SBI life smart Money planner

SBI Life Smart money planner is a participating traditional endowment plan. Which provides live coverage to the policyholder as well as it provides source of regular income for the future needs. This policy provides four different plan to choose to the policy holder as per his convenience. Also the premium payment is according to the choice of policyholder such as one time premium option, regular payment option, or limited premium option.

 

Features of SBI Life smart money planner.

  • It is a participating traditional endowment plan that means, it is free from market risk.
  • It comes with a limited premium, regular premium or one Time Premium paying option.
  • 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.
  • There is no additional coverage or riders available in this policy.

 

Benefits provided under SBI Life Smart Money Planner.

Benefits paying term

  • For plan 1
    According to this plan the benefit is provided for 5 years that is 20% of basic sum assured.
  • For plan 2
    According to this plan the benefit is provided for 10 years that is 10% of sum assured
  • For plan 3
    According to this plan the benefit is provided for 5 years that is 20% of basic sum assured.
  • For plan 4
    According to this plan the benefit is provided for 10 years that is 10% of sum assured

Death benefit
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 higher of the sum assured on death + simple reversionary bonus plus additional bonus if any and 105% off all the premium paid before death.

Maturity benefit
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.

Tax benefit
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.

SBI life smart Money planner

Eligibility condition for the SBI Life smart money planner.

  • The entry age for this policy is different with different plan:-

For plan 1
Minimum entry age is 18 years and maximum entry age is 60 years

For plan 2
Minimum entry age is 18 years and maximum entry age is 55 years

For plan 3
Minimum entry age is 18 years and maximum entry age is 55 years

For plan 4
Minimum entry age is 18 years and maximum entry age is 60 years

  • The maximum maturity age for this plan is 70 years
  • The minimum sum which can be assured 100000 and the maximum sum which can be assured is Rs.5 crore
  • The premium paying term is different for each plan that is for plan 1 it is 6 years, for plan 2 it is 6 years, for plan 3 it is 10 years, for plan for it is 10 years.
  • The policy term for all the 4 plans 1, 2, 3, 4 are 15 years, 20 years, 20 years and 25 years respectively.
  • The premium can be paid monthly, quarterly, half yearly or annually.

 

Documents required for SBI life smart money planner.

  1. Offline/Online filled application form.
  2. Age proof of policy buyer.
  3. Address proof.
  4. PAN card and Aadhar card for KYC document
  5. Accurate medical history
  6. Medical examination report if required.

Terms related to SBI Life smart money planner.

  • 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 3 years of the policy term. Only after 3 years the policy will be able to get a surrender value.
  • Loan benefit
    There is facility of loan available in this policy that is 90% of the surrender value.