SBI Life - Smart Guaranteed Savings Plan

Death Benefit

In the event of unfortunate death of the life assured, Sum Assured on Death plus accrued Guaranteed Additions are payable, provided the policy is in-force. Sum Assured on Death is higher of 10 times of annualized premium or 105% of total premiums paid or basic sum assured.

Maturity Benefit

On survival of the life assured till maturity of the policy, Basic Sum Assured plus accrued Guaranteed Additions are payable.

Guaranteed Additions

Guaranteed Additions are added at the end of each policy year, on the sum of basic premiums paid till date. 5.5%/6% of Guaranteed Additions is applicable for annual premium band of Rs 15,000-29,000/Rs 30,000-75,000 respectively. Guaranteed Additions are payable on death along with sum assured on death or at maturity along with basic sum assured.

Loan Benefit

The policy loan can be availed up to 90% of the surrender value.

Surrender Value

Surrender Value (as applicable) can be acquired on payment of all the due premiums for at least 2 full policy years.

Tax Benefit

You can avail tax benefits under section 80C & 10(10D) of the Income Tax Act, 1961.

No rider is available with this plan.

Let’s understand the plan with the help of the below illustrated example.

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy SBI Life - Smart Guaranteed Savings Plan with the policy term of 15 years with annual premium of Rs 15,000.

Scenario A: Raman Survives through the Policy Term

On survival of Raman till the end of the policy term, Basic Sum Assured plus accrued Guaranteed Additions are payable. The maturity benefit payable helps grow your wealth.

Scenario B: Raman dies during the Policy Term

On the death of Raman during the policy term, the death benefit payable is Sum Assured on Death plus accrued Guaranteed Additions. The death benefit provides a financial cover for the family, in the event of a mishap.