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What is SBI Life Smart Lifetime Saver Plan?
It is an Individual, Non-Linked, Participating (PAR), Whole Life Insurance, Savings product.
With this comprehensive plan, you get regular guaranteed and non-guaranteed income in the form of a Cash Bonus, if declared, that helps plan your legacy while enjoying protection for a lifetime.
SBI Life Smart Lifetime Saver Plan Eligibility Criteria
| Age at Entry | Minimum: 30 days (0 years) Maximum: 55 years |
| Maximum Age at Maturity | 100 years |
| Policy Term | 100 minus Age at Entry |
| Premium paying term | 10/12/ 15 years |
| Premium Frequency | Yearly, Half-yearly, Monthly |
| Annualized Premium (in multiples of 1,000) | Minimum Annualized Premium: 30,000 |
| Maximum Premium: | No limit |
| Minimum Basic Sum Assured | 10 times Annualized Premium |
| Riders | Accidental Total & Permanent Disability Benefit Rider Accidental Death Benefit Rider |
Benefits under the SBI Life Smart Lifetime Saver Plan
Income for Survival That Is Ensured:
This will be paid at the end of each policy year starting from the end of the premium payment term until surrender, death, or maturity, whichever occurs earlier, provided the life assured survives and all past-due premiums are paid.
The Guaranteed Income Rate times the Basic Sum Assured results in the Guaranteed Survival Income.
Income not Guaranteed for Survival (Cash Bonus):
In addition to the Guaranteed Survival Income, this will be paid at the end of each policy year starting at the end of the 7th policy year until surrender, death, or maturity, whichever occurs earlier, provided the life assured survives and all past-due premiums are paid.
If a cash bonus is declared, the non-guaranteed survival income (Cash Bonus) will be equal to the Cash bonus rate times the Basic Sum Assured.
During the policy term, there is an opportunity to defer, accrue, and then withdraw the Guaranteed Survival Income and/or Non-Guaranteed Survival Income (Cash Bonus), as appropriate.
Maturity Benefit
The following is payable in lump amount upon the life assured’s continued existence through the policy term:
Guaranteed Sum Assured + any declared Terminal Bonus at Maturity.
Also paid will be any accumulated deferred survival income.
When the policy reaches its maturity, it will be terminated and no more benefits will be paid.
Death Benefit
The following will be paid to the nominee upon the death of the life assured during the policy period. More of:
Sum Assured on Death Plus Guaranteed Survival Income, If Any Plus Interim Non-Guaranteed Survival Income (Interim Cash Bonus), If Declared Plus Terminal Bonus, If Declared Plus 105% of Total Premiums till the date of death fully paid.
Also paid will be any accumulated deferred survival income.
The SBI Life Smart Lifetime Saver Plan’s Grace Period, Lapse, Reduced Paid-Up, and Revival
Reduced Paid-up policy
Only when the premiums for the first two complete policy years have been paid does the policy obtain paid-up benefits. The amount of each benefit is divided by the total number of premiums that must be paid under the policy, divided by the number of premiums that have already been paid.
Revival
The policy may be revived for full benefits within a revival term that is equal to five consecutive years from the date of the first unpaid premium if premiums are not paid during the grace period and the policy is not surrendered.
Grace period
For the payment of yearly and half-yearly premiums, a grace period of 30 days, and 15 days for the payment of monthly payments, will be permitted.
Lapse
After the grace period from the date of the first unpaid premium expires, the policy will expire if the first two full policy years’ premiums have not been paid. This will prevent the policy from gaining paid-up benefits.
No payment will be paid under the policy, and all benefits under it will end.
The SBI Life Smart Lifetime Saver Plan’s Free Look-Up Period
If you disagree with any of the terms and conditions SBI Life Smart Lifetime Saver Policy, then you have the option to return the policy within a period of 15 days (30 days in case the policy is sold through distance mode and electronic policies) from the date of receipt of the policy document.
SBI Life Smart Lifetime Saver Plan discontinuation
If at least the first two full policy years’ worth of premiums have been paid, the SBI Life Smart Lifetime Saver Policy will start to accumulate surrender value. An active or partially paid-up policy may be surrendered by the policyholder.
The Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV), whichever is larger, will be paid upon surrender. The Surrender value will also include any accumulated deferred survival income and interim survival income, if any.
