SBI Life Smart Humsafar Plan (UIN: 111N103V02)

Living a harmonies life with your spouse is the essential happiness every individual seeks. Starting a family is the primal step in the process. SBI LIFE- Smart Humsafar is a joint life non-linked participating endowment plan and it offers the joint benefit of saving and insurance cover.

sbi smart humsafar

Benefit of SBI Life Smart Humsafar Plan

Maturity benefit

This plan comes with maturity benefit and offers basic sum assured along with vested revisionary bonus and terminal bonus.

Death benefit

First Death:

For the first death- sum assured on death will be payable which depends on the joining age. If the policyholder joined below the age of 45 then the basic sum assured is 10 times of annualized payment. For more than 45 years of age, the basic sum assured is 7 times the annualized premium or the 105% of the basic sum assured.

Second Death:

For the second death of the joint partner sum assured on death will be payable along with vested revisionary bonus and terminal bonus which depends on the joining age. If the policyholder joined below the age of 45 then the basic sum assured is 10 times of annualized payment. For more than 45 years of age, the basic sum assured is 7 times the annualized premium or the 105% of the basic sum assured.

Additional benefit

The additional Accidental Death Benefit Rider can be availed at a very affordable cost. This plan covers the accidental insurance of both of the partners.  The rider sum assured payable by the company is at least minimum 25,000 and maximum of 50,00,000. The basic rider benefit cannot exceed the basic sum assured of the base plan.

Rebate of SBI Life Smart Humsafar Plan

Sum Assured Premium Per Sum Assured
1.00 lac<SA<3.00 lac Nil
3.00 lac<SA<5.00 lac 2.00
>5.00 lac 3.00

Eligibility for SBI Life Smart Humsafar Plan

Age limit Minimum: 18 years Maximum:46 years
Maturity age 65 years
Age difference 20 years
Sum assured Minimum: 1,00,000 Maximum: 5,00,00,000
Policy term Minimum: 10 years Maximum: 30 years
Premium paying term Same as policy
Premium frequency Half-Yearly/ Yearly /Quarterly/Monthly
Premium Minimum Maximum
Yearly
Half- Yearly
Quarterly
Monthly
6,000
3,000
1,500
500
Based on basic sum assured
Premium frequency loading Half-Yearly: 51.00% of the annualized premium
Quarterly:26.00% of the annualized premium
Monthly:8.50% of the annualized premium

Surrender value

The policy will acquire surrender value once the premium has been paid for three years. The sum assured will be reduced and the value of the amount decreases to Paid-Up Sum Assured and is payable at the death or maturity of the policy term.

Policy loan of SBI Life Smart Humsafar Plan

At the time of need, Loans will be available after the policy acquires surrender value. The policy loan will be limited to a maximum of 90% of the surrender value. The loan interest rate to be charged will be declared by the company from time to time.

Tax benefit of SBI Life Smart Humsafar Plan

The policyholder is eligible to avail income tax exception under this policy by accordance of the income tax law, section 80C.

Free lookup period

A 30 days grace period from the premium due date for yearly/half-yearly/quarterly premium and 15 days for a monthly premium. The policy will remain in force during the grace period and will lapse if no premium is paid at the end of the grace period.

Revival

A policy in lapsed condition can be revived within a period of two years from the date of first unpaid premium but before that date of maturity by paying all the premium till date and providing proof of discontinuity of the plan.

Exclusion

If the life assured commits suicide within one year from the date of inception of the policy. The nominee or beneficiary shall be entitled to 80% of the premiums paid, provided the policy is in force. The policy will be void and no death benefit will be payable in such cases and from the date of revival of the policy the nominee or beneficiary shall be entitled to higher of 80% of the premiums paid till the date of death or the surrender value.