SBI Life Smart Wealth Assure Plan

• 2 different fund options to get market linked returns
• Mix of funds to achieve higher returns
• Single premium plan
• Life insurance coverage
• Access cash through partial withdrawals
• Accidental Death Benefit Rider to customize the plan
• 2 free switches in a policy year
• Avail tax benefits

This policy offers following 2 investment funds and you have the option to invest in any one or combination of fund options (in multiple of 1%).

• Equity Fund
• Bond Fund

Death Benefit

In the event of death of the life insured during the policy term, the higher of Fund Value or Sum Assured is payable, provided the policy is in-force.

Up to the age of 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. After 60 years of the life insured, Sum Assured is reduced to the extent of Partial Withdrawals made from 58 years onwards.

The minimum Death Benefit payable should be 105% of the single premium paid.

Accidental Death Benefit

In the event of death of the life insured due to accident, the lump sum accidental death benefit sum assured is payable.

Maturity Benefit

On survival of the life insured till the end of the policy term, the Fund Value is paid in a lump sum. The maturity benefit can also be taken in installments through settlement option.

Settlement Option

Settlement Option is available at maturity and it provides you the flexibility to receive the maturity benefits in annually, semi annually, quarterly, & monthly installments within a period of two to five years from the date of maturity.

Switching

You can switch between 2 varied fund options to suit your changing investment needs.

Partial Withdrawal

Partial Withdrawal is allowed from 6^th policy year onwards or on attaining 18 years of age, whichever is later. The minimum partial withdrawal amount is Rs 5,000 and further withdrawals should be in multiples of Rs 1,000. The maximum partial withdrawal allowed is 20% of the fund value. The minimum fund value required post withdrawal is 50% of the single premium paid.

Bonus

The plan is not eligible for the bonuses as it is a non-participating life insurance plan.

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 fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds after addition of interest subject to a minimum of 4% per annum is payable after the end of the lock-in period.

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

Accidental Death Benefit rider can be opted, on payment of additional premium.

Premium Allocation Charge: This charge is deducted from the premium paid, before allocation of units. The premium allocation charge is 3% of the single premium.

Policy Administration Charges: Monthly policy administration charge is levied by the redemption of units under the policy. The charge of Rs 45 per month is deducted for the first five years only, subject to a maximum of Rs 200 per month upon prior approval from IRDAI.

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 fund value by cancellation of units.

Accidental Death Benefit Charges: Charges are recovered on a monthly basis by cancelling the appropriate number of units. The monthly charges is equal to Accidental Death Benefit Sum Assured * (Annual Rate/12).

Fund Management Charges (FMC): Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a for Equity Fund, 1% p.a for Bond Fund, 0.50% p.a for Discontinued Policy Fund.

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.

Switching Charge: You can avail 2 free switches during a policy year. The minimum switch amount is Rs 5000. A charge of Rs 100 is levied per switch when opted for more than 2 switches in the same policy year. No option is there to carry forward the unused free switches.

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. A maximum of 2 partial withdrawals can be done in a policy year and not more than 5 such withdrawals are allowed during the entire policy term, in case the policy term is less than 15 years. A maximum of 10 partial withdrawals is allowed during the entire policy term, in case of policy term 15 years & above.

Miscellaneous Charges: For issuance of duplicate or additional copy of fund statement, Rs 100 is levied.

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

Mr. Raman aged 35 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 - Smart Wealth Assure (Base Plan) with the policy term of 10 years, single premium payment of Rs 5,00,000 and sum assured is Rs 6,25,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is paid in a lump sum. The maturity benefit can also be taken in installments through settlement option.

Scenario B- Death Benefit: In the event of his death during the policy term, the higher of Fund Value or Sum Assured is payable, provided the policy is in-force. In the event of death of the life insured due to accident, the lump sum accidental death benefit sum assured is payable.