Buy Endowment Assurance Plan With Benefits - Smart Bachat Plus
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SBI Life – Smart Bachat Plus

UIN: 111N170V01

Product Code: 4A

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SBI Life Smart Bachat Plus Premium Details

Live the future
you desire with
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of savings

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An individual, Non-Linked, Participating, Life Insurance, Savings Product

It’s vital to remember that our own dreams and aspirations are important. Fulfilling them can bring a sense of joy and purpose that benefits not just ourselves, but our loved ones as well. Taking time to prioritize our own goals whether it’s a dream vacation, pursuing a hobby or ticking off items on our wish list, leads to a more balanced and fulfilling life.

At SBI Life, we are dedicated to provide life insurance products tailored to your needs. To address your requirement for life insurance along with savings, we introduce to you SBI Life – Smart Bachat Plus, which is an Individual, Non-Linked, Participating, Life Insurance, Savings Product. You can choose one of the two benefit options available under the product i.e. Life or Life Plus with in-built Accidental Death & Accidental Total Permanent Disability (AD&ATPD) benefit. It also provides you the flexibility to choose your premium paying term & policy term as per your requirement for every life stage goal, both your own as well as your family's. Being a participating plan, you are eligible to get a share of the profits emerging from company’s ‘Participating life insurance business’ in the form of Reversionary Bonus and Terminal Bonus, if declared.

Highlights

SBI Life Smart Bachat Plus

Individual, Non-linked, Participating Endowment Assurance Plan

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plan profile

Nikhil, a working professional, has chosen this insurance plan to not only financially secure his family in case of an eventuality but also to safeguard his future.

Fill in the form fields below to get a snapshot of how SBI Life – Smart Bachat will benefit you.

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Choose your policy term...

Plan

Option A (Life)

Option B (Life Plus)

Channel Type

Premium Payment Option

Policy Term

15 30

A little information about the premium options...

Premium Frequency

Sum Assured

2 Lakh No limit

Premium Paying Term

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sum assured

Sum Assured

premium frequency

Premium frequency

Premium amount
(excluding taxes)

premium paying

Premium Payment Term

policy term

Policy Term

maturity benefits

Maturity Benefit

At assumed rate of returns** @ 4%


or
@ 8%

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Features

  • Choose one of the following 2 benefit options at inception depending on your insurance needs
    • Option A: Life - This benefit option provides life cover & savings with regular reversionary bonuses
    • Option B: Life Plus - In addition to the benefits under ‘Life’ benefit option, this benefit option provides additional coverage on Accidental Death & Accidental Total Permanent Disability during the policy term
  • Lumpsum benefit equal to ‘Sum Assured on Maturity + vested Reversionary Bonuses + Terminal Bonus, if declared’ payable at maturity
  • Flexibility of paying premium throughout your policy term or for a limited period of time
  • Get tax benefits$ as per the prevailing norms under the Income Tax Act, 1961

$You may be eligible for Income Tax benefits as per the applicable income tax laws in India, which are subject to change from time to time. You are advised to consult your tax advisor on applicable tax benefits under the policy.

Advantages

Security:

  • Protection through life cover during the policy term.

Flexibility:

  • Pay premiums throughout your policy term (Regular pay) or for a limited period of time (LPPT 7 / 10 / 15 years).

Simplicity:

  • Buy with ease with a simple application process and a hassle-free issuance.

Reliability:

  • Get Lumpsum maturity benefit equal to ‘Sum Assured on Maturity + vested Reversionary Bonuses + Terminal Bonus, if declared’.

Death Benefit

  1. If You have opted ‘Life’ benefit option and the Policy is In-Force as on the date of death of the Life Assured, then higher of following will be payable:
    1. Sum Assured on Death plus vested Reversionary Bonuses plus Terminal bonus, if declared
      Or
    2. 105% of Total Premiums Paid upto the date of death

    Where;
    Sum Assured on Death will be 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.
  2. If You have opted ‘Life Plus’ benefit option and the Policy is In-Force as on the date of death of the Life Assured for reasons other than Accident, then an amount as mentioned in above point (i) will be payable.
  3. If You have opted ‘Life Plus’ benefit option and the Policy is In-Force as on the date of accident leading to Accidental Death of the Life Assured, then the following will be payable:
    1. an amount as mentioned in above point (i)
      plus
    2. an additional amount equal to Sum Assured will be payable.

On payment of the death benefit, the Policy will terminate and no further benefits will be available under the Policy.

Accidental Total Permanent Disability Benefit (applicable only under ‘Life Plus’ benefit option)

If You have opted ‘Life Plus’ benefit option and the Policy is In-Force as on the date of Accident leading to Total Permanent Disability, an amount equal to Sum Assured will be payable plus future Premiums payable (if any) under the Policy will be waived off.

On payment of Accidental Total Permanent Disability Benefit, the Policy will continue without Accidental Death & Accidental Total Permanent Disability (AD&ATPD) benefit.

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 vested Reversionary Bonuses and Terminal Bonus (if declared), will be payable at the end of the Policy Term.
Where, Sum Assured on Maturity is equal to the Sum Assured.
For more details on risk factors, terms and conditions of SBI Life – Smart Bachat, read the following documents carefully.
SBI Life Smart Bachat Plus Plan
^All the references to age are age as on last birthday.
^^The above minimum premium amounts are excluding taxes and underwriting loading, if any. Taxes will be applicable as per the prevalent tax laws.
#For Monthly mode, up to 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS).
If the life assured is minor, the policy shall automatically vest to the life assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Company and the life assured.

4A/ver1/10/24/WEB/ENG

*Tax Benefits:
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
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 here.