SBI Smart Bachat
  • Know All About SBI Life Smart Bachat
  • Explore the Key Features & Benefits
  • Understand the Exclusions
Buy Policy in just 2 mins

Buy Policy in just 2 mins

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Customized Investment Plan for you.

Select Your Annual Income

15 Lacs+ P.A. 10-15 Lacs P.A. 7-10 Lacs P.A. 5-7 Lacs P.A. 3-5 Lacs P.A. Upto 3 Lacs P.A.

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SBI Smart Bachat

Save yourself and your family from the rising inflation with SBI Life Smart Bachat. It is important to plan for future savings and expenses wisely while considering the present inflation rate. And what could be better than investing in a plan that helps you save enough to fulfill your long-term financial goals? SBI Life Smart Bachat is one such plan. It is an individual, non-linked, and participating life insurance savings product. SBI Life Smart Bachat is available in two plan types i.e. Endowment plan and Endowment plan with Accidental Death and Total Permanent Disability Benefit. The plan comes out with the Limited Premium Paying Term (LPPT) option, designed to keep the obligation of paying the premium over a long tenure at bay.

SBI Life Smart Bachat Plan offers you a range of benefits including:

why-choose
  • Financial Protection
  • Tax Benefits
  • Policy Revival
  • Multiple Policy Renewal Payment Options
  • Maturity Benefits
  • Death Benefits

Eligibility Criteria for SBI Smart Bachat

Your Occupation

Entry age

Minimum Age - 3 years Maximum Age - 50 years

Mukhyamantri Amrutam Yojana

Maturity age

Maximum Maturity Age - 65 years

Your Gender

Policy tenure

Minimum term - 15 years Maximum term - 30 years

Maternity Benefit Rider

Premium payment term

7/10/15 years

Dr YSR Aarogyasri Trust

Premium payment frequency

Annual, half-yearly, quarterly & monthly

Maternity Benefit Rider

Sum assured

Rs 2 lakh to No limit

How Does the SBI Life Smart Bachat Plan Work?

Let's understand how the SBI Life Smart Bachat Plan works with a simple premium illustration.

Why Buy Term Insurance Online?

Problem

Mr. Verma is looking for an investment plan to create long-term wealth.

Solution

His financial advisor advised him to buy the SBI Smart Bachat Plan. He visited PolicyX.com

Let's understand how the SBI Smart Bachat Plan works for him with a premium illustration table.

Age of policyholder Annual Premiums PPT Policy tenure Sum Assured Maturity Benefits
30 years Rs 57,405 6 years 20 years Rs 5,00,000 Rs 5,80,500

Key Takeaways: At the end of the policy tenure the maturity benefits of Rs 5,80,500 are paid to the policyholder.

Features of SBI Smart Bachat

Here are some features of SBI Smart Bachat:

Maternity Benefit Rider

Free Look Period

If in case the policyholder is not happy with any of the features and doesn't want to continue with the plan, then they can cancel the plan within 15 days of receiving the documents. 

 

 

Tax

Policy Loan

In case an emergency knocks at your door and you want financial help, then you are allowed to avail of a loan against this plan once it acquires a surrender value.

 

 

Maternity Benefit Rider

Surrender Value

In case you choose to surrender the plan in the initial 2 years of the plan, you will not be able to get anything back. In case you opt for surrendering after paying 2 years' premiums, the policy will get a surrender value.

 

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Benefits of the SBI Smart Bachat Plan

There are various benefits to buying the SBI Smart Bachat Plan. Let’s understand each of them in detail:

  • Maturity Benefit: On completion of the endowment term, the SBI Life Smart Bachat plan will pay maturity benefits along with the additions.
  • Death Benefit: In the case of regular premium policies, an amount higher of the sum assured along with vested Simple Reversionary Bonuses and terminal bonus or 105% of all the paid premiums till death is provided.
  • Accidental Death Total Permanent Disability Benefit An additional amount equivalent to the basic sum assured in lump sum as an AD & TPD Benefit plus, Death benefit as explained under 'Death Benefit for both Options'.
  • Tax Benefits: You can claim a deduction of Rs 1.5 lakhs on your total income under section 80C of the Income Tax Act, 1961.

Documents Required to Buy SBI Smart Bachat Plan

Here is the list of documents required to buy the SBI Smart Bachat Plan:

Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy SBI Smart Bachat?

You can buy the SBI Smart Bachat official website or one of their nearest branch offices.

Life Insurance
  • Step 1

    Visit the official website of PolicyX.com.

  • Step 2

    Click on the ‘Investment’ tab.

  • Step 3

    A new page will appear on the screen.

  • Step 4

    Fill out the form at the top of the page with the necessary details.

  • Step 5

    Select your income and city. Click on 'Proceed'.

  • Step 6

    Update your education and occupation details.

  • Step 7

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 8

    Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.

Life Insurance
  • Step 1

    Visit the official website of SBI Life Insurance.

  • Step 2

    Hover over the 'Investment Plans' from the top of the menu.

  • Step 3

    Click on the 'SBI Life Smart Bachat Plan'.

  • Step 4

    Click on ‘Buy Now’ and you will be redirected to a new page.

  • Step 5

    Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.

  • Step 6

    Once discussed you can make the premium payment and get the policy documents.

Buying from their branch office

You can buy the SBI Life Smart Bachat Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.

Your Occupation

Exclusions of SBI Life Smart Bachat Plan

  • In case the policyholder commits suicide within 12 months of policy purchase then no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date whichever is higher is paid.

Plan At a Glance

What’s Good Here What’s Missing
Maturity Benefits Premium Offset
Death Benefits High sum assured rebate
Policy Loan Facility Auto cover continuance
Multiple Plan Options to Choose From Top-up premium

In a nutshell

If you are looking for an investment plan that offers guaranteed returns for you and your family you must opt for SBI Life Smart Bachat Plan. This plan offers guaranteed benefits.

For more info related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.

FAQs: SBI Life Smart Bachat

1. Is the loan facility available under SBI Smart Bachat Plan?

Yes, loans are possible after the policy has acquired surrender value. It will be limited to 90% of the surrender value.

2. Are there any riders available under SBI Life Smart Bachat?

SBI Life Smart Bachat plan does not offer any additional riders.

3. Who Should Buy SBI Life Smart Bachat Plan?

SBI Life Smart Bachat plan option A can be bought by people aged between 8 to 50 years, whereas Option B of SBI Life Smart Bachat can be bought by people who fall within the age bracket of 18 to 50 years. Moreover, this plan is ideal for your investment needs. It offers you long-term financial security for your family.

4. Does the SBI Smart Bachat plan offer revival period?

SBI Smart Bachat plan offers 2 years of revival period which means you can revive your lapsed policy within 2 years from the date of the first unpaid premium.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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Himanshu Kumar

Written By: Naval Goel

Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.