SBI Life is a leading and most trusted life insurance company in India. It offers a range of life insurance plans and policies. SBI Smart Platina Assure plan is a life endowment assurance savings product plan. In this post, I’ll tell you all about SBI Life Smart Platina Assure Plan with Assured Returns.
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SBI Life Smart Platina Assure Plan
SBI Life Platina Assure is an individual, non-linked, non-participating life endowment assurance savings product. This plan assures guaranteed returns with the benefit of paying premium for limited term.
The policy provides guaranteed additions at the end of each policy year. The plan ensures that your money works harder while you work hard for your family. It gives you peace of mind. The plan is also available for sale online.
Features of Smart Platina Assure by SBI Life Insurance
Key features of this insurance plan are as under:
1. This insurance plan offers life insurance cover along with assured return.
2. It provides guaranteed additions of 5% to 5.5% at the end of every policy year.
3. You have to pay premiums for just 6 or 7 years for policy term of 12 or 15 years respectively.
4. There is option to choose a monthly or yearly premium payment frequency as per your convenience.
5. Loan is available under this policy under certain terms and conditions.
6. Get tax benefits as per the prevailing income tax laws in India.
Benefits under SBI Smart Platina Assure Plan
The benefits of this insurance plan are as under:
1. Maturity Benefit
If the life assured survives the policy term, then he/she receives the basic sum assured + accrued guaranteed additions.
2. Death Benefit
On the unfortunate death of the life assured, sum assured on death and accrued guaranteed additions (if any) will be payable to the beneficiary. Where, sum assured will be higher of 10 times the annualized premium or 105% of total paid premium up to the date of death.
Here, the annualized premium shall be premium payable in a year chosen by the policyholder, excluding applicable taxes. Total paid premiums means total of all premiums received excluding applicable taxes.
Eligibility Criteria for SBI Life Platina Assure
| Minimum age at entry | 18 years | ||
| Maximum age at entry | 50 years | ||
| Maximum age at maturity | 65 years | ||
| Policy Term | 12 and 15 years | ||
| Premium Payment Term | 6 years for policy term of 12 years | ||
| 7 years for policy term of 15 years | |||
| Premium Frequency | Yearly or Monthly | ||
| The monthly premium for monthly mode as percentage of annualized premium is 8.5% of annualized premium. | |||
| Minimum Annualized Premium | Rs.50,000 | ||
| Maximum Annualized Premium | No limit (subject to Board approved under writing policy) | ||
| Minimum Basic Sum Assured (BSA) | Rs.3,00,000 | ||
| Maximum Basic Sum Assured (BSA) | No limit (subject to Board approved under writing policy) | ||
| BSA = Maturity Factor X PPT X Annualized Premium. Here, The maturity factor would be based on the age at entry and premium paying term, which is as given below: | |||
| Age at entry | Premium Payment Term | ||
| 6 Years | 7 Years | ||
| 18 to 40 years | 105% | 120% | |
| 41 to 50 years | 100% | 110% | |
Loan under SBI Platina Assure Plan
Loans are available only if the policy has acquired a surrender value. Such policy loan will be limited to a maximum of 80% of the surrender value.
Click here to know more about this insurance policy.
SBI Life Smart Platina Assure Review
SBI Platina Assure plan is a unique policy that benefits the user with a life cover and assured returns. It is a life endowment assurance savings product plan. The plan assures guaranteed returns with the benefit of paying premium for limited term. It provides guaranteed additions of 5.00% to 5.50% at the end of each policy year.
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