SBI Life – Smart Platina Advantage

Maturity Benefit:

On survival of Life Assured till the end of the policy term, provided the policy is in-force, Sum Assured on Maturity plus accrued Guaranteed Additions is payable as a lumpsum.

Where,
Sum Assured on Maturity is equal to the Sum Assured^$$
$$Sum Assured is the absolute amount of benefit granted under the policy at inception.

Death Benefit:

In the unfortunate event of death of Life Assured during the policy term, provided the policy is in-force, Death Benefit is payable as lump sum, which is higher of the following:

• Sum Assured on Death plus accrued Guaranteed Additions; OR
• 105% of the 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

Settlement Option:

Maturity Benefit under the product is payable in lumpsum by default, however, Settlement Option is available at policy maturity. To exercise the settlement option the policyholder is required to intimate SBI Life at least 3 months prior to the maturity date. The Policyholder can choose one of the following two options:

• To take Maturity Benefit amount in monthly / quarterly / half-yearly / yearly instalments payable in arrears for a period of 2 to 7 years.
• To take a part of Maturity Benefit as lumpsum and rest in instalments payable in arrears. Policyholder can choose proportion of lumpsum and instalment period.

Mode of Instalment Payment	Minimum Instalment Amount (Rs)
Monthly	5,000
Quarterly	15,000
Half Yearly	25,000
Yearly	50,000

If the instalment amount payable as per chosen settlement option is less than the minimum amounts mentioned above, then the maturity benefit will be paid in lumpsum.

The instalment amount during the settlement period as per option chosen, will be basis the 10- year benchmark G-sec rate compounded half-yearly as on 1st April of the Financial Year in which the maturity date falls less 150 basis points. The 10-year benchmark G-Sec rate compounded half-yearly as on 1st April 2025 is 6.58% p.a.

In case of death of the Life Assured during the settlement period, instalments as scheduled will continue to be payable to the Nominee or Legal Heirs as the case maybe. Nominee/legal heirs can avail the option to take the lumpsum amount.

At any time during the settlement period, the present value of future scheduled instalments can be taken as lumpsum. The interest rate for calculating the present value will be the 10-year benchmark G-sec rate compounded half-yearly as on 1st April of the Financial Year during which the request is received less 100 basis points.