SBI Life smart power insurance plan is atypical unit linked insurance plan from SBI Life with some additional useful features. This policy have flexibility to choose from 2 useful life cover option which will suite your need of life insurance. Gradually when life progresses your life insurance need will also get higher and at that the time buying a new life cover may not be possible every time. So this sbi life smart power insurance plan is giving you such a facility under this plan.
SBI Life Smart Power Insurance Plan Summary
In this article I will be sharing everything about sbi life smart power insurance plan, complete review of sbi life smart power insurance plan, key benefits, features, maturity benefits, life insurance terms & conditions, survival benefits, how to claim the policy after death and many more useful info.
Eligibility of sbi life smart power insurance plan
|Age at Entry*||Min: 18 years||Max: 45 years|
|Age at Maturity*||65 years|
|Policy Term||10 years, 15 to 30 years (both inclusive)|
|Premium Payment Term||Same as policy term|
|Premium Amount (X 100)|
|Premium Modes||Yearly/Half-yearly/Quarterly/ Monthly|
|Sum Assured||Min: Higher of [(10 x AP) or (0.50 x Term x AP)]|
Max: 20 x APNote: The Sum Assured can never go beyond Rs. 1 Crore at any point of time
Key feature of SBI life smart power plan
SBI life is showcasing this product as flexible and also low in premium amount which is good for you to get a product which will give both increasing life insurance benefit and also good return on investment. This policy also has 2 major options to choose from various types of funds which I will cover in this section. Let’s explore the key highlights of this policy here.
Two Plan Options to choose from
As mentioned already, under this sbi life smart power insurance plan you will get to choose life cover from 2 options Level Cover Option where sum assured will be fixed till the policy term and the other one is Increasing Cover Option – The initial Sum Assured increases by 10%, without any additional underwriting, starting from 6th policy year and after every 5 years thereafter.
Additional Rider Benefits
This policy also has additional rider benefits to provide extra facility. You can go for Inbuilt Accelerated Total & Permanent Disability (TPD) benefit riders. You may have to pay extra premium to avail this benefit, just check out the same while calculating the policy premium.
Two Fund options to choose from & Free Switches
Choose from 2 fund option Trigger Fund Option – Advantage of ’Buying Low and Selling High’ and the other one Smart Funds Option – Option to choose from 7 varied funds which is like we have seen for various other ULIP plans.
In a single policy year, you will get 2 free switches to change your existing funds and adjust your portfolio to get better return.
SBI life smart power insurance plan Maturity Benefit & Death Benefit
The fund value at the end of policy term will be paid as maturity value.
In case of unfortunate death, your family will get higher of fund value or sum assured making sure that the min of 105% of total premium paid.
Income Tax Benefit of Sbi Life Smart power Ulip plan
Also get income tax exemptions as per basic rules. Get income tax exemption under section 80c for the premium paid every year. This benefit is limited up to 10% of the sum assured only. Also get income tax benefit under section 10(10D) in case maturity / surrender of the policy.
SBI Life Smart Power Plan Premium calculator
You can use their online calculator and find out the exact premium amount you have to pay for a particular sum assured value. You have to provide your age and policy term you are expecting. Its very simple to get the policy premium.
How to Buy sbi life smart power insurance plan
These days the demand of an increasing life cover insurance plans are high as one can’t say what are the responsibilities of financial liabilities will add to your head in coming years and the cost of insurance is also getting higher as your age is growing. So in such a case a policy like sbi life smart power insurance plan where you can get additional 10% insurance cover every year is not bad. although ULIP plans may not be able to give enough life cover, but it depend up on how much insurance you need and also the return on investment.
Download Smart Power Policy Brochure
Download the SBI Life smart power plan brochure online and then read the complete details carefully. You can click here and read the policy details online.
You have to fill up the application form or proposal form which you can either download from SBI life website or collect from branch office. With that you have submit the address proof, photo identity proof, KYC form filled up properly & medical documents if necessary.
Fill Up Insurance Application form & Submit documents
You can easily visit SBI life website and fill up the form to call a insurance adviser to attend you. This is not an online insurance policy, so you have to buy this policy through an agent or by visiting to your nearest SBI life branch office.
While applying you have to make sure, you have all the necessary documents like address proof, identity proof, photographs etc. And also get the KYC form downloaded from SBI life website and file everything to the agent for further process. You will get the policy document in hand or by post as per the policy terms.
FAQs of SBI Life Smart Power Policy
What is the Surrender value of this policy
As per the basic rules of ULIP plan, one can’t surrender the policy before completion of 5 years. In case you stop paying premium your policy will be transferred to discontinued policy fund where it will earn a nominal interest rate and you can get that money only after completion of 5 years. You can use their surrender value calculator to find out how much money you will get in case you surrender this policy before completing 5 years.
You will get 15 days grace period if you miss to pay the premium within due date, if you are paying premium in monthly mode. But for other mode of premium payment, its 30 days.
Free lock in period
You will get 15 days of free lock-in period after receiving the policy documents. Within that period you can cancel the policy if you are not happy with any terms & condition.
Conclusion of Review of SBI Life Smart Power Insurance Plan
So, did you invest in sbi life smart power insurance plan to get increasing life cover and better return in long run? Do you think there are better alternatives? Write a simple comment below and share your experience or any feedback about this policy and help our readers to take necessary decisions. Thanks for following this website.