An individual, Non-Linked, Participating (PAR), Whole Life Insurance, Savings Product

A lifetime policy is a life insurance or disability policy that is noncancelable or guaranteed renewable, usually for as long as the insured lives. Some lifetime policies may terminate when the insured reaches a specified age (e.g., 65).

As you progress in life, your dreams and responsibilities grow with you. So ensure that you always remain financially ready for what lies in store ahead, with SBI Life - Smart Lifetime Saver – a plan that offers you guaranteed returns and protection, for a lifetime.

Know about SBI Life – Smart Lifetime Saver

UIN: 111N136V02 | Product Code: 2Z

You have built a life alongside your loved ones, supporting their goals while nurturing your own aspirations. Now is the time to pursue the plans you have been holding, the experiences that bring meaning, and the milestones that shape your journey together.

SBI Life – Smart Lifetime Saver is here to support you in all your aspirations. An Individual, Non-Linked, Participating (PAR), Whole Life Insurance, Savings product. It has been designed to complement every chapter of your journey. As a participating policy, this policy shall participate in the profits arising out of the company's 'with profits' life insurance business. SBI Life – Smart Lifetime Saver is a financial companion for life that helps you create a dependable stream of income, along with Cash Bonuses, so you can achieve your goals while maintaining coverage that lasts a lifetime.

Life Cover up to Age of 100 Years ^{^}

Lifetime Annual Survival Income ^*

Optional Rider Benefit ^#

Features

Security: SBI Life - Smart Lifetime Saver provides life coverage till the age 100, providing enduring protection that embraces both you and those who depend on you. This lifelong commitment ensures your family remains secure as their lives unfold.

Guaranteed Survival Income ^#: SBI Life – Smart Lifetime Saver creates financial certainty for the people you care for. Once your premium payments are complete, you enjoy the benefits of guaranteed survival income from the end of premium payment term. This reliable income provides your family with steady support, ensuring their future remains secure and protected.

Additional Non-Guaranteed Survival Income: From the seventh policy year onwards, you receive additional cash bonuses, if declared that enhance your income. SBI Life – Smart Lifetime Saver reinforces the foundation you are building, giving you greater flexibility for the years ahead.

Flexibility to Accumulate Survival Incomes: The option allows you to accumulate survival income and withdraw the same along with applicable interest during policy term. With SBI Life – Smart Lifetime Saver, you strengthen what you are creating for yourself and your loved ones.

Limited Premium Payment Term: SBI Life – Smart Lifetime Saver's flexible plan options, spanning 10, 12, or 15 years, offer lifetime coverage with a limited premium payment period. You can secure lifelong support while keeping your financial commitments within a timeframe that works for you.

Maturity Benefit: At policy maturity, you receive total Annualized Premiums^## you have contributed back. This rewards your commitment and provides meaningful resources to pursue new chapters with those you love.

Enhanced Protection with Optional SBI Life - Accident Benefit Rider ^#: An optional rider that adds an extra layer of financial security in the event of an accident, offering added reassurance for you and your family. It works alongside the main plan to provide greater comfort and support during unexpected moments.

Tax Benefits^*: When you purchase the SBI Life – Smart Lifetime Saver product, you enjoy tax benefits under the Income Tax Act, 1961, which work strategically in your favour. This gives you greater capacity to pursue the goals that define your journey.

^*You may be eligible for Income Tax benefits as per the applicable income tax laws in India, which are subject to change from time to time. You are advised to consult your tax advisor on applicable tax benefits under the policy.

^#The Guaranteed Survival Income will vary with Premium Payment Terms and Annualised Premium bands.

^##Annualised premium shall be the premium amount payable in a year, excluding taxes, underwriting extra premiums, rider premiums and loadings for modal premiums.

^&SBI Life – Accident Benefit Rider (UIN: 111B041V01), Option A: Accidental Death Benefit (ADB) and Option B: Accidental Partial Permanent Disability Benefit (APPD)

Advantages

Security: Securing your family for the long term requires coverage that stays with you throughout your life. SBI Life – Smart Lifetime Saver plan provides coverage that extends to age 100, ensuring you and your loved ones remain supported as the years unfold.

Flexibility: Your financial needs evolve, and your plan should too. SBI Life – Smart Lifetime Saver helps in building financial strength that matches your circumstances and aspirations through regular income and bonuses, if declared. You have the option to defer and accumulate the Guaranteed Survival Income and Non-Guaranteed Survival Income (cash bonus), if declared. This gives you control over when and how you access your funds, adapting to what works best for you.

Simplicity: Getting started with SBI Life – Smart Lifetime Saver is simple and efficient. You can move forward with confidence, knowing the path to securing your family is clear and accessible.

Reliability: Your coverage stays active and supports your family even during uncertain times. The SBI Life – Smart Lifetime Saver plan is designed to support you through life's transitions, ensuring your family's security remains intact when circumstances require.

