SBI Life smart bachat plan is non participating traditional endowment plan. It was launched on 24th January 2017 with unique ID number 111N108V01. It provides a complete savings and protection to the policyholder. It provides a good long term investment on payment of small amount of money and also protection if any unfortunate incidence happens to the life of policy holder. In that case it secure the future of the family by providing various benefits.
Features of SBI Life smart bachat
- It is a non participating traditional endowment plan that means, it is free from market risk.
- It is a Limited premium paying endowment plan that means the policyholder will not have to pay the premium to the whole policy term.
- In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
- In case of policy holder made to death within the policy term. Then there is a provision of death benefit.
- There is discount on premium available on higher sum assured plans.
- The claim is provided as a lump sum or through the monthly installments.
Benefits provided under SBI Life smart bachat
If the policy holder meet to death within the policy term. Then the nominee of the policy holder will get the death benefit. The death benefit provided is sum assured on death + simple reversionary bonus plus additional bonus if any or 105% off all the premium paid before death.
If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount. The maturity sum amount is equal to basic sum assured + reversionary bonus + terminal bonus if any.
According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.
Eligibility condition for the SBI Life smart bachat
- The entry age for this plan is minimum 8 year only with endowment option. For accidental death and disability benefit the minimum age is 18 years.
- The maximum age for the entry of this plan is 50 years.
- The policy can be taken for the term of 5 years 10 years or 15 year.
- The premium paying term can be chosen from 5 years 7 years 10 years 15 years according to the policy chosen
- The premium can be paid monthly, quarterly, half yearly or annually.
- Minimum sum that can be assured is rupees 1 lakh and there is no upper limit for the sum assured.
Documents required for SBI life smart bachat
- Offline/Online filled application form.
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
Terms related to SBI Life smart bachat
- Free look period
If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.
- Grace period
There is a provision of grace period for 15 days for the monthly premium payers as late premium and 30 days for other premium payment options as late premium.
- Revival of policy
If the premium is not paid within the grace period then the policy get lapsed in this case the policy can be revived within the period of 2 years from the last premium paid.
- Surrender of policy
Policy can be surrendered or terminated after the completion of 2 or 3 years of the policy term. Only after 2 or 3 years the policy will be able to get a surrender value.
- Loan benefit
There is facility of loan available according to this policy plan as per the terms and condition of the corporation.