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Home > Savings Plans > SBI Life - Smart Bachat

SBI Life - Smart Bachat
(UIN : 111N108V01)

(Product Code : 2D)
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Introduction
Key Features
SBI Life - Smart Bachat at a Glance:
How does it work?
Benefits
 
 
Introduction

SBI Life - Smart Bachat is an LPPT* Endowment Plan designed to keep the obligation of paying the premiums over a long term at bay. It helps you to shoulder responsibility of your family and loved ones in case of any exigency. This product comes with two options i.e. Endowment option and Endowment option with in-built Accidental Death and Total Permanent Disability (AD&TPD) Benefit. It also provides you with additional flexibility to choose your premium paying term as per your convenience. With this plan you can safeguard your family’s future along with meeting your investment needs wisely.

*Limited Premium Payment Term (LPPT)
 
 
Key Features
   
Flexibility to choose from two options depending on your insurance needs
  Option A: Endowment Option
 
  Option B: Endowment Option with in-built AD&TPD Benefit
 
Convenience of choosing
  Premium Payment Term of 5, 7, 10 and 15 years
 
  Policy Term from 10 to 25 years depending on your financial goals
 
Premium waiver in case of Accidental Total & Permanent Disability (only under Option B)
 
Life cover throughout the policy term i.e. even after the end of Premium Payment Term
 
Rebate on Large Sum Assured
 
Tax benefits** as per prevailing norms under the Income Tax Act, 1961
 
** Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for further details.
   
 
SBI Life - Smart Bachat at a Glance:

 
Options Option A: Endowment Option

Option B: Endowment Option with in-built Accidental Death and Total Permanent Disability (AD&TPD) Benefit
Age^ at Entry Minimum:
Option A - 8 years; Option B - 18 years
Maximum: 50 years
Maximum Age^ at Maturity 65 years
Sum Assured Minimum: Rs.100,000 (in multiples of Rs. 1,000) Maximum: No Limit
Premium Payment Term and Corresponding Policy Term Premium Paying Term (Years) Policy Term (Years)
5 10 - 25
7 10 - 25
10 15 - 25
15 20 - 25
Premium Frequency Yearly / Half-yearly / Quarterly / Monthly#
Premium  Frequency Loading

Half-Yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50 % of annual premium

Premium

(applicable for both options)
Minimum Maximum
Yearly: Rs. 5,100 No Limit
Half yearly: Rs. 2,600
Quarterly: Rs. 1,350
Monthly: Rs. 450
^All the references to age are age as on last birthday.

#For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card)

For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction
 
 
How does it work?
 
The plan offers two options to choose from, depending on your requirement. Option once chosen cannot be changed.

Option A: Endowment Option

This option offers the benefits of wealth creation through Simple Reversionary bonuses and life cover throughout the policy term.

Option B: Endowment Option with in-built Accidental Death and Total Permanent Disability (AD&TPD) Benefit

In addition to benefits as explained under Option A, this option provides you with benefit in case of Accidental Death or Accidental Total and Permanent Disability of the life assured during the policy term.
 
 
Benefits
 
Maturity Benefit for both Options

On survival till the end of the policy term, Guaranteed Sum Assured on maturity$ + Vested Simple Reversionary Bonuses + Terminal bonus, if any, is paid to the policyholder.

Note: In case of paid up policies, the Paid up Sum Assured will be paid instead of the Basic Sum Assured.

$ Guaranteed Sum Assured on maturity = Basic Sum Assured

Death Benefit for both Options

On death of the life assured during the policy term, the beneficiary is entitled to get higher of A or B
A Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal Bonus, if any.

Where Sum Assured on death will be higher of Basic Sum Assured or 10 times annualized$$ premium.
 
B 105% of all the premiums paid till the date of death.
 
$$Annualized Premium is the premium payable in a policy year, excluding Service tax, underwriting extra premium and loadings for modal premiums, if any.
 
Accidental Death and Total Permanent Disability (AD&TPD) Benefit, applicable only for
Option B

In case of Accidental Death of the life assured during the policy term, 
AD&TPD Benefit## would be payable in lump sum PLUS
  
Death benefit as explained under ‘Death Benefit for both Options’.

Policy will terminate and no further benefits will be payable
 
In case of Accidental Total and Permanent Disability of the life assured during the policy term
AD&TPD Benefit## would be payable in lump sum PLUS
 
All future premiums would be waived off  AND
 
The base policy continues till surrender, death or maturity, whichever is earlier
 
##AD & TPD Benefit will be lower of (a) and (b):
a Basic Sum assured
 
b Rs. 50,00,000 subject to the condition that total sum assured under this benefit on all your individual policies with SBI Life put together should not exceed Rs. 50,00,000
 
This cap shall apply for Accidental Death and Accidental Total and Permanent Disability put together
 
The benefit will be paid only once during the policy term, either on accidental death or on accidental total permanent disability.
 
Tax Benefits:
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.

These are only the brief features of the plan .For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
 
2D.ver.01-12/16 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
 
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