SBI Life Smart Power Insurance
SBI Life Smart Power Insurance Plan is an Individual, Unit Linked, Non – Participating, Life Insurance Product. Through this plan, you can secure the financial needs of your family. In this, you can also make partial withdrawals in the sixth year of the policy year.
You get 2 fund options in this insurance plan – Trigger Fund Option and Smart Funds Option. You can manage your investments as per your choice. You can choose whichever fund you want to invest in.
You get this plan in two options – Level Cover Option & Increasing Cover Option. In this, you are also provided with inbuilt accelerated total and permanent disability benefit.
SBI Life Smart Power Insurance Features
The features of SBI Life Smart Power Insurance are as follows-
- Through this plan, you can secure the financial future of your family.
- In this you get the option of inbuilt accelerated total and permanent disability.
- In this you get two fund options – Trigger Fund and Smart Funds to invest your money. You can choose any fund option as per your wish.
- In this you get two plan options – Level Cover Option and Increasing Cover Option.
- This plan offers you the benefits of a unit linked insurance plan at an affordable premium.
- In this, you can make partial withdrawals in the sixth year of the policy.
- In this insurance plan, you get the policy term from 10 to 30 years.
- In this, you get the option of monthly, quarterly, half-yearly and annual premium payment options for premium payment.
SBI Life Smart Power Insurance Benefit
SBI Life Smart Power Insurance Benefit is as follows-
- Two Plan Options:
SBI Life Smart Power Insurance is available in plan options which are as follows-
(i). Level Cover Option
In level cover option, the sum assured chosen at the time of taking the insurance plan remains the same for the entire policy term.
(ii). Increasing Cover Option
In the increasing cover option, the sum assured increases by 10% of the initial sum assured in the sixth policy year. It increases at the rate of 10% after every 5 years.
- Inbuilt Accelerated Total & Permanent Disability (TPD):
You also get the option of Inbuilt Accelerated Total & Permanent Disability (TPD) in SBI Life Smart Power Insurance. If the insured person gets total and permanent disability due to an accident, then 100% compensation of the death benefit is provided to him. The policy terminates after taking the Accelerated Total and Permanent Disability benefits. After this you cannot take advantage of this policy.
- Two Fund Options:
In SBI Life Smart Power Insurance you get two fund options to invest your money which are-
(i). Trigger Fund Option:
Through this option, you can choose your fund investment according to the ups and downs of the equity market.
(ii). Smart Funds Option
In this, you get the option to invest your fund in 10 funds according to your risk appetite. You can invest your money in any of these 10 funds (Equity Fund, Top 300 Fund, Equity Optimizer Fund, Growth Fund, Balanced Fund, Bond Fund, Money Market Fund, Bond Optimizer Fund, Pure Fund and Corporate Bond Fund) as per your requirement. Funds can be invested.
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- Death Benefit:
If the life assured dies during the policy term then the death benefit is provided to the nominee. It pays 105% of the premiums paid along with the fund value. Together you are given Basic Sum Assured.
- Maturity Benefit:
If the life assured survives till the end of the policy term, the fund value is paid in lump sum.
- Tax Benefits:
You also get the benefit of tax benefits in SBI Life Smart Power Insurance. You can get tax benefits on the premiums paid and maturity benefits. In this you are provided tax benefit under Section 80C and 10 (10D) of the Indian Income Tax Act 1961.
SBI Life Smart Power Insurance Eligibility
Eligibility for SBI Life Smart Power Insurance is as follows-
| Age at Entry | Minimum: 18 years Maximum: 45 years |
| Maximum Age at Maturity | 65 years |
| Policy Term | 10 to 30 years (both inclusive) |
| Premium Payment Term | Same as Policy Term |
| Basic Sum Assured | Annualized Premium^ X 10 Sum assured at any point of time, for both level & Increasing cover options, will not exceed `50,00,000 |
| Premium Frequency | Yearly / Half-yearly / Quarterly / Monthly |
| Premium (in multiples of ` 100) | Minimum- Yearly: 15,000 Half-yearly: 9,500 Quarterly: 5,500 Monthly: 2,000 Maximum: No Limit |
Documents Required For SBI Life Smart Power Insurance
The documents required for SBI Life Smart Power Insurance are as follows-
- application
- Income ratio
- age proof
- identity proof
- address proof
SBI Life Smart Power Insurance Premium
The customer is provided with multiple options for premium payment of SBI Life Smart Power Insurance. The customer can choose to pay his SBI Life Smart Power Insurance premium monthly, quarterly, half-yearly, annually.
The customer can choose any premium payment frequency as per his financial capability. The minimum amount for premium payment is a multiple of ₹100 while no limit has been prescribed for the maximum premium payment amount.
You need to pay your premiums on time to continue with your SBI Life Smart Power Insurance plan.
How To Buy SBI Life Smart Power Insurance?
Buying SBI Life Smart Power Insurance insurance is very easy. If you are thinking of buying this insurance plan, then you can buy it anytime as per your convenience through both online and offline means.
To buy through online you have to visit the official website of SBI Life and there by following some easy steps you can buy SBI Life Smart Power Insurance in few minutes.
If you want to buy this insurance plan through offline then you can buy the insurance plan by visiting the nearest branch of SBI Bank. Apart from this, you can easily buy this insurance plan through agents as well.