SBI Life Smart Elite Plan – Features, Review & Returns Calculation

SBI Life smart elite plan is a typical UNIT link insurance plan with couple of new features. You will be provided the freedom of choosing the premium payment terms, policy terms and the premium amount. Not only that you will also get the option to decide the life insurance need from this policy on various stages in life by choosing any of one of the life protection options. I will share about the same in below.

In this article I will share the complete review of sbi life smart elite plan, sbi smart elite equity fund, sbi smart elite calculator, sbi life smart elite balanced fund, sbi life smart elite bond fund return,  key features, survival benefits, surrender rules, various ULIP charges, death benefits and many more information at one place.

SBI life smart elite plan – Fetaures & benefits

Although there are several ULIP plans under the kitty of SBI Life insurance, you will find there are little little differences to make the plan unique as per the various need of user and their investment goal & insurance need. Although the goal of any ULIP plan is to create wealth in long term. Here are the key highlights of sbi life smart elite plan.

  • You can have the option to choose from various premium payment terms from limited term of 5, 8 or 10 years or a Single Payment.
  • There is no premium allocation charge apply form 6th policy year onward, that means you have to bear a heavy charge in case you surrender the policy after completion of 5 year.
  • There are 2 protection option available under this policy and they are Gold Option & Platinum option which will impact you death benefits.
  • Invest in various kind of funds as per your risk appetite. Options are available from Equity, Debt instrument, money market instrument. Better to go with the suggestion of insurance agent and verifying the same as per your investment need.
  • Get a life insurance coverage of minimum Sum Assured of 10 or 7 times of your Annual Premium (AP), based on your age. And you will get an option to increase/decrease your Sum Assured from 6th policy year onward.
  • This policy has 2 additional rides and they are Accidental Death and Accidental Total and Permanent Disability (Accidental TPD) .
  • You will get the fund value as maturity benefit on survival till the policy term end.
  • In case of death under Gold option, your nominee will get the higher value of any of the 3 like Fund value or sum assured or 105% of the annual premium. But in case of platinum option, you will get Fund Value plus Sum Assured is payable; with a minimum of 105% of total premiums paid till the time of death.
  • Get income tax benefit for the premium paid every year under section 80C and also get maturity tax benefit under section 10 (10D)
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Eligibility of sbi life smart elite plan

Age* at Entry Min: 18 years Max: 60 years
Age* at Maturity 65 years
Policy Term 5 to 20 years (both inclusive)
Premium Payment Term
For Limited Premium Payment Term (LPPT) – 5 or 8 or 10 years.
For Single Premium – Single Payment.
Minimum Limited Premium Amount (X 100) 

Minimum Single Premium Amount (X 100)

Maximum Limited/Single Premium Amount (X 100)

Yearly Rs 150,000
Half-yearly Rs   75,000
Quarterly Rs   37,500
Monthly Rs   12,500
  Rs 200,000
No limit  
Premium Modes Single /Yearly /Half-yearly /Quarterly / Monthly
Sum Assured Minimum:
For LPPT –
For Ages  below 45 yrs : 10 x Annual Premium (AP)
For Ages  45yrs & above: 7 x AP

For Single Premium (SP) –
For Ages below 45 yrs : 1.25 x SP
For Ages 45yrs & above: 1.10 x SP

Maximum:
For LPPT –  For All Ages – 20 x AP
For SP – For All Ages – 5 x SP

How to buy sbi life smart elite plan

SBI Life has couple of online plans but sbi life smart elite plan is not an online ULIP policy. That means you have to buy this from SBI life office or through SBI life insurance agent only. Follow the step by step guide below.

  • First of all you have to visit the sbi life smart elite plan official website and read the complete brochure of sbi life smart elite policy.
  • You should spend some time to read various details of the funds and how the risk taking ability will determine the return on investment.
  • Next you can fill up an online form to request for a visit to SBI life insurance adviser or agents who will contact you after that. Otherwise you can go to your nearest SBI life branch and ask for how to buy sbi life smart elite plan.
  • Fill up the application form and provide all necessary documents to the office or to agent to complete the process. You will get the policy document by post and you should check the documents carefully. You will also get a grace period to cancel the policy or return the policy as per the terms & conditions.

So, do you think SBI life smart elite plan is the best investment option for you in 2017? Although I will say that a pure term plan is the best way to give your family a high life protection. But if you are not thinking about a term plan & expecting a god return with less risk then you can look for this sbi life smart elite plan. What is your view or experience about this policy? Write a comment below and share your feedback if any about this policy from SBI life.

SBI Life Smart Elite Plan – Features, Review & Returns Calculation
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About the Author: Santanu

I am a passionate blogger and personal finance enthusiast. Mostly share about investment tips, insurance guide, banking how to guides and various personal finance hacks through my blog. Checkout my first YouTube Channel on Personal Finance Guide.

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