An Individual, Non-linked, Non-participating, Life Insurance Savings Product
It's the little things in life that makes every moment more joyful. Have the assurance of that extra happiness and extra achievement with SBI Life- Smart Platina Plus which provides a guaranteed second long term income so that you can go ahead and live a little more.
Regular guaranteed income during payout period
Flexibility^ to suit your life goals
Financial protection along with tax benefits*
^To choose Income plan option, Premium Payment Term, Payout Period and Income Payout Frequency
Smart Platina Plus - Guaranteed Long Term Income Savings Plan
Choice of two income plan options to suit your financial needs – Guaranteed Income & Life Income
Guaranteed Income Benefit: Enjoy fixed regular income during the payout period opted.
Maturity Benefit: Get return of 110% of total premiums paid at the end of policy term.
Choice of frequency of income benefit - Yearly, Half-yearly, Quarterly or Monthly
Limited premium payment options – 6, 7, 8 and 10 years
Tax Benefits*: As per the prevailing norms under the 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 detail
Life insurance cover during policy term for financial protection of family
Choose the payout period to match your life goals. Option to change the income payout frequency before the payout period
Provides you with an easy application process for hassle-free issuance
Regular guaranteed long term income
Maturity Benefit (For In-force policies):
For both the Income Plan options, on survival of the life assured till the end of the policy term, 110% of the Total Premiums paid would be refunded at the end of the policy term.
Survival Benefit (For In-force policies):
For both the Income Plan options, Guaranteed income will be paid during the payout period depending on the payout frequency chosen provided the Life assured is surviving.
Death Benefit (For In-force policies):
The death benefit under the two income options are as follows:
1. Life Income: On death of the life assured at any time during the policy term, Sum assured on death is payable as lump sum to the nominee or legal heir of the life assured and the policy terminates.
2. Guaranteed Income: The death benefit payable before the commencement of the payout period and during the payout period are different.
On death of the life assured before the commencement of the payout period, Sum assured on death is payable as lump sum to the nominee or legal heir of the life assured and the policy terminates.
On death of the life assured after the commencement of the payout period, Sum assured on death is payable as lumpsum to the nominee or legal heir of the life assured and the nominee or legal heir shall continue to receive the future Guaranteed Income during the payout period. The nominee or legal heir shall have an option to receive the discounted value of the future Guaranteed Income, in the form of a lumpsum, anytime during the Payout Period, discounted at 8.25% per annum.
Where sum assured on death is higher of the following
Basic Sum Assured = 11 times of annualized premium^ or
105% of total premiums paid# upto the date of death or
Annual Guaranteed Income * Death Benefit Factor for Guaranteed Income + Maturity Benefit * Death Benefit Factor for Maturity Benefit
^Annualized premium shall be the premium payable in a year chosen by the policyholder, excluding the taxes, underwriting extra premiums and loadings for modal premiums, if any.
#Total Premiums paid /received means total of all the premiums received, excluding any extra premium and taxes.
For more details on risk factors, terms and conditions of SBI Life – Smart Platina Plus, read the following documents carefully.
*All the references to age are age as on last birthday
^If the life assured is minor, date of commencement of policy and date of commencement of risk shall be same and the policyholder/proposer can be parents or legal guardian. This shall be as per our Board approved underwriting policy. The policy shall vest in the life of the minor insured once he / she attains majority i.e. 18 years
@ Note: For POSPs and CPSC-SPV Channel: Policy Term allowed is 20 Years and the maximum Sum Assured on Death is restricted to INR 25,00,000 per life, across all policies of SBI Life Insurance Company sold through POSPs and CPSC-SPV. The acceptance of any case is subject to Board approved underwriting policy
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details click here. Please consult your tax advisor for details.