SBI Life – Smart Platina Young Achiever
UIN: 111N173V01
Product Code: 3Y
Give your child
a liberating future
with Guaranteed Benefits
Every parent dreams of giving their child the best opportunities in life. SBI Life – Smart Platina Young Achiever is crafted to make that possible. It is an Individual, Non-Linked, Non-Participating Life Insurance Savings Product.
With Guaranteed benefit at maturity, it provides a financial boost just when your child needs it the most – whether for education, marriage or personal milestones, empowering your child to become a confident achiever. This plan not only safeguards child’s future but also gives parents the confidence that their financial support and planning would help the child realize his/her full potential.
Highlights
Smart Platina Young Achiever - Guaranteed Long Term Income Savings Plan
Aryan has invested his funds while being assured of its growth with just limited premium payments.
You too can secure your future. Fill out the Smart Platina Young Achiever calculator to know how.Name:
DOB:
Gender:
Male Female Third GenderStaff:
Yes NoProposer Name:
Proposer DOB:
Gender(Proposer):
Male Female Third Gender
Sum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Maturity Benefit
Features
- Guaranteed Benefit - Risk free milestone planning for your child
- In-built Waiver of Premium benefit on death or Accidental Total Permanent Disability of the proposer, automatically comes as a part of the plan to secure your child’s future.
- Flexibility to defer maturity payout or get the same in instalments up to 7 years as per your needs.
- Tax benefits* as per prevailing norms under 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.
Advantages
Security
- Secure your child's future with Guaranteed Maturity Benefit
Flexibility
- To defer maturity pay-out or get the same in instalments up to 7 years as per your needs.
Transparency
- Providing consistent and reliable returns
Reliability
- Guaranteed Additions will accrue at the end of each policy year starting from first policy year till the end of Policy Term
Guaranteed Additions as a percentage of Total Premium Paid will accrue at the rate, based on the Premium Payment Term and Annualized Premium chosen by you. Rate of Guaranteed Additions (as % of Total Premium Paid) will be as per below table.
| Annualized Premium Band (Rs.) | Premium Payment Term | |
|---|---|---|
| 7 years | 10 years | |
| 50,000 to less than 1,00,000 | 5.50% | 6.00% |
| 1,00,000 to less than 2,00,000 | 5.75% | 6.25% |
| 2,00,000 & above | 6.00% | 6.50% |
Guaranteed Addition in the year of death shall be payable for the full policy year.
For Reduced Paid-up policy, the Reduced Guaranteed Addition for each policy year will be equal to the Reduced Guaranteed Addition rate multiplied by the Total Premiums Paid by you till the end of respective policy year. Reduced Guaranteed Addition rate is equal to Guaranteed Addition rate multiplied by ratio of total period for which premiums have already been paid to the maximum period for which premiums were originally payable.
Maturity Benefit
If the Policy is in-force and the life assured survives till the end of Policy Term, then Sum Assured on Maturity plus accrued Guaranteed Additions, will be payable as lumpsum at the end of the Policy Term.Where, Sum Assured on Maturity is equal to the Sum Assured.
Death Benefit for Life Assured
On death of the Life Assured during the policy term, provided the policy is in-force, higher of the following will be payable:a)Sum Assured on Death plus accrued Guaranteed Additions
Or
b)105% of Total Premiums Paid# up to the date of death
Where;
Sum Assured on Death is higher of Sum Assured or 11 times of Annualized Premium*
*Annualized Premium shall be the premium amount payable in a year, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premium.
#Total Premiums Paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly
Waiver of Premium on Death or Accidental Total Permanent Disability (ATPD) of Proposer
On Death or Accidental Total Permanent Disability of Proposer during the premium payment term, provided the policy is in-force, future premiums payable (if any) on and after the date of death or ATPD under the Policy will be waived off and the Policy will continue as an in-force policy.
Please note that for Accidental Total Permanent Disability claim to be payable, such disability must have persisted continuously for a period of at least 180 days and must, in the opinion of a suitable Medical Practitioner, appointed by the Company, be deemed permanent. The 180 days waiting period to establish permanence of disability is not applicable in case of loss by physical severance.
#For Monthly mode, up to 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS).
3Y/ver1/01/25/WEB/ENG
*Tax Benefits:
You may be 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. Please consult your tax advisor for details.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Frequently Asked Questions
It is an Individual, Non-Linked, Non-Participating Life Insurance Savings Plans designed to help parents plan for their child’s future milestones with guaranteed benefits at maturity.
The proposer can be a parent, grandparent, or legal guardian of the child. The life assured is the minor child under this plan.
Considering the Policy is In force, In the event of ATPD of the proposer, future premiums are waived, and the policy continues, ensuring the child’s financial security.
The death benefit is the higher of the Sum Assured on Death plus accrued Guaranteed Additions or 105% of Total Premiums Paid up to the date of death.
Guaranteed Additions are accrued at the end of each policy year and are a percentage of the total premiums paid, based on the premium payment term and annualized premium chosen.
You may be eligible for tax benefits under the Income Tax Act, 1961. Please consult your tax advisor for details as tax laws are subject to change.
Premiums can be paid yearly, half-yearly, or monthly. For monthly payments, up to 3 months’ premium must be paid in advance through the Electronic Clearing System (ECS).
Considering the Policy is In force, in case of death or ATPD of the proposer during the premium payment term, future premiums are waived, ensuring that the policy continues without financial burden.
As a Non-Linked, Non-Participating plan, it offers guaranteed returns, minimizing market-related risks. However, it is advisable to read the policy brochure for detailed terms and conditions.