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SBI Life Insurance
SBI Life Smart Flexi Term Plus
SBI Life Flexi Smart Plus is a non-linked life insurance plan This pla ...Read More
🛡️ IRDAI Approved
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📊 1.96 solvency ratio
✅ 98.83%% claim settlement ratio
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About SBI Life Smart Flexi Term Plus
A quick read on what this SBI Life Insurance term plan covers and why it might be a fit for you.
SBI Life Flexi Smart Plus is a non-linked life insurance plan This plan offers the required comprehensive life insurance cover along with investment opportunities. It is a participating variable insurance plan that allows the beneficiary to receive the sum assured or 105% of total premiums paid as of the date of intimation of death claim in the form of death benefits.
This plan comes out with regular and guaranteed benefits along with few other advantages such as bonus interest rates, premium holidays, etc. It also offers the flexibility to adapt to your ever-changing needs, thus, it helps to accomplish all your goals.
This plan offers you various benefits including:
- Guaranteed Minimum Bonus
- Interim Bonus
- Flexibility
- Surrender Benefit
- Partial Withdrawals
- Revival/renewal
Eligibility Criteria for SBI Life Smart Flexi Term Plus
Entry age
Minimum Age - 18 years Maximum Age - 60 years
Maturity age
Maximum Maturity Age - 65 years
Policy tenure
Minimum 5 years to Maximum 30 years
Premium payment term
Annual, half-yearly, quarterly & monthly
Premium payment frequency
Annual, half-yearly, quarterly & monthly
Sum assured
10 times annual premium
Pros & cons
A quick honest summary — the strengths and the trade-offs.
Pros
- Guaranteed Bonus
- Partial Withdrawls
- Interim Bonus
Cons
- No Policy Loan
- Funds to invest
- Spouse cover
Who can buy this plan
Eligibility criteria pulled straight from the policy wording.
Minimum entry age-18 years
Maximum entry age-60 years
Minimum policy term- 5 years
Maximum policy term-30 years
Maximum sum assured- Rs. 50
How Does SBI Life Flexi Smart Plus Plan?
Let’s understand how the SBI Life Flexi Smart Plus Plan works with the help of a simple illustration.
Problem
Mr. Verma is looking for a savings plan that provides him guaranteed returns along with a return on the amount he has invested.
Solution
His financial advisor advised him to buy the SBI Life Flexi Smart Plus Plan to get the dual benefits of a life insurance plan and a savings plan. He visited PolicyX.com
Let's understand how the SBI Life Flexi Smart Plus Plan works for him with a premium illustration table.
| Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Basic sum assured | Guaranteed additions | Maturity benefits |
| 40 years | Rs. 5,000 | 15 years | 10 years | Rs 50,000 | Rs 50,000 | Rs 39,400 | Rs 89,400 |
Key Takeaways: In case of Mr. Verma's demise during the policy tenure, Rs 1 crore will be paid to their nominee.
Benefits of SBI Life Smart Flexi Term Plus
There are various benefits to buying the SBI Life Flexi Smart Plus Plan. Let’s understand each of them in detail:
- Guaranteed Death Benefit In the case of the insured's death, the plan will offer the following death benefits: For Gold Benefit - The death benefit will be higher of the account value or sum assured or 105% of the total premiums paid as on the date of intimation of the claim form, For Platinum Benefit - The death benefit will be of higher of the policy account plus sum assured or 105% of the total premiums paid as on the date of intimation of the claim form.
- Maturity BenefitAt the time of maturity, the insured will receive the policy account value that includes a terminal bonus. The maturity benefit will be paid in a lump sum amount.
- Increase Policy Term Every year after the completion of 5 years of the policy, the insured will get a choice to increase the policy tenure. If the insured increases the policy tenure, the corresponding premium payment term will also be increased. You can grab this benefit only once during the entire policy term.
Features of SBI Life Smart Flexi Term Plus
Key features that make SBI Life Smart Flexi Term Plus stand out.
Guaranteed MinimumBonus
It allows the insured to receive an interest rate of 1.00% p.a on the balance of the policy account daily on a pro-rated basis. Under the same, the accrued interest will be directly credited to the balance at the end of every financial year. It will form a part of the principal at the starting of the financial year.
Interim Bonus
The plan comes out with an interim bonus for its customers. The same will be declared at the start of the year.
Flexibility
The plan offers the flexibility to increase or decrease your sum assured and the insured can also choose policy terms according to his requirements.
Revival/renewal
Your policy can be reinstated within two years from the date of the first unpaid premium. For this, you are required to pay all outstanding premiums.
Grace Period
The SBI Life Flexi Smart Plus Plan comes with a grace period of 30 days from the due date for year/half-yearly/quarterly premium and 15 days for the monthly premium. It is extra time that the plan offers to make your payment after the due date.
Documents Required for SBI Life Smart Flexi Term Plus
Keep these documents handy when applying for SBI Life Smart Flexi Term Plus.
Photo ID Proof
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder if requested.
Income Proof
Income Proof ( either of one) - bank statement, last three months' salary slips (if you are salaried).
Buying from their branch office
You can buy the SBI Life Flexi Smart Plus offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
Exclusions of SBI Life Flexi Smart Plus
- In case the policyholder commits suicide within 12 months of policy purchase then no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date whichever is higher is paid.
Other Features of SBI Life Smart Flexi Term Plus
Here are the key features of the SBI Life Smart Flexi Term Plus.
Plan At a Glance
| What’s Good Here | What’s Missing |
| Guaranteed Minimum bonus | funds |
| Flexible premium paying term | Policy loan |
| Choice to alter the premium payment mode | Spouse cover |
| Option to take a policy loan | Top-up premium |
In a nutshell
If you are looking for an insurance plan that not only protects your family financially but also provides maturity benefits if you outlive the policy tenure then you can consider buying SBI Life Flexi Smart Plus Plan. This plan offers you guaranteed additions along with maturity benefits. If you are still confused about whether buying this plan is right for you or not then you can contact us at PolicyX.com.
For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
Frequently Asked Questions
The 3 most-asked questions about SBI Life Smart Flexi Term Plus, answered.
No, there are no riders available under the plan.
One can make an increase in policy terms only after the completion of 6 years. For making changes, one needs to give a 2 months notice prior to the policy anniversary.
On discontinuation of premiums, the plan allows your to Surrender your policy Revive your policy within 2 years from the date of discontinuation, or Convert the policy into paid-up policy.
Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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