Savings is a big part of our lives and we all make some sort of savings. Savings is better because a penny saved is a penny earned. SBI Life Smart Guaranteed Savings Plan is a nonparticipating individual savings plan that boosts your savings with guaranteed returns also this plan provides an insurance cover as well.
Benefit of Smart Guaranteed Savings Plan
Maturity benefit
The maturity benefit that this plan offers is basic sum assured with the guaranteed accrued addition
Death benefit
In case of unfortunate death of the policyholder then the sum assured on death and guaranteed additions will be paid. The sum assured on death is 10 times the annualized premium or 105% of total paid premium as on the date of death.
Eligibility for Smart Guaranteed Savings Plan
| Age at entry | Minimum:18 years | Maximum:50 years |
| Maturity age | 65 years | |
| Policy term | 15 years | |
| Premium paying term | 7 years | |
| Premium frequency | Yearly | |
| Premium | Minimum:15,000 | Maximum:75,000 |
| Sum assured | Depends on premium is chosen | |
Surrender value of Smart Guaranteed Savings Plan
The policy will acquire the surrender value only if the premium paid for at least 2 years for the premium paid. The sum assured is also subject to change, the sum assured payable will be reduced to the paid-up sum assured. The paid up value will be paid on maturity or death of the individual.
Policy loan
You can get a loan from this policy at the time of the need. The loan will be available once the policy acquires the surrender value. The policy loan is limited to the maximum of 90% of the surrender value.
Revival
A lapsed policy can be revived within the 2 year period provided that the policy premium to date is paid form the last date of the unpaid premiums.
Tax benefit of Smart Guaranteed Savings Plan
There is also a tax benefit provided under this policy, the tax redemption will be subject to the income tax law under section 80C.
Free lookup period
You have an option to return the policy before 30 days of the receipt of the policy day. In case you disagree with the policy terms and condition then you can return the policy and the full payment of the installment paid will be returned after deducting the documentation charges.
Exclusion
If the policyholder commits suicide within one year from the date of the inception of the policy. The beneficiary will get 80% of the all the premium paid. The policy becomes void and no death benefit is payable.
