SBI Life Flexi Smart Insurance Plan

SBI Life – Flexi Smart Insurance Plan is a traditional endowment Life Insurance Policy where the nominee would receive both the Sum Assured and the balance of the Policy Account, which is invested, as Death Benefit. On Maturity the policyholder would receive the balance of the Policy Account plus Terminal Interest that is declared. This plan gives your money invested with profit upon maturity and also covers your life including illness during the policy term. It is a perfect combination of savings and protection to your life.

Key Features

  • Sum Assured can be increased or decreased at any time
  • In his policy has a feature of Top Up premiums that can be paid
  • Triple plan benefit of guaranteed interest rate, additional interest rate and flexibilities

Benefits

  • Maturity benefit
On survival of the life assured at the end of policy term, balance policy account and interest declared will be provided and the policy is terminated.
  • Death benefit
In case of death of the life insured, the nominee would get
  • Death Benefit which is Balance of Policy Account at the time of death intimation + Sum Assured.
  • In case of death of Life Assured, when Policy is in Premium Holiday mode, Death Benefit will be Balance of Policy Account at the time of death intimation + Sum Assured MINUS unpaid risk premium component along with applicable taxes.
    • Tax benefit
    Life Insurance premiums paid up to Rs. 1, 00,000 are allowed as a deduction from the taxable income each year under section 80C. The Death Benefit is also Tax Free.

    Am I eligible?

    PARAMETER MINIMUM MAXIMUM
    ENTRY AGE 8 60
    POLICY TERM 10 20
    AGE OF MATURITY - 70
    SUM ASSURED ANNUALIZED PREMIUM x 10 ANNUALIZED PREMIUM X 20
    PREMIUM PAYEMENT TERM SAME AS POLICY TERM
    PAYMENT TERMS ANNUAL, HALF-YEARLY, QUARTERLY, MONTHLY

    What if?

    • I am unable to pay on time
    If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can be reinstated within 12 months from the date of discontinuance after paying all the unpaid premiums.
    • I stop the payment
    If premium are paid up for less full three years, then it is converted to paid up Value and policy will cease, if premium is paid for more than three years, then policy is converted to paid up and has 12 month’s time for revival.
    • I wish to take a loan
    Loan will not be available under this policy.

    Exclusions

    • If the life insured, whether sane or insane, commits suicide within one year from the date of issue of this policy or the revival of the policy the policy shall be void. In such case, the balance policy account, shall be payable and all benefits under this policy will cease.