SBI Life Smart Wealth Assure is a unit-linked nonparticipating life insurance plan. It is a single premium plan that offers the customer to enjoy the benefit by paying a single premium. This plan gives the policyholder market-related returns with the insurance covers.
There are different types of fund option available. You can in a combination of below-mentioned funds.
Bond fund: The objective of this fund is to provide a safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities.
| Assets | Minimum | Maximum | Risk Profile |
|---|---|---|---|
| Debt instrument | 60% | 100% | Low to medium |
| Money market instrument | 0% | 40% |
Equity fund: The objective of this fund is to provide high equity exposure targeting high returns in long terms.
| Assets | Minimum | Maximum | Risk Profile |
|---|---|---|---|
| Debt instrument | 60% | 100% | Low to medium |
| Money market instrument | 0% | 40% |
Discontinued fund: The objective of the fund is to achieve a relatively less volatile investment return mainly through debt instrument and accumulation of income through investment in fixed interest securities and liquid investment.
| Assets | Minimum | Maximum | Risk Profile |
|---|---|---|---|
| Debt instrument | 60% | 100% | Low to medium |
| Money market instrument | 0% | 40% |
Benefit of Smart Wealth Assure
Maturity benefit
On the maturity of the policy, the fund value will be paid in the lump sum or you have an option to get paid in installments decided by you. During this settlement period, the money will be invested in the market and only the fund management charges will be deducted. At any point, the remaining amount can be withdrawn as a lump sum amount.
Death benefit
In case of sudden demise of the policyholder, the higher of fund value or sum assured will be paid with a minimum of 105% of single premium paid.
Additional benefit
You have the option to avail accidental death benefit along with this plan. Accidental death benefit provides the policyholder the accidental death benefit sum assured in case of death due to the accident.
Eligibility for Smart Wealth Assure
For a Base plan:-
| Age at entry | Minimum– 8 years | Maximum– 65 years | ||
| Age at maturity | 75 years | |||
| Plan type | Single premium | |||
| Policy term | 10 to 30 years | |||
| Premium range | Minimum– 50,000 | Maximum– No limit | ||
| Sum assured range (in Rs) | Minimum | Maximum | ||
| Age below 45 | Age 45 or above | Age below 45 | Age 45 or above | |
| 1.25 x single premium | 1.10 x single premium | 5.00x single premium | 3.00 x single premium | |
For Accidental Death Benefit-
| Age at entry | Minimum– 18 years | Maximum– 65 years |
| Age at maturity | 70 years | |
| Sum assured range (in Rs) | Minimum– 25,000 | Maximum– equal to basic sum assured subject to a maximum of 50 lacs |
Surrender value
You can surrender the policy at any time-
If the surrender is requested during the first five policy years
The lock-in condition will apply. The fund value after the deduction of applicable discontinuance charges will be transferred to “Discontinued Policy Fund” and this value will be available on the 6th policy year.
If the surrender is requested after five policy years
The fund value will be paid immediately.
Tax Benefit of Smart Wealth Assure
This policy offers its policyholder income tax exemption as per the Income Tax Act, under section 10
Free lookup period
You will get a free lookup period of 15-30 days will be provided. If you are not satisfied with the policy, you can return the policy and your full money will be refunded after deducting the documentation charges.
Exclusion
If the life assured commits suicide then the policy becomes void. The fund value accumulated as of the date of intimation of death will be payable and the policy will cease.
For Accidental Death Benefit-
- Infections
- Drug abuse
- Nuclear, biological or chemical contamination (NBC)
- Self-inflicted injury
- Criminal acts
- Aviation
- Hazardous sport and pastimes
- War or civil commotion
