SBI Life Smart Platina Plus Plan

Listed below are the potential features and benefits of SBI Life Smart Platina Plus.

Maturity Benefit:

The guaranteed sum assured at maturity plus cumulative guaranteed additions will be paid if the life assured outlives the policy duration.

Death Benefit:

If the life assured passes away, the beneficiary will be given the sum assured on death and accrued guaranteed additions (if any). More than ten times the annualized premium, or 105% of all premiums paid up until the date of death, make up the sum assured upon death.

Tax Benefit:

According to the relevant income tax regulations in India, which are subject to change from time to time, you may be entitled to income tax benefits or exemptions.

Free look Period:

The policyholder has 15 days from the date of receipt of the policy document to review the terms and conditions of the policy. If the policyholder disagrees with any of those terms and conditions, the policyholder has the option to return the policy to the company for cancellation and state the reasons for his objection. In that case, the policyholder will be entitled to a refund.

Grace Period:

For the payment of yearly and half-yearly premiums, a grace period of 30 days, and 15 days for the payment of monthly payments, will be permitted. The grace period will not affect the policy’s continued application. The remaining premiums, if any, as of the date of death will be subtracted from the benefits payable under the Policy if the life assured passes away during the grace period.

Policy Loan:

Policyholders may be permitted to borrow against their insurance in an emergency where they may need money to cover costs, etc. A maximum of 50% of the company’s offered surrender value may be borrowed against a policy. The corporation would periodically update such a surrender value as well as the interest that would be paid on the insurance loan.

Survival Benefit (For In-force policies):

For both Income Plan options, as long as the Life Assured is still alive, Guaranteed income will be paid during the payout term depending on the payout frequency selected.

Revival:

The policy may be revived for full benefits during a revival period while the life assured is still alive if premiums are not paid during the grace period and the policy is not relinquished. Five consecutive years from the date of the first unpaid premium constitute the revival period.

Surrender:

Only when at least the first two full policy years’ premiums have been paid does the policy gain surrender value. The policyholder may surrender the insurance for a surrender value at any time during the policy term to cancel the coverage.

The higher special surrender value (SSV) and guaranteed surrender value would be the surrender value (GSV).