SBI Life Smart Platina Assure Plan: Eligibility & Benefits

SBI Life Smart Platina Assure is a non-linked, non-participating individual life insurance savings plan that assures guaranteed returns to policyholders with an advantage of paying premiums for a limited term. 

If you want to secure the future of your loved ones and build a retirement fund, read on to know the SBI Life Smart Platina Assure eligibility and benefits. 

Eligibility Criteria of SBI Life Smart Platina Assure Plan 

Other Important Details

Key Benefits of SBI Life Smart Platina Assure Plan 

Below are some of the key benefits of the SBI Life Smart Platina Assure Plan. 

• Limited Premium Payment Term

Limited Premium Payment Term is a unique feature of the SBI Life Smart Platina Assure Plan. This means you only have to pay premiums for 7 or 10 years, and in return, you can enjoy coverage for the full policy term of 15 or 20 years, respectively. 

 

Also, you can opt to pay the premiums on a monthly or yearly basis at your convenience. 

• Guaranteed Additions 

The life insurance policy offers guaranteed additions according to the paid premium amount, according to the annualized premium slabs, shown below. 

 

 

At the end of each policy year, guaranteed additions are calculated according to the below formula. 

 

Guaranteed Addition Amount = Rate of Guaranteed Additions x Total premiums paid (excluding taxes and extra costs).

• Maturity Benefit

If the insured survives the whole policy term, maturity benefits are given, i.e., guaranteed sum assured along with accrued guaranteed additions. 

• Death Benefit

If the policyholder dies before the completion of the policy term, the nominee gets the sum assured on death and accrued guaranteed additions. 

• Policy Loans

Once the policy has acquired a Surrender Value, investors can borrow up to 80% of the policy's surrender value against their policy if funds are required. 

• Grace Period 

 SBI Life Smart Platina Assure Plan offers a 30-day grace period for yearly premiums and 15 days for monthly premium payments. 

• Revival Facility

If the policy has lapsed, it can be revived within 5 years from the first missed premium payment. However, the revival is subject to satisfactory proof of insurability as required by the company. Once the policy is revived, it’ll be eligible for future Guaranteed Additions. 

• Reduced Paid-up Value (PUV)

The policy acquires reduced paid-up value only if at least 2 full policy years' premiums have been paid. 

• Surrender Value

Due to any circumstances, if the insured is unable to pay premiums, they can opt to surrender the policy if at least 2 full years of premiums are already paid. Higher of the Non-Guaranteed Special Surrender Value (SSV) or the Guaranteed Surrender Value (GSV) is given as the “Surrender Value” benefit. 

• Free Look Period

If you find anything in the policy that you disagree with or if you change your mind about the policy, you can cancel it according to the below timeframe. 

 

A 15-day free-look period is available for policies through a physical channel (like an insurance agent or a branch). On the contrary, a 30-day free-look period is given if the policy is bought online. 

• Tax Benefits

Policyholder can avail of tax benefits as per the Income Tax Act of 1961. 

Illustration of SBI Life Smart Platina Assure Plan 

Let’s understand the SBI Life Smart Platina Assure Plan benefits with an example. 

 

For instance, Mr Vijay bought this plan and chose the 7-year Premium Payment Term. Here are his basic details. 

 

List of benefits: 

• Basic Sum Assured: ₹8,40,000

• Guaranteed Additions: ₹5,25,000

• Maturity Benefit: ₹13,65,000 (Basic Sum Assured + Guaranteed Additions)

In case of Vijay’s unfortunate death, the nominee will get ₹10,00,000 + Accrued Guaranteed Additions, if any, as a death benefit. 

Disclaimer: The listed benefits might vary according to the age and annualized premium.

Conclusion 

With guaranteed returns, flexible premium payment options, limited premium payment terms, and tax advantages, SBI Life Smart Platina Assure Plan is one of the best life insurance policies out there. 

 

So, what are you waiting for? 

 

Buy the SBI Life Smart Platina Assure Plan directly from InsuranceDekho, and rest assured about your family’s security! 

Frequently Asked Questions (FAQs) 

1. What is SBI Life Smart Platina Assure? 

SBI Life Smart Platina Assure is a Non-linked, Non-participating, life endowment assurance savings plan that offers the benefits of life cover along with guaranteed returns. 

2. What are the eligibility criteria for the SBI Life Smart Platina Assure plan?

The minimum entry age for the SBI Life Smart Platina Assure plan is 30 days, while the maximum is 60 years. The entities that fall in this age bracket are eligible to apply for the SBI Life Smart Platina Assure plan. 

3. Can I choose the premium payment term? 

Yes, policyholders are free to choose the premium payment term of either 7 or 10 years.

4. What happens if I survive the whole policy term? 

In such a scenario, you are eligible to receive maturity benefits, i.e., guaranteed sum assured and accrued guaranteed additions.

Must Read: 

Advantages Of Purchasing Endowment Plan Online

Finding The Ideal Time To Invest In Endowment Plans

Disclaimer: This article is issued in the general public interest and is meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.