SBI Life - Smart Platina Supreme
UIN: 111N171V01
Product Code: 3G
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
Smart Platina Supreme - Guaranteed Long Term Income Savings Plan
Aryan has invested his funds while being assured of its growth with just limited premium payments.
Name of Life assured:
DOB:
Gender:
Male Female Third GenderStaff:
Yes No
Sum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Features
- Security: Life insurance cover during Policy Term for financial protection of family.
- 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.
- 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.
- Option to enhance protection through SBI Life - Accident Benefit Rider*
- Enhanced Guaranteed Income for higher premiums
- 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:- Level Guaranteed Income: Guaranteed Income remains level throughout the pay-out period.
- 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.
^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
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
Anyone aged between 3 years (minimum) and 60 years (maximum for other channels; 57 years for POSPs and CPSC-SPVs) can buy this policy. The minimum maturity age is 18 years, while the maximum maturity age is 75 years (65 years for POSPs and CPSC-SPVs).
The policyholder can choose between:
- Level Guaranteed Income: A fixed income remains constant throughout the payout period.
- Increasing Guaranteed Income: The guaranteed income increases at a simple interest rate of 5% per year starting from the second year of the payout period.
The Premium Payment Terms are:
- 7 years
- 8 years
- 10 years
The corresponding policy terms range between 8–15 years, and the payout period can be 15, 20, 25, or 30 years.
The payout period is the duration during which guaranteed income is disbursed to the policyholder. With SBI Life - Smart Platina Supreme, the payout period options are 15, 20, 25, or 30 years, chosen at the policy's inception.
A guaranteed return insurance plan provides assured financial returns during a payout period, regardless of market fluctuations. In SBI Life - Smart Platina Supreme, the policyholder receives guaranteed income benefits along with 110% of the total premiums paid at the end of the payout period.
Yes, investing in a guaranteed return plan offers financial stability and peace of mind with predictable returns, life insurance coverage, and tax benefits. SBI Life - Smart Platina Supreme is particularly beneficial for individuals seeking a combination of assured income and savings.
The maturity benefit includes:
- Guaranteed income (Level or Increasing, based on the chosen option) disbursed during the payout period.
- 110% of the total premiums paid, provided at the end of the payout period.
The maturity benefit includes:
- Sum Assured: The amount payable as a lump sum to the nominee in case of the life assured's death during the policy term.
- Guaranteed Returns: Regular income benefits disbursed to the policyholder during the payout period, irrespective of survival.
Yes, this policy may require medical underwriting depending on the sum assured, policy terms, and the underwriting guidelines set by SBI Life. Medical evaluations ensure the policyholder's eligibility and risk assessment.