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Home > Savings Plans > SBI Life - Flexi Smart Plus

SBI Life - Flexi Smart Plus
(UIN : 111N093V01)

(Product Code : 1M)
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Mortality Rates for SBI Life - Flexi Smart Plus
Introduction
Key Features
Plan at a Glance
Benefits
 

Introduction:
 
SBI Life - Flexi Smart Plus is Individual, Participating, Variable Insurance Product, which helps you in fulfilling your dreams. It also gives you flexibility to adapt to your ever-changing needs, while assuring guaranteed benefits to take care of your savings.
 
 
Key Features:
 
Guaranteed Minimum Bonus Interest rate(Conditions apply*)
A minimum bonus interest rate of 1.00% p.a. is guaranteed for the whole term.
 
Interim bonus interest rate#
An Interim bonus interest rate will be declared at the beginning of each financial year which will apply to the policies exiting during the financial year.
 
Regular Bonus Interest rate
Regular Bonus interest rate will be declared at the end of every financial year.
 
Terminal Bonus Interest rate
Terminal bonus interest rate may be credited to your policy account at the time of exit on account of maturity, death or surrender.

Your policy will be credited with the Regular Bonus interest rates and Terminal Bonus interest rate, if any. Regular bonus interest rate once declared becomes guaranteed for the policy account.
 
Two Protection option available: Gold Option and Platinum Option
 
Partial Withdrawal
Partial withdrawals are allowed from the 6th policy year to cater to your liquidity needs.
 
Flexibility to increase or decrease your chosen Sum assured
 
Flexibility to increase your chosen policy term
   
* The guarantee is applicable to policies which are in-force and within the revival period.
#An interim bonus interest rate will be declared at the beginning of each financial year which will apply to the policies exiting during the financial year. The Regular bonus interest rate declared at the end of the year will not be less than the interim bonus interest rate
 

Plan at a Glance :
 
Age^ at Entry Min: 18 years Max: 60 years
Age^ at Maturity Min: 23 years Max: 65 years
Sum Assured Basic Sum Assured = Annualised Basic Premium × SAMF
Sum Assured Multiple Factor (SAMF) Min: SAMF Higher of
10 / 7 (age < 45 / age > = 45) OR
0.50/ 0.25(age < 45 / age > = 45) x
Policy Term
Max: 20
Policy Term Min: 5 years Max: 30 years
Premium Paying Term Same as policy term
Premium Frequency Yearly / Half-yearly / Quarterly / Monthly##
Premium Amounts
(in multiples of Rs 100)
In case of mode change it may be in multiples of Re 1
  Min
Yearly - Rs 50,000
Half-yearly - Rs 30,000
Quarterly - Rs 20,000
Monthly - Rs 9,000
No Limit

^ 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 is allowed only through Electronic Clearing System (ECS), Credit Card, Direct Debit and SI - EFT.

How does the Plan work?

Your Policy Account

The policy account represents the value of the fund that belongs to you. The policy account will be credited with the premiums paid, net of all premium allocation charge under the policy, on which the additions as stated below will be credited. All other charges would be recovered from the policy account value. All withdrawals, payouts etc. made to you will also be deducted from your policy account.

The various layers of additions which will be applying to the policy account is stated as below -
 
The guaranteed minimum bonus interest rate for the product is 1.00% p.a for the whole term.
 
In addition to the above, a non-zero positive regular bonus interest rate will be declared at the end of each financial year based on the surplus arising upon the statutory valuation of assets and liabilities.
 
An interim bonus interest rate will be declared at the beginning of each financial year which will apply to the policies exiting during the financial year. The bonus interest rate declared at the end of the year will not be less than the interim bonus interest rate.
 
At the time of policy exit (maturity/death/surrender), a terminal bonus interest rate may be paid.
 

Benefits:
 
On Death
 
In case of unfortunate event of death of the Life Assured, the beneficiary will receive the following benefit:

For Gold Option: Higher of Policy Account Value or Sum Assured^ / Paid-up Sum Assured^ as applicable or 105% of total premiums paid as on the date of intimation of death claim.

^Sum assured will be reduced to the extent of partial withdrawals made in the last 2 years for age on death below 60 years and for age at death 60 years & above all partial withdrawals made from 58 years onwards.

For Platinum Option: Higher of Policy Account Value PLUS Sum Assured / Paid-up Sum Assured as applicable or 105% of total premiums paid as on the date of intimation of death claim.
 
On Survival

Maturity Benefit: On maturity, the policy holder will be entitled to policy account value including Terminal Bonus interest rate if any, calculated on the maturity date and will be payable as a lump sum on maturity.
 
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.
 
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.
1M.ver.02-05/15 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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