SBI Life- Smart Future Choices
close

By pursuing your navigation on our website, you allow us to place cookies on your device. These cookies are set in order to secure your browsing, improve your user experience and enable us to compile statistics  For further information, please view our "privacy policy"

SBI Logo

Join Us

Tool Free 1800 22 9090

SBI Life- Smart Future Choices

UIN: 111N127V01

Product Code: 2M

Savings Plan

Choose this today to have a choice tomorrow.

  • 2 benefit options
  • Avail Cash Bonus or defer them
  • Avail Survival Benefits or defer them
  • Auto cover Period
An individual, non-linked, participating, life insurance savings product.

When you have so many plans for life, why not have the choice to fulfil each one?
 
With SBI Life - Smart Future Choices, you can choose between different payout options as per your changing needs to fulfil your short-term and long-term goals.

This unique savings plan provides you choices of:
  • Flexibility: – 2 benefit payout options with an option to change the same, if required.
  • Regular Income – Cash bonus payable during the policy term with an option to defer the same
  • Convenience: – Limited Premium payment product with life cover throughout the policy term
  • Security :- Uninterrupted Life Cover during Auto Cover period 

Highlights

SBI LIFE - SMART FUTURE CHOICES

Smart Future Choices Plan

Dinesh, a 37-year-old businessman, has opted for SBI Life - Smart Future Choices to enjoy regular cash flow, flexibility and provide financial protection to his family.

Change the form fields below to see how you too can live a tension-free life with SBI Life -Smart Future Choices.

Name:

DOB:

Gender:

Male Female Third Gender

Staff:

Yes No

Kerala Resident:

Yes No

Choose your policy term...

Premium Payment Term

Policy Term


Choose your plan options

Benefit Options

Bonus Options


A little information about the premium options...

Premium Frequency

Premium Amount

1,00,000 500000000

Reset

Sum Assured


Premium frequency

Premium amount
(excluding taxes)


Premium Payment Term


Policy Term


Maturity Benefit

At assumed rate of returns** @ 4%


or
@ 8%

Give a Missed Call

Features


  • Savings plan
  • Power of Choice
  • Exercise your ‘Power to Choose’ with various choices

  • Money on demand
  • Be confident with Money On Demand^ choice

  • Cash Bonus
  • Life cover
  • Tax benefits*


^ Money On Demand refers to survival benefit payouts available at defined intervals under Flexi Choice option. The policyholder may take or may defer these payouts. The deferred payouts along with applicable interest can be availed in lumpsum anytime during the remaining policy term.

Advantages

Flexibility:

  • Select benefit option as per your choice
    • Classic choice: option to receive Cash Bonus during the policy term and lumpsum maturity benefit at the end of policy term.
    • Flexi choice: option to receive Cash Bonus during the policy term with Survival Benefit at specified intervals and Maturity Benefit at the end of policy term.

Regular Income:

  • Opt for Cash bonus (if declared) every year OR defer cash bonus (if declared) as per your choice

Convenience

  • Limited Premium payment product with life cover throughout the policy term


Security

  • Uninterrupted Life Cover during Auto Cover period.

Cash Bonus:

Avail Regular Income through Cash Bonus (if declared) * payable through the policy term with an option to defer the same to earn interest and withdraw as and when needed

*The Cash Bonus(es) for first policy year and second policy year (if declared) shall be payable at the end of second policy year with interest, provided the policy is in-force. From third policy year onwards, the cash bonus (if declared) is payable at the end of every subsequent policy year.


Survival Benefits:

Under Flexi Choice Benefit Option, you will be eligible to get benefit payout of 10% of basic sum assured at specified intervals based on policy term and premium payment term opted

Survival benefits can be availed as payouts when due or can be deferred to earn interest and can be withdrawn as and when needed. 

 


Maturity Benefits:

On survival, till the end of the policy term, following will be payable:

a)Under Classic Choice: Guaranteed Sum Assured on Maturity+ Accumulated Deferred Cash Bonuses, if any + Terminal Bonus, if declared. Where, Guaranteed Sum Assured on Maturity can be upto a maximum of 138% of Basic Sum Assured, based on age, policy term and premium payment term opted.
b)Under Flexi Choice: Guaranteed Sum Assured on Maturity + Accumulated survival benefits, if any+ Accumulated Deferred Cash Bonus, if any, +Terminal bonus, if declared. Where, Guaranteed Sum Assured on Maturity will be equal to 80% of Basic Sum Assured


Death Benefit:

For Classic Choice:

Higher of A or B, where:

A = Sum Assured on Death" + Accumulated Deferred Cash Bonuses, if any+ Terminal bonus, if declared

B = Minimum Death Benefit, which is equal to 105% of total premiums received@ upto the date of death.


For Flexi Choice:

Higher of A or B, where:

A = Sum Assured on Death" + Accumulated Survival Benefit, if any+Accumulated Deferred Cash Bonuses, if any+ Terminal bonus, if declared

B = Minimum Death Benefit, which is equal to 105% of total premiums received@ upto the date of death.

"Sum Assured on Death is 11times of annualized premium#

@Total Premiums Received / Paid means total of all the premiums received, excluding any extra premium and applicable taxes.

#Annualized premium shall be the premium amount payable in a year chosen by the policyholder, excluding the applicable taxes, underwriting extra premiums and loadings for modal premium, if any.

The beneficiary can take the entire death benefit as lump sum or in instalments for a period of 5 years.


Auto cover period:

An Auto cover period is available under the product during which if atleast first 2 full years’ premiums have been paid and any subsequent premium is not duly paid, Auto Cover Period of 1 year from the due date of first unpaid premium shall be available and if atleast 5 full years’ premiums have been paid and any subsequent premium is not duly paid, Auto Cover Period of 2 years from the due date of first unpaid premium shall be available.


During Auto-Cover Period, Survival and Maturity Benefits as applicable for Paid-up policies are payable.


Death Benefit as applicable for in-force policies is payable during the Auto Cover period, with deduction of unpaid and / or balance premium, if applicable.


No cash bonus(es) shall be payable under your policy during the Auto Cover Period.

For more details on risk factors, terms and conditions of SBI Life – Smart Future Choices, read the following documents carefully.
**All the references to age are age as on last birthday.

2M.ver.01-11-20 WEB ENG


**Benefits are for illustrative purposes & for healthy life. Please note that the above mentioned assumed rates of returns @4% and @8% p. a. respectively, are only illustrative scenarios at these rates after considering all applicable charges. The bonus rates may be assumed constant during the bonus accrual period, where as actual bonus could vary, depending on the investment experience of the Company. These are not guaranteed and they are not higher or lower limits of returns. Returns are dependent on a number of factors including future investment performance. For more information, please request for your policy specific benefit illustration.

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

*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.