Flexi smart is an individual, participating, variable insurance product. It maximizes the opportunity to increase the growth and protection of your wealth to help fulfill your ambitious needs for the future. Our goals keep on changing depending on the needs of the family and also the time so, flexi smart plus is one such insurance product that promises both protection and investment under this plan.
How do flexi smart plus works?
Flexi smart plus plan is managed by an account that is maintained by the SBI Life. This policy account represents the funds and value you have. All the premium paid and bonus earned will be added to this account along with benefits. The plan comes in two options as Gold and Platinum plan. Below is the list of benefit this account offer-
- The Guaranteed minimum bonus interest rate of 1.00% p.a. the interest rate accrued calculated every year and convert to the principal amount after every year.
- A non-zero regular bonus interest rate will be declared every financial year based on the surplus arising.
- An interim interest rate will be declared at the beginning of each financial year and will be implemented at the end of the financial year.
- A non-zero positive residual addition may be added at each financial year from the 5th policy year.
- At the time of exit, a terminal bonus interest rate may be paid.
Benefit of SBI Life-Flexi Smart Plus
Maturity benefit
If the policy attains its maturity period, the policyholder will be entitled to the policy account value including terminal account bonus rate and will be payable as a lump sum amount.
Death benefit
In case of unfortunate death of the life assured, the beneficiary will receive the following benefit-
For Gold Plan
The higher of sum assured or the policy account value or 105% of the premium paid will be paid as a death benefit.
For Platinum Plan
The higher of sum assured plus the policy account value or 105% of the premium paid will be paid as a death benefit.
Additional Benefit
The following benefit will be provided to the policyholder as an add-on benefit-
- Partial withdrawal of a minimum amount of 2000 and maximum of all the bonus accrued.
- Increase and decrease in sum assured
- Increase in policy term
- Discontinuance of premiums
Eligibility for SBI Life-Flexi Smart Plus
| Age At Entry | Minimum- 18 years | Maximum-60 years | |
| Maturity Age | Minimum- 23 years | Maximum-65 years | |
| Sum Assured | Minimum Higher of annualized premium OR Annualized premium |
Maximum Annualized premium* 20 |
|
| Policy Term | Minimum – 5 years | Maximum-30 years | |
| Premium Paying Term | Same as policy term | ||
| Premium Frequency | Yearly/ Half Yearly/ Quarterly/Monthly | ||
| Premium Amount (in Rs.) | Minimum | Maximum | |
| Yearly Half Yearly Quarterly Monthly |
50,000 30,000 20,000 9,000 |
No limit | |
Surrender value
You can surrender your policy any time during the policy period once surrendered then the policy cannot be revived.
- If the policy is discontinued within the first 5 years then the lock-in condition will be applied and the amount payable will be paid after deducting the applicable discontinuance charge, life cover will be ceased.
- If the policy is discontinued after the completion of 5 years then the policy value will be paid immediately.
Tax benefit of SBI Life-Flexi Smart Plus
The subscriber of the policy can enjoy the tax benefit under the Income Tax Act, Section 80C.
Free lookup period
You will get a free lookup period of 30 days will be provided. If you are not satisfied with the policy, you can return the policy and your full money will be refunded by deducting the documentation charges.
Revival of SBI Life-Flexi Smart Plus
There is a revival period of 2 years from the date of discontinuance. The premium in full till date has to be paid and after the payment, the policy will come into force again.
Exclusion
If the life assured commits suicide within 12 months from the date of inception of the policy or from the date of revival of the policy, then the policy will be void and the policy account value as on imitation of the company.