SBI Life Smart Lifetime Saver Plan advantages
1.You can select your preferred Premium Paying Term and Premium Paying Frequency.
2. Death Benefit is available for the duration of the policy term, or until age 100.
3. the freedom to accumulate Survival Income and the ability to withdraw it at any moment during the policy term.
4. Tax advantage under Section 80C.
The SBI Life Smart Lifetime Saver Plan’s conclusion
The SBI Life Smart Lifetime Saver Plan provides a lump sum maturity benefit at the end of 100 years in addition to a survival benefit every year after the end of the premium-paying period.
Both guaranteed and non-guaranteed components are included in all of these advantages. A long-term investment should have an IRR that is higher than the rate of inflation.
The IRR is below the inflation rate in this instance. To obtain consistent cash flow, investing in the SBI Life Smart Lifetime Saver Plan is a wise choice.
In usually, obtaining life insurance until you reach working age is sufficient. Occasionally, you may want to prolong it until you reach the majority of your financial objectives and, if any, settle your debts.
An emergency fund, health insurance, and wise investments of the collected retirement corpus are more than sufficient during the post-retirement period.
Key Features of SBI life Smart Lifetime Saver Plan
Long-Term Savings
The SBI life Smart Lifetime Saver Plan is designed to encourage long-term savings. It offers policyholders the opportunity to accumulate wealth over time, ensuring a financially secure future for themselves and their loved ones.
Flexible Premium Payment Options
The plan provides flexibility in premium payment, allowing policyholders to choose between monthly, quarterly, half-yearly, or yearly premium payment options. This flexibility makes it easier for individuals to invest as per their financial capabilities.
Life Insurance Coverage
Apart from being a savings plan, the SBI life Smart Lifetime Saver Plan also provides life insurance coverage. In the unfortunate event of the policyholder’s demise during the policy term, the designated nominee will receive the death benefit, ensuring the family’s financial protection.
Guaranteed Additions and Bonuses
One of the highlights of this plan is the guaranteed additions and bonuses it offers. Policyholders receive guaranteed additions at the end of each policy year, increasing the policy’s maturity value. Additionally, on maturity, a terminal bonus may be provided based on the policy’s performance.
Eligibility Criteria and Documents Required
To avail of the SBI life Smart Lifetime Saver Plan, individuals need to meet certain eligibility criteria. The minimum entry age for the plan is 30 days of age, and the maximum age varies depending on the chosen policy term. The minimum sum assured is determined by the policyholder’s age, policy term, and premium payment frequency. To apply for the plan, individuals need to submit the necessary documents, including identity proof, address proof, and age proof.
How Does the Plan Work?
The SBI life Smart Lifetime Saver Plan operates in two phases: the accumulation Cash Bonus and the Guaranteed Bonus.
Benefits of the SBI Smart Lifetime Saver Plan
Maturity Benefit
At the end of the policy term, the policyholder is entitled to receive the maturity benefit. This benefit comprises the guaranteed maturity sum assured and any accrued bonuses, providing a substantial corpus for the policyholder’s future plans.
Death Benefit
In case of the policyholder’s unfortunate demise during the policy term, the designated nominee receives the death benefit. This amount ensures that the family is financially safeguarded during challenging times.
Tax Benefits
The SBI Smart Lifetime Saver Plan also offers tax benefits on the premiums paid and the benefits received, making it a tax-efficient investment option.
Understanding Guaranteed Additions and Bonuses
Guaranteed additions and bonuses play a vital role in enhancing the policy’s returns and benefits. Let’s take a closer look at how they work.
How They Work
Guaranteed additions are added to the policy each year, regardless of market performance, thereby increasing the policy’s maturity value over time. Additionally, depending on the policy’s performance, a terminal bonus may be declared upon maturity.
Impact on Returns
These additions and bonuses significantly boost the overall returns of the policy, ensuring that policyholders reap the benefits of disciplined long-term savings.
Factors to Consider Before Investing
Before investing in the SBI life Smart Lifetime Saver Plan, several factors should be taken into account.
Financial Goals
Policyholders must have a clear understanding of their financial goals. Whether it’s buying a house, funding education, or planning for retirement, aligning the policy with these goals is essential.