Benefits

Survival Income

Guaranteed Survival Income:
a) On survival of the Life Assured, and provided all premiums due have been paid, the Guaranteed Survival Income will be paid at the end of each policy year starting from the end of the premium payment term, till surrender, death, or maturity, whichever occurs earlier.
b) Guaranteed Survival Income is calculated as the Guaranteed Income Rate multiplied by the Basic Sum Assured.

Non-Guaranteed Survival Income (Cash Bonus):
a) On survival of the Life Assured, and provided all premiums due have been paid, in addition to the Guaranteed Survival Income, the Non-Guaranteed Survival Income (Cash Bonus), if declared, will be paid at the end of each policy year starting from the end of the 7th policy year, till surrender, death, or maturity, whichever occurs earlier.

b) Non-Guaranteed Survival Income (Cash Bonus) will be equal to the Cash Bonus rate, if declared multiplied by the Basic Sum Assured.

Flexibility to Accumulate Survival Incomes

An option is available to defer and accumulate the Guaranteed Survival Income and/or Non-Guaranteed Survival Income (Cash Bonus), if declared.

The accumulated deferred survival incomes, along with applicable interest, will be payable as a lump sum to the policyholder upon request at any point of time after deferment during the policy term, or on death of the Life Assured, surrender, or maturity, whichever occurs earlier.

The applicable interest rate for the accumulation of deferred Survival Income shall be the RBI Repo Rate minus 100 basis points as on 1st April of the financial year in which the accumulated amount becomes payable.

Currently, the Repo Rate is 6.50% p.a. as of 1st April 2024; hence, the applicable interest rate for the financial year 2024–25 is 5.50% p.a., compounded annually.

Maturity Benefit

On survival of the Life Assured till the end of the policy term, the following will be payable as a lump sum:
a) Guaranteed Sum Assured on Maturity^{^} plus Terminal Bonus, if declared.
b) Additionally, accumulated deferred survival income, if any, will be paid.
c) Upon maturity, the policy will terminate, and no further benefits will be payable.

Death Benefit

On death of the Life Assured during the policy term, the following will be payable to the nominee or legal heir:
a) Higher of (A) or (B), where:
A. Sum Assured on Death plus Guaranteed Survival Income^*, if any, plus Interim Non-Guaranteed Survival Income^# (Interim Cash Bonus), if declared, plus Terminal Bonus, if declared.
B. 105% of the Total Premiums Paid up to the date of death.
b) Additionally, accumulated deferred survival income, if any, will be paid.

“Auto-Cover Period” under a Reduced Paid-up Policy

1. If at least the first two full policy years’ premiums but less than five full policy years’ premiums have been paid, and any subsequent premium is not duly paid, an Auto-Cover Period of one year from the due date of the first unpaid premium shall apply.
2. If at least five full policy years’ premiums have been paid, and any subsequent premium is not duly paid, an Auto-Cover Period of two years from the due date of the first unpaid premium shall apply.

Rider Benefit

Please refer to the Rider Brochure for more information.

^*Guaranteed Survival Income and Interim Non-Guaranteed Survival Income apply for the year in which death occurs.

^#Interim Non-Guaranteed Survival Income is equal to the Interim Cash Bonus rate, if declared, multiplied by the Basic Sum Assured.

Total Premiums Paid means the total of all premiums paid under the base product, excluding any extra premium and applicable taxes, if collected explicitly.

Sum Assured on Death is calculated as the Death Benefit Multiple (DBM) multiplied by the Annualized Premium. The DBM is based on the age at entry of the Life Assured.

Downloads

For more details on risk factors, terms and conditions of SBI Life – Smart Lifetime Saver, read the following documents carefully.

• Product Brochure/Prospectus

• Product Guide

• Policy Document

• Customer Information Sheet (CIS)

• SBI Life - Accident Benefit Rider Brochure

• SBI Life - Accident Benefit Rider Policy Document

• SBI Life - Accident Benefit Rider - Customer Information Sheet (CIS)

Who Can Buy?

Age* at Entry	Minimum: 30 days (0 years)	Maximum: 55 years
Maximum Age* at Maturity	100 years
Policy Term	100 minus Age at Entry
Premium Payment Term (years)	10 / 12 / 15
Premium Frequency	Yearly, Half-Yearly, Monthly The premium for monthly mode as percentage of annualized premium is 8.50% and for Half-Yearly Premium is 51.0% of annualized premium
Annualized Premium## (in multiples of ₹1,000)	Minimum Annualized Premium: ₹ 30,000	Maximum Premium: No limit (subject to board approved underwriting policy)
Minimum Basic Sum Assured (BSA)	10 times Annualized Premium
Riders	SBI Life - Accident Benefit Rider: (UIN: 111B041V01) Option A : Accidental Death Benefit (ADB) Option B: Accidental Partial Permanent Disability Benefit (APPD)

^*All the references to age are age as on last birthday

^##Annualized premium shall be the premium amount payable in a year , excluding taxes, underwriting extra premiums, rider premiums and loadings for modal premiums.