SBI Life Smart Platina Assure Plan Benefits

SBI Life Smart Platina Assure is a Non-linked, Non-participating, life endowment assurance savings plan that offers guaranteed returns and the benefit of paying premiums for a limited term. 

Eligibility Criteria

Key Benefits of SBI Life Smart Platina Assure

• Life Cover With Assured Returns

SBI Life Smart Platina Assure plan offers life insurance coverage along with assured returns. 

• Maturity Benefit

Upon policy maturity, the policyholder will receive the guaranteed sum assured, also known as the basic sum assured, along with accrued guaranteed additions. 

• Death Benefit

In the event of the investor’s unfortunate death, the nominee is liable to get the sum assured on death and accrued guaranteed additions. 

“The sum assured on death is the higher of 10 times the annual premium or 105% of the total premiums paid up to the date of death.”

• Policy Loans

SBI Life Smart Platina Assure allows policyholders to borrow against their policy if they need funds for emergencies. But loans will only be available if the policy has a surrender value. You can borrow up to 80% of the policy's surrender value.

• Grace Period 

SBI offers 30 days grace period for yearly premiums and 15 days for monthly premiums payment. 

• Revival Facility

A lapsed policy can be revived within 5 years from the first missed premium payment, subject to providing satisfactory proof of insurability as required by the company. 

Upon revival, the policy will be eligible for future guaranteed additions.

• Reduced Paid-up Value (PUV)

Policy gets reduced paid-up value if at least 2 full years of premiums are paid. For reduced paid-up policies, the death benefit is the paid-up sum assured on death plus along with guaranteed additions. Also, the maturity benefit is the paid-up sum assured on maturity plus accrued guaranteed additions.

• Surrender Value

Investors can surrender the policy if at least 2 full years of premiums have been paid. On surrender, they receive the higher of the Non-Guaranteed Special Surrender Value (SSV) or the Guaranteed Surrender Value (GSV).

• Limited Premium Payment Term

Pay for only 7 or 10 years and enjoy coverage for the full policy term of 15 or 20 years, respectively. 

• Guaranteed Additions 

The plan offers guaranteed additions based on the premium amount you pay each year, according to the annualized premium slabs. 

(as shown below)

These additions are calculated at the end of each policy year. Here’s how!

Guaranteed Addition Amount = Rate of Guaranteed Additions x Total premiums paid (excluding taxes and extra costs).

Suicide Exclusion

Within 12 Months:

• From Policy Start: If the policyholder dies by suicide within 12 months of the policy inception date, the nominee will get at least 80% of the total premiums paid as long as the policy is active.
• From Policy Revival: If the policyholder dies by suicide within 12 months of reviving the policy, the beneficiary/ nominee will receive the higher amount between 80% of the total premiums already paid or the surrender value at the time of death, as long as the policy is active. 

Premium Chart

Illustration of SBI Life Smart Platina Assure Plan 

Let’s understand the benefits of the SBI Life Smart Platina Assure Plan with an example. 

List of benefits: 

• Basic Sum Assured: ₹8,40,000
• Guaranteed Additions: ₹5,25,000
• Maturity Benefit: ₹13,65,000 (Basic Sum Assured + Guaranteed Additions)

In case of the policyholder's unfortunate death, the nominee will get ₹10,00,000 + Accrued Guaranteed Additions, if any, as Death Benefit. 

Disclaimer: The benefits might vary according to the age and annualized premium.

How to Buy SBI Life Smart Platina Assure Plan? 

You can buy the SBI Life Smart Platina Assure Plan from InsuranceDekho by following the below steps. 

1. Visit our website and select "Life Insurance" from the "Insurance" tab. Fill in your personal information and click "View Plans” to view all the available life insurance plans. 
2. Choose the "SBI Life Smart Platina Assure" plan. Then, pick the sum assured and policy term that suits your needs. 
3. Provide further information like your education, occupation, and annual income details. Once done, review the premium amount and proceed with payment.
4. The company may request a medical evaluation according to your age and chosen sum assured. After approval, you’ll receive policy confirmation via email or SMS. 

Get in touch with our relationship manager at +91-7551196989 if you need any help regarding the SBI Life Smart Platina Assure Plan. 

Frequently Asked Questions (FAQs) 

Ques 1. What is SBI Life Smart Platina Assure? 

Ans. It is a Non-linked, Non-participating, life endowment assurance savings plan that combines the benefits of life cover with guaranteed returns. 

Ques 2. Will I get any bonuses from the company profits?

Ans. No! SBI Life Smart Platina Assure plan does not participate in the company profits.

Ques 3. What is the policy term?

Ans. There are two policy term options, i.e., 15 and 20 years.

Ques 4. Are there any loan facilities available if I buy SBI Life Smart Platina Assure plan?

Ans. SBI generally doesn't offer loan facilities on its life insurance policies. But the SBI Life Smart Platina Assure plan is one of those plans on which policyholders can get loan facilities, once it acquires a surrender value. Policyholders can borrow up to 80% of the policy's surrender value.

Ques 5. Can the policy be revived after it has lapsed?

Ans. Yes, a lapsed policy can be revived within five years from the date of the first unpaid premium.

Ques 6. Why should I choose the SBI Life Smart Platina Assure plan? 

Ans. Choose the SBI Life Smart Platina Assure if you are looking for a policy that offers guaranteed returns and life coverage. The best part is that it offers the advantage of paying premiums for a limited term: 

• PPT of 7 years for a policy term of 15 years, and 
• PPT of 20 years for a policy term of 10 years

Ques 7. What maturity benefits does the plan offer? 

Ans. The maturity benefit includes the basic sum assured plus accrued guaranteed additions.