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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:
Minimum Age - 3 years Maximum Age - 50 years
Maximum Maturity Age - 65 years
Minimum term - 15 years Maximum term - 30 years
7/10/15 years
Annual, half-yearly, quarterly & monthly
Rs 2 lakh to No limit
Let's understand how the SBI Life Smart Bachat Plan works with a simple premium illustration.
Mr. Verma is looking for an investment plan to create long-term wealth.
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.
Here are some features of SBI Smart Bachat:
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.
In case you are not able to pay your premiums on time even in the grace period, your policy will lapse. But the good thing is that the plan allows you to revive the lapsed policy within 2 years.
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.
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.
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.
In case you are not able to pay your premiums on time even in the grace period, your policy will lapse. But the good thing is that the plan allows you to revive the lapsed policy within 2 years.
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.
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.
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.
In case you are not able to pay your premiums on time even in the grace period, your policy will lapse. But the good thing is that the plan allows you to revive the lapsed policy within 2 years.
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.
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.
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.
In case you are not able to pay your premiums on time even in the grace period, your policy will lapse. But the good thing is that the plan allows you to revive the lapsed policy within 2 years.
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.
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.
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There are various benefits to buying the SBI Smart Bachat Plan. Let’s understand each of them in detail:
Here is the list of documents required to buy the SBI Smart Bachat Plan:
Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Age Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
Address Proof (either of one) - Utility bill, passport, voter ID, ration card.
Medical Records of the policyholder if requested.
Income Proof ( either of one) - bank statement, last three months' salary slips (if you are salaried).
You can buy the SBI Smart Bachat official website or one of their nearest branch offices.
Visit the official website of PolicyX.com.
Click on the ‘Investment’ tab.
A new page will appear on the screen.
Fill out the form at the top of the page with the necessary details.
Select your income and city. Click on 'Proceed'.
Update your education and occupation details.
Choose your preferred plan and click on 'Buy this plan'.
Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Visit the official website of SBI Life Insurance.
Hover over the 'Investment Plans' from the top of the menu.
Click on the 'SBI Life Smart Bachat Plan'.
Click on ‘Buy Now’ and you will be redirected to a new page.
Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.
Once discussed you can make the premium payment and get the policy documents.
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.
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 |
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.
Yes, loans are possible after the policy has acquired surrender value. It will be limited to 90% of the surrender value.
SBI Life Smart Bachat plan does not offer any additional riders.
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.
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.
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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.
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February 5, 2023
Asia/Kolkata
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