SBI Life Smart Guaranteed Savings Plan
SBI Life Smart Guarantee Savings Plan is a Traditional, Non-participating Savings cum Insurance Plan. In this insurance plan, along with providing you insurance coverage, you are also provided with the facility of savings.
SBI Life Smart Guarantee Savings Plan is very beneficial for people who want to secure their financial future through savings. In this life insurance plan, death benefit is also provided in case of death of the life assured.
Features Of SBI Life Smart Guaranteed Savings Plan
Features of SBI Life Smart Guarantee Savings Plan are as follows-
- This is a non-Participating Non-unit-linked traditional, insurance plan
- You get this insurance plan for a policy term of 15 years.
- In this, the premium has to be paid only for 7 years.
- In this insurance plan, you have to pay your premium annually.
- In this you get death benefit as well as maturity benefit.
- The sum assured so received depends on the premium paid.
- In this plan, you get the option of paying a minimum premium of 15,000 while the maximum premium is 75,000.
- In this you get a grace period of 30 days.
- In this, you are provided with a free-look period of 15 days.
- In this you are also given tax benefit.
Benefits Of SBI Life Smart Guaranteed Savings Plan
The benefits of SBI Life Smart Guarantee Savings Plan are as follows-
- Dual Benefits:
SBI Life Smart Guaranteed Savings Plan offers you a dual benefit. You can save as well as get life cover insurance in it. In case of death, the death benefit is paid to the person nominated by you. Along with this, maturity benefit is also given to them. If you survive the policy term, you are given the benefit in the form of maturity benefit.
- Premium Payment Term:
In SBI Life Smart Guaranteed Savings Plan, you get a policy term of 15 years. You have to pay your premium for this insurance only for 7 years. Thus you can get life cover for up to 15 years by paying premium for 7 years as well as get the benefit of a savings plan.
- Guaranteed Additions:
With SBI Life Smart Guaranteed Savings Plan, you get the benefit of Guaranteed Additions every policy year. It depends on the premium you pay.
- Loans:
You can also take a loan if required through SBI Life Smart Guaranteed Savings Plan. You can avail a loan up to 90% of the surrender value of the policy as and when required.
- Tax Benefit:
You also get tax benefits in SBI Life Smart Guaranteed Savings Plan. You get tax exemption on the premiums paid under section 80C of the Income Tax Act 1961.
SBI Life Smart Guarantee Savings Plan Eligibility
SBI Life Smart Guarantee Savings Plan Eligibility is as follows-
| Age at Entry | Minimum Age – 18 years Maximum Age – 50 years |
| Maturity Age | 65 years |
| Policy Term (PT) | 15 Years |
| Premium Paying Term (PPT) | 7 Years |
| Premium Paying Frequency | Annual |
| Yearly Premium | Minimum- 15,000 Maximum-75,000 |
| Sum Assured | Depends on the premium chosen |
- Read Also SBI eWealth Insurance
Documents Required For SBI Life Smart Guarantee Savings Plan
The documents required for SBI Life Smart Guarantee Savings Plan are as follows-
- Application Form / Proposal Form
- medical report
- KYC documents
- address proof
SBI Life Smart Guaranteed Savings Plan Premium
In SBI Life Smart Guaranteed Savings Plan, you have to pay your premiums for 7 years. You have to pay the premium annually. You can choose from the minimum premium payment amount of Rs.15,000 to the maximum premium payment amount of Rs.75,000 annually. You can choose any premium amount according to your capacity.
- Policy Term (PT)- 15 Year
- Premium Paying Term (PPT)- 7 Year
- Premium Paying Frequency- Annual Year
- Yearly Premium
- Minimum- 15,000
- Maximum-75,000
How To Buy SBI Life Smart Guaranteed Savings Plan?
If you want to take SBI Life Smart Guaranteed Savings Plan, then you can easily take it through both online and offline means. To buy through online medium, you have to buy this plan by visiting the official website of SBI Life. After visiting the official website you can buy this insurance plan by providing the required details and paying the required premium.
You will have to visit the nearest branch of SBI Bank through offline mode or you can also buy this plan through an insurance agent. To buy through SBI branch, you have to go to your nearest bank branch and buy this plan. Whereas for buying through agents you have to inform the insurance agent. The rest of the process is taken care of by the insurance agent and you can easily buy SBI Life Smart Guaranteed Savings Plan.