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SBI Life - Smart Platina Supreme

UIN: 111N171V01

Product Code: 3G

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SBI Life - Smart Platina Supreme Savings Plan

Apne Iraadon
ko, Smart
guarantee do.

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

YOU constantly strive to provide a stable and secure life for yourself and your loved ones. As you move ahead through various life stages, your needs and responsibilities keep on evolving and so do the uncertainties of life.

Choose SBI Life - Smart Platina Supreme a guaranteed return insurance plan to protect your future financially with regular guaranteed benefits. Feel the confidence in every step, as you fulfil your promises to your loved ones and make your own aspirations a reality.

Highlights

SBI Life - Smart Platina Supreme

Smart Platina Supreme - Guaranteed Long Term Income Savings Plan

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Aryan has invested his funds while being assured of its growth with just limited premium payments.

You too can secure your future with SBI Life - Smart Platina Supreme. Fill in the form fields below to know how

Name of Life assured:

DOB:

Gender:

Male Female Third Gender

Staff:

Yes No

A little information about the premium options...

Distribution Channels

Premium Frequency

Annual Premium

50,000 No Limit

Premium Paying Term


A little information about the policy options...

Income Plan

Level Guaranteed Income
Increasing Guaranteed Income

Guaranteed Income Frequency

Payout Period

Policy Term


SBI Life – Accident Benefit Rider (111B041V01)

Term for ADB

8 8

ADB Sum Assured

50,000 1650000

Term for APPD

8 8

APPD Rider Sum Assured

50,000 550000

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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

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Features

  1. Security: Life insurance cover during Policy Term for financial protection of family.
  2. Flexibility: Customise your guaranteed return insurance plan based on your life goals, with options for Premium Payment Term and frequency, Policy Term, Pay-out Period & income frequency.
  3. Maturity benefit$: guaranteed savings plan offers a maturity benefit, in the form of Level or Increasing Guaranteed Income^ during the pay-out period PLUS 110% of the Total Premiums paid# at the end of Pay-out Period.
  4. Option to enhance protection through SBI Life - Accident Benefit Rider*
  5. Enhanced Guaranteed Income for higher premiums
  6. Loan against Policy available

$Option to receive the discounted value of the future benefits (future Guaranteed Income and 110% of Total Premiums paid), in the form of lumpsum.
^The policyholder will have an option to avail guaranteed income at the beginning or end of the chosen income frequency.
#Where, Total Premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.
*SBI Life – Accident Benefit Rider (UIN: 111B041V01), Option A: Accidental Death Benefit (ADB) and Option B: Accidental Partial Permanent Disability Benefit (APPD).

Advantages

 

Security

  • Financial security of family through ample life cover under this life insurance with guaranteed returns products (offered under base plan and Accident Benefit Rider )

Flexibility

  • Choose the pay-out period and frequency in this savings plan to match your life goals. Option to change the income pay-out frequency before the end of policy term.

Transparency

  • Providing consistent and reliable returns

Maturity Benefit (For In-force policies)

The maturity benefit is payable, if the life assured survives at the end of the policy term, provided the policy is in-force.
Maturity benefit is payable in the form of Guaranteed Income at the end / beginning^ of each income frequency chosen during the Pay-out period and 110% of the Total Premiums paid# at the end of the pay-out period, irrespective of survival of life assured during pay-out period.
Life Assured / Nominee (in case of death of life assured after policy term) has an option to take discounted value** of the future benefits (future Guaranteed Income and 110% of Total Premiums paid#), in the form of lumpsum.

^3 months before maturity, the policyholder will have an option to opt for receiving the guaranteed income at the beginning of the chosen income pay-out frequency, by intimating the company. Guaranteed Income payable at the beginning will be Guaranteed Income amount X Percentage as per the chosen Income payout frequency (which is for Yearly = 93%, Half -Yearly = 97%, Quarterly = 98% & Monthly = 99%)
#Where, Total Premiums paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.
**Discounted value would be calculated using discount rate per annum, where discount rate is 30-year prevailing G-Sec rate as on 1st April of each of the Financial Year plus 50 basis points.

Guaranteed Income Benefit:

The policyholder has to choose one of the following income pay-out options at inception:
  1. Level Guaranteed Income: Guaranteed Income remains level throughout the pay-out period.
  2. Increasing Guaranteed Income: Guaranteed Income will increase every year at a simple interest rate of 5% p.a. starting from second year of pay-out period.

Once chosen the income plan option cannot be changed during the policy term.
The policyholder can choose a pay-out period of 15, 20, 25 or 30 years depending on their future requirements.
The Income Pay-out frequency allowed are Yearly, Half-Yearly, Quarterly and Monthly.
The policyholder can choose any one of the income pay-out frequency option at the inception of the policy and also has an option to change the income pay-out frequency option, before the end of the Policy term. Once income pay-out starts the frequency cannot be changed.

Death Benefit (For In-force policies)

On death of the life assured, provided the policy is in-force, at any time during the policy term, sum assured on death will be payable as lump sum to the nominee or legal heir of the life assured, as the case may be and the policy terminates and there will be no further benefits payable under the policy.
Where sum assured on death is highest of the following
  • Sum Assured = 11 multiplied by annualized premium^
  • Annual Guaranteed Income x Factor 1 + 110% of Total Premiums Payable~ x Factor 2
  • 105% of total premiums paid# upto the date of death

Where, Factor 1 is discounting factor for future guaranteed income and Factor 2 is discounting factor for 110% of Total Premiums payable at the end of Payout Period.
For Increasing Guaranteed Income option, Annual Guaranteed Income of first year of pay-out period will be considered.
The factors will depend on the policy term, Guaranteed Income Option, Pay-out Period and the policy year during which the death claim is made.
^Annualized premium shall be the premium amount payable in a year, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.
#Total Premiums paid means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly
~Total Premiums payable means total premiums payable during policy term under the base product, excluding any extra premium and taxes, if collected explicitly.

For more details on risk factors, terms and conditions of SBI Life – Smart Platina Supreme, read the following documents carefully.
Smart Platina Supreme - Guaranteed Long Term Income Savings Plan
*All the references to age are age as last birthday
^Subject to minimum maturity age. 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: Maximum Sum Assured on Death of Rs. 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. The Riders cannot be attached to the policies sold through POSPs and CPSC-SPV channel.

3G/ver1/11/24/WEB/ENG

*Tax Benefits:

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. Please consult your tax advisor for details.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale. For more details on risk factors, terms and conditions of riders please read the rider brochure carefully before concluding a sale.

Frequently Asked Questions