SBI Life Flexi Smart Plus Plan

• Guaranteed minimum bonus interest rate
• Terminal bonus interest rate is payable
• Gold & Platinum protection option
• Partial withdrawals from 6^th policy year onwards
• Increase/Decrease the sum assured
• Flexibility to choose the policy term
• Avail bonuses
• Life insurance coverage
• Avail tax benefits

You have the option to invest in the Policy Account. All the premiums paid net the charges applicable, are credited to the policy account.

Death Benefit

In the event of death of the life insured, the beneficiary is entitled to receive following benefit:

For Gold Option: The higher of Sum Assured less partial withdrawals^#, Policy Account Value, or 105% of the total premiums paid, as on the date of death.

^# For age below 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. On attaining 60 years & above, Sum Assured is reduced to the extent of Partial Withdrawals made 58 years onwards.

For Platinum Option: Higher of Sum Assured plus Policy Account Value is payable or 105% of the total premiums paid, as on the date of death.

Maturity Benefit

On survival of the life insured till the end of the policy term, the Policy Account Value including terminal bonus interest rate as calculated on the maturity date and it is payable as a lump sum.

Increase/Decrease Sum Assured

There is an option to increase/decrease in sum assured  at each policy anniversary starting from the 6^th policy year. Any increase in sum assured is not available for age at 50 years & above. The SAMF once decreased can’t be increased during the policy term. This option can be exercised on intimating the company 2 months prior notice.

Increase in Policy Term

Increase in Policy Term is available at each policy anniversary starting from the 6^th policy year. This option can be exercised on intimating the company 2 months prior notice. This option can be availed only once during the entire policy term.

Partial Withdrawal

Partial Withdrawal is allowed from 6^th policy year onwards. With this facility, you can avail cash under the policy.

Bonus

The guaranteed minimum bonus rate is 1% p.a and the interest accrued will be credited at the end of every financial year and it becomes a part of the principal amount at the beginning of the next year.

A non-zero positive regular bonus rate is declared at the end of every financial year and it becomes a part of the principal amount at the beginning of the next year. An interim bonus is also declared at the beginning of every financial year. A non-zero positive regular addition is added at the end of every policy year starting from the 5^th policy year.

Loan Benefit

No loan benefit can be availed under this plan.

Surrender Value

Upon surrendering the policy with-in the lock-in period of 5 years, the policy account value less applicable discontinuance charges is credited to the ‘Discontinued Policy Account’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum interest rate, as stipulated by IRDAI is payable after the end of the lock-in period.

Upon surrendering the policy after the lock-in period of 5 years, the policy account value as on the date of surrender is payable immediately.

No rider can be opted under this plan.

Premium Allocation Charge: This charge is deducted from the premium paid, before allocation of units. Premium Allocation Charge is 9%/6.5%/6%/5% for year 1/years 2 to 4/years 5/year 6 onwards, respectively.

Policy Administration Charges: Monthly policy administration charge is levied by the redemption of units under the policy. The Policy Administration Charge of Rs 70 per month for the first year and Rs 50 per month from second year onwards is deducted and it is applied on the policy account. This charge may increase each year @3% per annum, subject to a maximum of Rs 200 per month.

Mortality Charges: Mortality charge is based on the age of the life insured and Sum at Risk (SAR) at the time of deduction of charge. It is deducted on each Policy Month Anniversary from the policy account value by cancellation of units.

Fund Management Charges (FMC): Fund management charge levied is a percentage of the value of the policy account. The annual Fund Management Charges for the policy account is 0.75% p.a and 0.50% p.a for discontinued policy account.

Discontinuance Charges: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Partial Withdrawal Charge: 1 free partial withdrawal is allowed during a policy year. Rs 100 is levied for each partial withdrawal, in excess of free withdrawals allowed.

Medical Expenses on Revival: Cost of medical expenses incurred is borne by the policyholder, subject to a maximum of Rs 3,000.

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

Mr. Raman aged 30 years, is leading a happy life with his wife Ananya and a daughter Sanya. He wants to build a corpus amount, so his family can achieve their dreams such as Sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for SBI Life - Flexi Smart Plus (platinum option) with the policy term of 5 years with annual premium payment of Rs 50,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Policy Account Value including terminal bonus interest rate as calculated on the maturity date and it is payable as a lump sum.

Scenario B- Death Benefit: In the event of his death during any policy year, the higher of Sum Assured plus Policy Account Value is payable or 105% of the total premiums paid, as on the date of death.