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SBI Life Smart Platina Assure | SBI Life Insurance 2024 | SBI Smart Platina Assure Plan | SBI Life
SBI Investment Plans
SBI Smart Platina Assure
SBI Life Smart Platina Assure provides your family with the assurance ...Read More
🛡️ IRDAI Approved
⭐ 4.6/5 · 917 reviews
📊 80 years solvency ratio
✅ Minimum Age - 5 year% claim settlement ratio
🌐 Annual, half-yearly,+ pan-India
About SBI Smart Platina Assure
A quick read on what this SBI Investment Plans term plan covers and why it might be a fit for you.
Don't save money to save. Save money to invest and fulfill your long-term goals.
SBI Life Smart Platina Assure gives your family the assurance to fulfill their dreams. It is an individual, non-participating, non-linked, life endowment assurance savings product that combines life cover with guaranteed returns. This plan not only covers your life but also provides savings that can be redeemed upon maturity. Its wide range of features ensures your hard-earned money yields benefits for you and your family.
SBI Life Smart Platina Plan offers a range of benefits including:
- Guaranteed Additions
- Flexible Premium Payment Options
- Convenience
- Loans on Policy
- Free-Look Period
- Revival of Lapsed Policy
Eligibility Criteria for SBI Smart Platina Assure
Entry age
Minimum Age - 18 years Maximum Age - 60 years
Maturity age
Maximum Maturity Age - 65 years
Policy term
Minimum term - 15 years Maximum term - 20 years
Sum assured
7, 10 years
Policy loan
Annual & monthly
Payment Modes
Rs 5,50,000 lakh to No limit
Video reviews
Walkthroughs from the PolicyX team — pros, cons, real claim experiences and who should buy.
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How Does the SBI Life Smart Platina Assure Plan Work?
Here's how the SBI Life Smart Platina Assure Plan works, with a premium illustration.
Problem
Mrs. Verma is looking for an investment plan to create long-term wealth.
Solution
Her financial advisor advised her to buy the SBI Smart Platina Assure Plan. She visited PolicyX.com
Let's understand how the SBI Smart Platina Assure Plan works for her with a premium illustration table.
| Age of policyholder | Annual Premiums | PPT | Policy tenure | Sum Assured | Maturity Benefits |
| 25 years | Rs 50,000 | 6 years | 12 years | Rs 5,00,000 | Rs 4,57,500 |
Key Takeaways: At the end of the policy tenure, maturity benefits of Rs 5,80,500 are paid to the policyholder.
Benefits of SBI Smart Platina Assure
There are various benefits to buying the SBI Smart Platina Assure Plan. Let's understand each of them in detail:
- Maturity Benefits: If the policyholder survives the policy term, they will receive the Guaranteed Sum Assured on maturity plus Accrued Guaranteed Additions, as applicable.
- Death Benefits: In the unfortunate event of the policyholder's death, the Sum Assured on Death along with accrued Guaranteed Additions will be paid to the nominee. This benefit will be 10 times the annualized premium or 105% of the total premiums paid up to the date of death, along with the guaranteed additions accumulated each year.
- Reduced Paid-Up Value: If you encounter financial difficulties and are unable to make further premium payments, you can convert your policy into a reduced paid-up insurance policy. This reduces your premium but guarantees a limited benefit.
- Tax Benefits: You can claim a deduction of up to Rs 1.5 lakhs on your total income under Section 80C of the Income Tax Act, 1961.
Features of SBI Smart Platina Assure
Key features that make SBI Smart Platina Assure stand out.
Free Look Period
If the policyholder is not satisfied with the plan's features and wishes to discontinue, they can cancel it within 30 days of receiving the documents.
Policy Loan
If an emergency arises and you require financial assistance, you can avail a loan against this plan once it acquires a surrender value.
Surrender Value
If you choose to surrender the plan within the initial 2 years, you will not receive any value back. However, if you surrender after paying premiums for 2 years, the policy will acquire a surrender value.
Revival
If you are unable to pay your premiums on time, even within the grace period, your policy will lapse. However, the plan allows you to revive the lapsed policy within 5 years.
Documents Required for SBI Smart Platina Assure
Keep these documents handy when applying for SBI Smart Platina Assure.
Documents Required to Buy SBI Life Smart Platina Plan
Here is the list of documents required to buy the SBI Life Smart Platina Assure Plan:
Photo ID Proof
Photo ID Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving License.
Age Proof
Age Proof (any one of the following) - Passport, Aadhaar card, PAN card, Driving License.
Address Proof
Address Proof (any one of the following) - Utility bill, passport, Voter ID, ration card.
Medical Records
Medical records of the policyholder (if requested).
Income Proof
Income Proof (any one of the following) - Bank statement, last three months' salary slips (for salaried individuals).
Exclusions of SBI Life Smart Platina Assure Plan
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such cases, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Other Features of SBI Smart Platina Assure
Here are the key features of the SBI Smart Platina Assure.
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 |
| Revival of Lapsed Policy | Top-up Premium |
In a nutshell
If you are looking for an investment plan that offers guaranteed returns for you and your family, you should consider the SBI Life Smart Platina Assure Plan. This plan offers guaranteed benefits.
For more information about 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.
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FAQs: SBI Smart Platina Assure
The 5 most-asked questions about SBI Smart Platina Assure, answered.
The plan offers a grace period of 30 days wherein the premium can be paid even after the due date. If the policyholder fails to make payment within the grace period, the policy lapses.
Under the Income Tax Act of 1961, one can avail tax exemptions against the premiums paid for the plan.
No, the loan is not available under the plan.
Yes, the plan has a loading as per the below table: Half-yearly 51.00% of annual premium Quarterly 26.00% of annual premium Monthly 8.50% of annual premium
You can revive your policy within 5 consecutive years from the date of the first unpaid premium.
Written and reviewed by
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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