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SBI Life Smart InsureWealth Plus — Best Insurance Plan with EMI Option

Updated on January 23, 2022 , 9800 views

Financial emergencies don’t arrive with prior notice. We may not know what may hit our national Economy or the monthly budgets in our homes. Many-a-times, people often end up spending too much money that nothing is left to save. This is where planning comes in. With a well-established planning strategy, you can save in a disciplined manner so that nothing can shake your financial standing.

SBI Life Smart InsureWealth Plus

And do you know what the best option is? An insurance plan that gives you triple benefits of EMI, Investment and Life Cover. SBI Life Smart InsureWealth Plus is the plan for you. It gives you the perfect opportunity to cover your future with full security.

This article covers the top features and benefits of the plan.

SBI Life Smart InsureWealth Plus

This SBI Life Insurance is an individual, unit-linked, non-participating life insurance product with multiple features encouraging savings and investment to suit your risk appetite.

1. Investment Strategies

With SBI Life Smart InsureWealth Plus, you can choose from three investment strategies for a lifetime of security. They are mentioned below:

a. Trigger Strategy

If you wish to get the benefits of the equity Market swings, this strategy is the best one to opt for. It will help in capitalising returns.

b. Auto Asset Allocation Strategy

If you are an aggressive investor, this is the strategy to go for. It is meant for targeting high long term returns through high equity exposure for a longer period.

c. Smart Choice Strategy

If you are an active investor with a goal for high growth over a period of time, this is the best option for you. You can choose from the 9 funds available with this option and also avail the flexibility of switching between them.

2. Loyalty Additions

With this plan in-force, you can avail loyalty additions from the end of the 11th policy year and on regular intervals till the maturity of the policy.

The details are mentioned below:

Last Day of the Policy (nth) Loyalty Addition (% of the average fund value)
1-10 Nil
11-25 0.3%

3. Systematic Monthly Withdrawal

With this plan, you can avail the systematic monthly withdrawal option from the 11th year of the policy for your regular expenses. This is an absolute amount with a minimum monthly amount of Rs. 5000 in multiples of Rs. 1000.

4. Maturity Benefit

On maturity, you will get the fund value calculated with the existing NAV on the maturity date along with the Return on Mortality Charges (ROMC), which is paid in a lump sum. In case the life assured is a minor, the policy will vest in the life assured on reaching 18 years of age.

5. Death Benefit

In case of death of the life assured aged 8 years and above the higher of the following will be provided:

  • The fund value as on the date of intimation of death to the company
  • Basic sum assured less applicable partial withdrawal (APW)
  • 105% of total premiums received up to the date of death

In case the death of the life assured under 8 years the following will be applicable:

  • On the death of the minor lives before the date of commencement of the policy, the company will pay the fund value as on the intimation of death to the company.
  • On the death of the minor lives after the date of commencement of the policy, the company will pay the death benefit as said for the age entry 8 years and above.

6. Switching Facility

This benefit is available under the Smart Choice Strategy. You can avail this at any point during the tenure of the policy or at settlement.

7. Premium Redirection

This option is available with the Smart Choice Strategy when you can make unlimited free premium redirections from the 2nd policy month onwards during the term of the policy.

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8. Partial Withdrawals

With this plan, you can avail partial withdrawal option from the 5th policy year or one the completion of 18 years.

9. Tax Benefits

You are eligible for income tax benefits as mentioned under the relevant section of the Income Tax Act, 1961.

10. Grace Period

You will get a grace period of 15 days from the due date for premium payment. Remember that your policy will be treated as policy in-force during the grace period.

11. Nomination

The nomination under this plan will be as per Section 39 of the Insurance Act, 1938.

12. Assignment

The assignment will be as per Section 38 of the Insurance Act, 1938.

Eligibility Criteria

The eligibility criteria for the plan are mentioned below.

Take a look at the policy term and premium amount.

Details Description
Entry Age Minimum- 0 Years (30 Days), Maximum- 55 Years
Maturity Age Minimum- 18 Years, Maximum- 65 Years
Plan Type Regular Premium
Policy Term (PT) 10, 15, 20 and 25 Years
Premium Frequency Monthly
Premium Payment Term (PPT) Same as Policy Term
Premium Amount (in multiples of Rs. 100) Minimum- Rs. 4000 per month, Maximum- No limit (Subject to Board Approved Underwriting Policy)
Basic Sum Assured Annualised Premium *10

SBI Life Smart InsureWealth Plus Customer Care Number

Call their toll-free number 1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at info@sbilife.co.in

Conclusion

SBI Life Smart InsureWealth Plus is a great way to save and secure your family’s future.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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