SBI Life - Smart Privilege Plus
UIN: 111L143V01
Product Code: 3N
Make every
moment in life
worth
a lifetime.
"The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year"
You are an achiever, admired for your excellent decisions in life. As you have established your achievements, you only settle for the best, be it personal or financial goals. SBI Life – Smart Privilege Plus offers protection and flexibility to manage your investment by the way of multiple fund switches and loyalty additions to boost your fund value.
Key benefits:
- Wealth creation through market linked returns with choice of 12 diverse fund options
- Loyalty additions starting from the end of 6th policy year to boost fund value, for in-force policies only
- Unlimited free switching basis your market outlook
Highlights
Unit linked, non-participating life insurance plan
Umez, leading a well-renowned global MNC, can maintain his legacy through this unit linked plan.
Fill in the form fields below to get a snapshot of how SBI Life - Smart Privilege Plus can benefit you.Name:
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Gender:
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Sum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Maturity Benefit
At assumed rate of returns** @ 4%or
@ 8%
Features
- Life insurance coverage along with market-linked returns
- Loyalty Additions starting as early as from the end of 6th policy year onwards for in-force policies
- Option of paying premiums throughout the term or for a limited period or through a single payment
- Option of 12 different funds.
- Unlimited free switches and premium redirection
- Partial withdrawals from 6th policy year or on attainment of age 18 years by the life assured, whichever is later
- Option to enhance coverage by opting for Rider on payment of additional premium
Advantages
Security
- Secure your family’s dreams through protection and wealth creation
Reliability
- Grow your wealth through regular loyalty additions
Flexibility
- Manage your funds as per your investment objectives and risk appetite
- Pay premiums as per your convenience
- Manage your evolving financial priorities with unlimited free switching facility
Liquidity
- Meet unexpected financial expenses with partial withdrawals from the 6th policy year or 18 years of age whichever is later
Avail tax benefits*
Maturity Benefit:
- On survival of the life assured up to maturity provided the policy is in-force, the Fund Value as on the date of maturity shall be paid in lump sum.
Death Benefit:
- In case of an unfortunate death of the life assured during the policy term, provided all due premiums are paid till date of death, the beneficiary will receive highest of the following:
Higher of
- Fund Value as on the date of intimation of the death claim to the Company or
- Sum Assured less Applicable Partial Withdrawals (APW)#, or
- 105% of the Total Premiums Paid^ upto the date of death
#APW is equal to partial withdrawals, if any, in the last 2 years immediately preceding the death of the Life Assured.
^Total Premiums Paid means total of all the premiums received under the base product including top-ups premium paid, if any.
*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. Please consult your tax advisor for details.
For further details click here.
For more details on Riders, terms and conditions, exclusions, please read rider sales brochure.
2Where Annualized Premium means the premium amount payable in a year, excluding taxes, rider premiums and underwriting extra premiums on riders, if any.
3Single Premium means the premium amount payable in lump sum at policy inception excluding taxes, rider premiums and underwriting extra premium on riders, if any
3N/ver1/01/25/WEB/ENG
**Assumed rates of returns @4% and @8% p. a., are only illustrative scenarios at these rates after considering all applicable charges. These are not guaranteed and they are not higher or lower limits of returns. Unit Linked Life Insurance products are subject to market risks. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans and their future prospects or returns.
Unit Linked Life Insurance products are different from the traditional products and are subject to market risks. The premium paid in Unit Linked policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder is responsible for his/her decisions. SBI Life Insurance Co. Ltd. is only the name of the insurance company and SBI Life – Smart Privilege Plus is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risk and applicable charges from your Insurance Advisor or the intermediary or the policy document from the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects or returns. Past performance of the funds is not indicative of future performance. All benefits payable under this policy are subject to tax laws and other fiscal enactments in-effect from time to time, 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 rider 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. Please consult your tax advisor for details.
Frequently Asked Questions
The SBI Smart Privilege Plan is a unit-linked insurance plan that offers both life insurance coverage and wealth creation opportunities. It provides flexibility to manage your investments across various fund options while ensuring financial security for your loved ones.
The SBI Life Smart Privilege Plan works by combining the benefits of a wealth creation plan with life insurance coverage. It allows you to invest in a variety of funds while providing life insurance protection. The plan also enables free fund switches to help you adapt to changing financial goals.
Yes, you can surrender your SBI Life Smart Privilege policy. If surrendered within the first five years, the policy's fund value will be transferred to the discontinued policy fund and paid after the lock-in period ends. For surrenders after five years, the fund value is paid immediately.
Yes, there is a grace period in the SBI Life Smart Privilege policy. If you fail to pay the premium on time, you get a grace period of 30 days for yearly, half-yearly, and quarterly premiums, as well as 15 days for monthly premiums, to keep the policy active.
Yes, SBI Smart Privilege offers tax benefits. Premiums paid under this plan qualify for deductions under Section 80C of the Income Tax Act, 1961, and the maturity benefits are also tax-exempt under Section 10(10D), subject to prevailing tax laws.
Individuals aged between 13 and 55 years are eligible to apply for the SBI Life Smart Privilege Plus Plan. The policy term ranges from 10 to 30 years, making it an ideal choice for long-term wealth creation while securing life insurance.