sum assured ranges from a minimum of Rs.2,40,000 to no upper limit.

How to verify my maturity amount?

You have multiple options to check your LIC maturity amount. You can visit the nearest LIC branch, send an SMS, or contact the Customer Care service. Another convenient way is to log in to the LIC website and check it online.

List of options for checking LIC maturity amount:

1. Visit the nearest LIC branch.

2. Send an SMS.

3. Contact the Customer Care service.

4. Log in to the LIC website and check it online.

SBI Life Smart Platina Assure Plan Highlights

Here are a few notable aspects of the plan:

  • Cash value upon surrender

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The policyholder becomes eligible for surrender value only after paying premiums for the first two complete insurance years. They have the option to terminate the policy at any point during its term by surrendering it in exchange for a Surrender Value. The amount paid upon surrender will be either the guaranteed surrender value (GSV) or the non-guaranteed special surrender value (SSV), whichever is higher.

The SSV factors, which include the Paid-up Sum Assured on Maturity and Accrued Guaranteed Additions, represent the SSV. This value is considered to be the most accurate estimation of the future benefits that a policyholder can receive if they surrender their policy at a specific date. The benefits at maturity are predetermined and fixed. Additionally, there is also a loan facility available for policyholders.

Policyholders can avail of a borrowing facility under the SBI Smart Platina Assure plan in case they require funds to meet urgent expenses. However, this option is only available once the policy has accumulated a Surrender Value. The amount that can be borrowed through policy loans is limited to 80% of the surrender value offered by the company.

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The SBI Smart Platina Assure plan allows a grace period of 15 days for monthly premium payments and 30 days for yearly premium payments. If the premium is not paid within this time, the insurance policy will expire. However, if the payment is made within the grace period, the policy will remain active. The plan also offers a revival facility to reinstate lapsed policies.

Benefits Of SBI Life Smart Platina Assure

There are several compelling reasons to consider purchasing the SBI Life Smart Platina Assure plan, one of which is the attractive maturity benefit it offers.

If the policyholder of SBI Life Smart Platina Assure plan survives the entire policy term, they will receive a maturity benefit along with guaranteed returns. This maturity benefit can help them meet their current financial goals.

In case the insured individual passes away, the recipient will receive the sum assured on death and any guaranteed additions that have accumulated. The death benefit will be either 10 times the annual premium or 105% of all premiums paid until the date of death, whichever is greater. Additionally, there is a provision for Reduced Paid-Up Value.

The policy must be active for a minimum of two full years before it can have a reduced paid-up value. In the case of a reduced paid-up policy, the death benefit is determined by adding the Paid-Up Sum Assured on Death to the Accrued Guaranteed Additions. Similarly, for a reduced paid-up policy, the maturity benefit is calculated by combining the Paid-Up Sum Assured on Maturity with the Accrued Guaranteed Additions. Additionally, there are tax benefits associated with this policy.

According to the existing Indian income tax laws, which are subject to change from time to time, you may be qualified for income tax benefits or exemptions. For further information, please visit the company’s website.

  • Staff Benefits

Staff members, including retired employees, voluntary retirement scheme (VRS) holders, minor children, and spouses of SBI Life Insurance Co. Ltd., State Bank, Associated Banks, RRBs sponsored by State Bank of India, and subsidiaries of the State Bank group will receive an additional benefit upon maturity or in the event of their demise.

– For a premium payment term of 6 years, an additional benefit of 25% of the annualized premium is provided.

– If you choose a premium payment term of 7 years, you will receive an extra benefit equal to 30% of the annualized premium.

Rebates are available on the guaranteed additions.

If the policyholder pays all the required premiums, they will receive a fixed rate of guaranteed additions. This rate is determined based on two different premium slabs mentioned in the table provided below.

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Annualized Premium Slabs and their corresponding rates of guaranteed additions are as follows: for premiums less than Rs. 1 lakh, the rate is 5.25% per annum, while for premiums equal to or greater than Rs. 1 lakh, the rate is 5.75% per annum.

