SBI Life Smart Privilege Plan

This plan offers a range of benefits designed to maximise the returns on your invested amount over time. To learn more about SBI life insurance UAE, including features, benefits, eligibility, and more, let’s proceed with this guide.

Key Features of the SBI Life Smart Privilege Plan

Tabled below are the SBI Life Smart Privilege features: 

How Does the SBI Life Smart Privilege Plan Work? 

Here is how the plan works in simple steps: 

• Choose the Policy Term: Select a term for which you want to be covered
• Decide Premium and Payment Mode: Choose a premium amount from your preferred payment mode, this can include regular, limited, or single premium payment options
• Select Fund Allocation: Among various available funds, invest in one or multiple funds that suit you best
• Fund Investment: After the deduction of applicable taxes and charges, the remaining amount gets invested into the selected fund

✍️The price of the units of the selected fund is the main determinant of unit allocation, and keep in mind that the invested amount grows based on market performance

Benefits of the SBI Life Smart Privilege Plan

The SBI Life insurance plan benefits are mentioned below: 

Death Benefit

In case of death during the policy term, the nominee will receive the higher of the following amounts:

• Fund value at the time of death
• Sum Assured minus applicable partial withdrawals (if any)
• 105% of total premiums paid, reducing applicable partial withdrawals
• The nominee can choose lump sum or installment payouts over 2-5 years

Maturity Benefit

On survival till maturity, the fund value is paid as a lump sum to the policyholder.

Loyalty Additions

• Additional units are credited from the 6th policy year onwards, based on the average fund value
• Percentage of loyalty additions is provided in the table: 

Free Fund Switching

Unlimited fund switches without any charges are available throughout the policy tenure. You can switch your investment, a minimum of Rs. 5000, among 11 diverse funds. 

Partial Withdrawals

This distinctive facility is available after 5 years or when the policyholder turns 18 years old. However, you are allowed a maximum of 4 withdrawals per year with a limit of ₹5,000, or a maximum of 15% of the fund value.

Premium Redirection

You can avail yourself of this facility from 1 policy year onwards, and with this, you are allowed unlimited free premium redirections throughout the policy duration. 

Free Look Period 

It’s another SBI Life Smart Privilege plan benefit, which means if you don’t like the plan, you can terminate it and get the amount back. Under this plan, the free look period is 15 to 30 days.* 

*15 days if the policy is purchased electronically or through distance marketing; 30 days if the policy is obtained through distance marketing mod

SBI Life Smart Privilege Plan—Eligibility Criteria

You must meet the following eligibility criteria for the SBI Life Smart Privilege plan:

Fund Options in SBI Life Smart Privilege Plan

With SBI Life Smart Privilege Plan, you can invest in the following funds that are listed below: 

Required Documents for SBI Life Smart Privilege Plan

You need to submit the following documents while buying the SBI Life Smart Privilege plan: 

• Identity proof, such as your passport 
• Age proof
• Residence proof
• Medical reports (might be optional)

✍️Note: Additional documents may also be required while buying this plan.

Frequently Asked Questions