SBI Life Insurance is one of the most trusted life insurance companies in India. Keeping the requirements of customers in mind, the company has launched “Smart Privilege”- a ULIP product specially designed for the HNIs. This is a unit linked non-participating plan that provides the dual benefits of life coverage along with an opportunity to increase your finances through investments in eight selected funds. The plan also provides unlimited free fund switches and redirection of premiums, throughout the tenure of the policy.
The plan provides numerous advantages and benefits to the insured. Besides this, loyalty additions are also provided under SBI Life Smart Privilege to boost the fund value of the insured. No policy administration charges are levied for the insured ensuring that the insured are getting the maximum benefits.
For the better understanding of our customers, here, we have summed up the key features of SBI Life Smart Privilege in a tabular form.
Maturity Benefit- In case the ensure survives the entire tenure of the policy and the policy is in force then on completion of the policy tenure the fund value is paid to the insured as maturity benefit. Moreover, the beneficiary of the policy can avail the maturity benefit in installments under the settlement option.
Death Benefit- in the case of sudden and unfortunate demise of the insured person during the tenure of the policy the sum assured amount or higher of fund value is payable to the beneficiary of the policy with a minimum of 105% of total premium paid till the date of information of death.
Tax Benefit- According to the application of Income Tax Law in India the insured are eligible for tax benefit on the maturity proceeds and the premium paid under section 80C and 10 D of Income Tax Act.
If as an insured you want to keep protection and investment together, then this plan is profitable. However, while you are planning to zero in on the policy, don’t forget to compare the individual charges and fund values based on term, age and other parameters.
With all these features and benefits offered by this SBI Life plan is most beneficial for those who want to gain the dual benefits of life coverage as well as an opportunity to invest in the capital markets to achieve their financial goals for future.