SBI Life Smart Platina Assure Plan: How Does it Work?

Consider the scenario of Mr. Kumar, a 40-year-old individual who has chosen to contribute an annual premium of Rs. 1,000,000 for a period of 7 years towards his insurance policy with a total term of 15 years. The Basic Sum Assured for him amounts to Rs. 8,40,000. Over the course of these 7 years, Mr. Kumar will have paid a total premium amounting to Rs. 7 lakhs.

Maturity Benefit: The total amount received at the end of the policy term, which includes the basic sum assured and guaranteed additions, is Rs. 13,23,000.

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

In the unfortunate event of a suicide within one year, the nominee or beneficiary of the policyholder will receive a minimum of 80% of all premiums paid from the date when the risk coverage began. Alternatively, if the policy has been revived, they will be entitled to either 80% of premiums paid until the day of death or the surrender value at that time, whichever is greater.

Frequently Asked Questions

You have the option to pay the premium for this plan either monthly or yearly. If you choose to pay monthly, the amount will be 8.50% of the annualized premium.

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

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

Certainly! Under the SBI Smart Platina Assure plan, it is permissible to make nominations and assignments in accordance with Sections 38 and 39 of the Insurance Act 1938.

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

Upon receiving the surrender form, customers must carefully fill it out with accurate details. It is crucial to ensure that all required fields are completed correctly in order to avoid any delays or complications during processing. If there are any uncertainties or queries regarding filling out the form, individuals can seek assistance from a customer service agent who will guide them through each step.

Once submitted, customers will receive an acknowledgment receipt confirming their submission of both forms and supporting documents. This receipt serves as proof of completion and ensures transparency throughout further proceedings related to surrendering policies under SBI Smart Platina Assure scheme.

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What does the SBI 5 lakh scheme entail?

SBI has recently made changes to its interest rates for fixed deposits (FD). For deposits ranging from 211 days to less than 1 year, the interest rate has been increased from 5.75% to 6%. This means that if you have deposited Rs 5 lakh for a duration of one year, upon maturity you will receive Rs 5,34,876. Out of this amount, Rs 34,876 is the fixed income earned through interest.

The increase in interest rates on shorter-term FDs provides an opportunity for individuals looking to invest their money with SBI. By depositing a sum of Rs 5 lakh for a period of one year, customers can benefit from the higher interest rate and earn additional income on their investment.

To use the maturity calculator effectively, customers need to input details such as the principal amount (in this case Rs 5 lakh), duration (1 year), and applicable interest rate (6%). Once these details are entered into the calculator tool, it will provide an accurate estimate of how much money will be received upon maturity.

What does maturity payout mean?

The purpose of offering maturity benefits is to provide financial security to individuals in their later years or during important milestones in life. It ensures that policyholders can enjoy the fruits of their long-term investment and planning. With this lump-sum payment, individuals can fulfill their dreams, meet expenses related to education or marriage, invest further for future goals, or simply use it as a safety net during retirement.

P.S: Maturity benefits are an essential feature offered by insurance providers in India. They serve as a reward for your commitment towards maintaining your policy over its entire term. By receiving this lump-sum payment at maturity, you can secure your financial well-being and achieve your long-term aspirations without any worries about unforeseen circumstances.

How can I determine the maturity of my life insurance policy?

In addition to outlining essential personal details such as the nominee and address, the policy schedule plays a crucial role in keeping track of significant dates associated with your insurance plan. The commencement date signifies when your policy officially begins its coverage period while the maturity date indicates when it will reach its completion. By clearly stating these dates upfront, you can easily refer back to them throughout the duration of your policy.

Furthermore, this document highlights important payment-related information. It specifies both due dates for premium payments and identifies which months require renewal premiums to be paid. This ensures that you stay informed about when these financial obligations arise so that you can fulfill them promptly without any delays or complications.