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Home > Savings Plans > SBI Life - Smart Money Planner

SBI Life - Smart Money Planner
(UIN : 111N101V01)

(Product Code : 1R)
 
Introduction
Key Features
Plan at a Glance
Plan Options
Benefits
 

Introduction:

 
SBI Life – Smart Money Planner is an individual, non linked, with profit endowment assurance plan with added feature of guaranteed (Conditions apply*) cash inflow at regular intervals tailored to suit your financial requirements. It offers you financial support for fulfilling your long and short term goals, while providing you a life cover throughout the policy term without burdening you with premium payment for the entire term.
 
 
Key Features:
   
Regular income throughout the benefit payment period specially tailored to suit your requirements.
 
A savings plan with an added feature of "Growth period".
 
Life cover available throughout the Premium Payment Period, Growth Period & Benefit Payment Period i.e. throughout the Policy Term.
 
Flexibility to choose between Limited Premium Payment and Single Premium.
 
Rebates offered for Large Sum Assured.
 
Tax benefits** as per prevailing norms under the Income Tax Act, 1961.
 
*For Inforce Policies
 
Plan at a Glance:
 
Plans Options
Plan Options Plan 1 Plan 2 Plan 3 Plan 4
Age ^ at Entry Min: 18 years Min: 18 years Min: 18 years Min: 18 years
Max:  60 years Max:  55 years Max:  55 years Max:  50 years
Age^  at Maturity Max: 75 years
Plan Type Limited Premium / Single Premium
Sum Assured Min: Rs. 1,00,000       |    Max^^: Rs. 5,00,00,000
Plan Options Plan 1 Plan 2 Plan 3 Plan 4
Premium Payment Period 6 years 6 years 10 years 10 years
Growth Period 4 years 4 years 5 years 5 years
Benefit payment period 5 years 10 years 5 years 10 years
Policy Term 15 years 20 years 20 years 25 years
Premium Payment Mode Single Premium  / Yearly / Half Yearly / Quarterly / Monthly#
Premium Frequency Loading Half-Yearly: 52.0% of annual premium
Quarterly: 26.5% of annual premium
Monthly: 8.9% of annual premium
^All the references to age are age as on last birthday.

^^The maximum sum assured would be subject to board approved underwriting policy. The maximum premium would be based on the sum assured offered

# 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
 
 
Plan Options:
 
Based on your financial obligation, you have an option to choose from any one of the following plan offerings:
 
For LPPT mode:
  Premium Payment Period Growth Period Benefit Payment Period Policy Term Benefit Payment as a percentage of Basic Sum assured
Plan 1 6 years 4 years 5 years 15 years 20%
Plan 2 6 years 4 years 10 years 20 years 10%
Plan 3 10 years 5 years 5 years 20 years 20%
Plan 4 10 years 5 years 10 years 25 years 10%
 
For SP mode:
  Growth Period Benefit Payment Period Policy Term Benefit Payment as a percentage of Basic Sum assured
Plan 1 10 years 5 years 15 years 20%
Plan 2 10 years 10 years 20 years 10%
Plan 3 15 years 5 years 20 years 20%
Plan 4 15 years 10 years 25 years 10%
 
How the plan works:
 
1 Choose the Premium Payment Period as per your convenience or requirement, viz. 6 years or 10 years.
 
2 Selection of Premium Payment Period automatically fixes the Growth Period i.e. for a 6-year Premium Payment Period, the Growth Period will be 4 years and for a 10-year Premium Payment Period, the Growth Period will be 5 years.
 
3 After your Growth Period is fixed, you have to select the option suitable to you based on the Benefit Payment Period, which could be either 5 years or 10 years.
 
4 If Benefit Payment Period of 5 years is selected, you will receive 20% of the basic sum assured at the end of each year of the Benefit Payment Period, whereas if Benefit Payment Period of 10 years is selected, you will receive 10% of the basic sum assured at the end of each year during the Benefit Payment Period, as survival benefit.
 
5 Policy term consists of premium payment period, growth period and benefit payment period.
 
For a Single premium plan: The Growth period will be the sum of the Premium Payment Period and the Growth period (shown in above table), depending on the plan chosen. For example: Under Plan 3, the Growth Period will be 15 years (ie. 10 years + 5 years). Your Benefit Payments begin after completion of the Growth period and will continue to be paid for 5 years. Thus the total Policy Term will be of 20 years.
 
 
Benefits:
 
Death Benefit: In the unfortunate event of death during the policy term, your nominee will receive:
 
  Highest of A or B, where:
  A.
Sum Assured (SA) on death + Vested Simple Reversionary Bonuses + Terminal bonus, if any.

Where SA on death will be higher of the following:
  • Basic Sum Assured (chosen at inception), or
  • Guaranteed Sum assured on Maturity, which is the final benefit installment (20% or 10% of the basic sum assured depending on the plan option chosen) payable at maturity, or
  • Multiple of Annualized / Single premium,
     
    where multiple for Limited premium payment is :
     
   
Age at entry of Life Assured less than 45 years Age at entry of Life Assured 45 years or more
10 7
     
    where multiple for Single Premium payment is :
     
   
Age at entry of Life Assured less than 45 years Age at entry of Life Assured 45 years or more
1.25 1.10
     
  B. 105% of all the premiums paid till the date of death
 
Survival Benefits: On survival during the benefit payout period you will be paid regular payouts at the end of each policy year which will be equal to 20% of basic sum assured for 5 years under Plan 1 & 3 and 10% of the basic sum assured for 10 years under Plan 2 & 4, excluding the final survival benefit payout installment.
 
Maturity Benefit: On survival till maturity, you get vested reversionary bonuses plus terminal bonus, if any, along with the final benefit installment i.e. Guaranteed Sum assured on maturity. Where, guaranteed sum assured on maturity is 10% or 20% of the basic sum assured depending on the plan opted.
 
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.

** Tax benefits are as per Income Tax Laws & are subject to change from time to time. 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.

1R.ver.01-04/15 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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