What Is SBI Smart Elite Plan?

SBI Smart Elite Plan is an Individual, Unit-Linked, Non-Participating, Life Insurance Product. This plan gives you the flexibility to pay premiums for a limited period or pay a single premium. Along with this, the benefit of inbuilt accidental benefit cover is available.

In SBI Smart Elite Plan you get two options- Gold option and Platinum option which give you the option of higher Sum Assured or Fund Value or both respectively. Any one of these options has to be chosen at the inception of the policy and cannot be changed during the policy term.

In SBI Smart Elite Plan, the premium amount paid is invested in a fund of your choice which gives you market related returns. It provides the facility to switch and redirect your investments. You can make partial withdrawals from the 6th policy year if required.

Features Of SBI Smart Elite Plan

1. This insurance plan provides you two protection options – Gold Option (SBI Life Smart Elite Plan Gold Option) and Platinum Option. You can choose any of these two options as per your need and requirement.
2. This plan comes with an inbuilt accidental benefit cover.
3. In this, you get Limited (7, 10 or 12 years) and Single premium payment option for premium payment.
4. In this, you get the opportunity to switch and redirect your investments at your convenience.
5. If required, you can also make partial withdrawals from the 6th term of your policy.

Benefits Of SBI Smart Elite Plan

The following are the benefits of SBI Smart Elite Plan

1. Maturity Benefit:

In SBI Smart Elite Plan, maturity benefit is provided to the life assured if the life assured survives till the end of the policy term. The fund value is paid to the life assured on completion of the policy term as maturity benefit.

2. Death Benefit:

In SBI Smart Elite Plan, if there is an accidental death of the life assured within the policy term, then the death benefit is provided to the person nominated by the life assured.
The benefit is given on the basis of the plan option chosen as death benefit which is as follows-

(i) For Gold Option

Higher of Fund Value or Sum Assured or 105% of total premiums received upto the date of death.

(ii) For Platinum Option

Higher of Fund Value or Sum Assured or 105% of total premiums received upto the date of death.

3. In-built Benefit:

Accidental Death Benefit is provided as an additional benefit in case of Accidental Death and Accidental Total and Permanent Disability of the Life Assured during the policy term.

4. Tax Benefits:

You can also avail tax benefits in SBI Smart Elite Plan. It offers you tax benefits on the premiums you pay and the maturity benefits you receive. You can claim tax exemption on premiums paid under Section 80C of Income Tax Act 1961 and maturity benefits received under Section 10(10D) of Income Tax Act 1961.

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Eligibility For SBI Smart Elite Plan

The eligibility of SBI Smart Elite Plan (SBI Smart Elite Plan Eligibility in Hindi) is as follows-

Age at Entry – Minimum: 18 years
Maximum: For Limited Premium Payment Term: 55 years
For Single Premium: 60 years

Maximum Age at Maturity – 65 years

Plan Type – Limited Premium / Single Premium

Basic Sum Assured – Limited Premium Payment Term (LPPT)= 7 X Annualized Premium
Single Premium= 1.25 X Single Premium

Documents Required For SBI Smart Elite Plan

The documents required for SBI Smart Elite Plan are as follows-

1. Insurance application form
2. Colored passport size photograph (latest)
3. Identity proof (any one of the following)

Aadhar card
Voter ID
Passport
PAN card
Driving license

4. Address proof (any one of the following)

Aadhar card
Voter ID
Passport
Utility bill
Driving license

5. Age proof (any one of the following)

Birth certificate
Driving license
Passport
School or college certificate

6. I ratio

it return
Bank statement (latest)

How To Buy SBI Smart Elite Plan

You can easily buy SBI Smart Elite Plan online or offline through any medium as per your convenience. If you want to buy this plan through online medium, then you can buy it by visiting the official website of SBI Life.

If you want to buy it offline then you can also buy it through insurance agents or you can easily buy SBI Smart Elite Plan by visiting your nearest SBI bank branch.