Risk Tolerance
As with any investment, risk tolerance plays a crucial role. While the SBI Smart Lifetime Saver Plan is relatively low-risk, individuals must assess their risk appetite before committing to the plan.
Investment Tenure
The policy term must align with the policyholder’s investment horizon. Longer tenures often result in higher returns, making it important to choose a suitable tenure.
Comparison with Other Investment Options
While the SBI life Smart Lifetime Saver Plan offers unique advantages, it’s essential to compare it with other investment options.
Fixed Deposits
Compared to traditional fixed deposits, the SBI Smart Lifetime Saver Plan offers potentially higher returns and insurance coverage, making it a more attractive option for long-term financial planning.
Mutual Funds
Mutual funds carry higher market-related risks but also offer the potential for higher returns. The SBI Smart Lifetime Saver Plan combines savings and life insurance, making it a more comprehensive solution.
ULIPs
Unit-Linked Insurance Plans (ULIPs) offer investment opportunities in equity and debt markets. However, they might come with higher charges, impacting overall returns.
Step-by-Step Guide to Buying the Plan
Buying the SBI life Smart Lifetime Saver Plan is a straightforward process.
Online Process
Customers can visit the our official makeinsurancefirst.in website and submit your all details in our Contact us page so, we can reach out to you. The website provides all necessary information and a seamless user experience.
Offline Process
For those who prefer a personal touch, visiting the nearest SBI branch allows customers to interact with a representative who can guide them through the application process.
| Contact us for more details Mobile No.– 8805210704 |
Tips for Maximizing Returns
To make the most of the SBI Smart Lifetime Saver Plan, consider the following tips.
Regular Premium Payment
Consistent premium payment ensures uninterrupted policy benefits and maximizes returns over time.
Staying Invested for the Long Term
Patience and staying invested for the long term can yield significant benefits due to the power of compounding.
Reviewing the Plan Periodically
As life circumstances change, it’s essential to review the policy periodically and make necessary adjustments to align with new financial goals.
Real-Life Success Stories
The SBI Smart Lifetime Saver Plan has been a game-changer for many individuals. Real-life success stories demonstrate the positive impact of this plan on people’s lives.
Common Misconceptions about SBI life Smart Lifetime Saver Plan
“Is it only for senior citizens?”
Contrary to the misconception, the SBI Smart Lifetime Saver Plan is available to individuals aged 18 and above.
“Will I lose my money if I surrender the plan?”
While surrendering the plan early may attract surrender charges, the policyholder is entitled to receive the surrender value, ensuring that some of the savings are retained.
Risks Associated with the Plan
The SBI Smart Lifetime Saver Plan, like any financial instrument, carries certain risks.
Market Fluctuations
The investment funds are subject to market fluctuations, which may impact the returns.
Policy Surrender Charges
Surrendering the policy before the stipulated period might result in surrender charges, reducing the final payout.
Customer Reviews and Ratings
Customer feedback can provide valuable insights into the plan’s effectiveness.
Positive Feedback
Customers praise the plan’s simplicity, transparency, and ability to help achieve long-term financial goals.
Negative Feedback
Some customers express concerns about surrender charges and the need for longer policy terms to maximize returns.
Conclusion
The SBI Smart Lifetime Saver Plan is an excellent investment choice for those seeking a combination of savings and life insurance coverage. With its flexibility, guaranteed additions, and bonuses, it caters to the diverse financial needs of individuals. By understanding its features, benefits, and risks, you can make an informed decision to secure your financial future.
FAQs
- Can I change my premium payment frequency after purchasing the plan? Yes, the plan allows policyholders to switch their premium payment frequency during the policy term, providing added flexibility.
- What happens if I miss paying the premium on time? Policyholders typically have a grace period to pay the premium after the due date. If the premium remains unpaid within this period, the policy may lapse, resulting in the loss of benefits.
- Can I take a loan against the policy’s accumulated value? Yes, the SBI Smart Lifetime Saver Plan allows policyholders to avail of loans against the policy’s surrender value, providing additional financial flexibility.
- What documents are required to nominate a beneficiary? To nominate a beneficiary, policyholders need to submit a nomination form along with identity and address proofs of the nominee.
- Is the maturity benefit taxable? The maturity benefit received under the SBI Smart Lifetime Saver Plan is tax-free under Section 10(10D) of the Income Tax Act, subject to prevailing tax laws.
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