SBI Life – Flexi Smart Plus

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 on 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.

^$Policy Account Value

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 -