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Knowledge Base Life Insurance Guaranteed Plan SBI Life Flexi Smart Insurance Review
Wednesday, 19 October 2011 18:06

SBI Life Flexi Smart Insurance Review

Written by  Yashish Dahiya
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SBI Life Flexi Smart Insurance Review 


Plan Name: Flexi Smart Insurance

Insurer: SBI Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment


Major USP of SBI Life Flexi Smart Insurance 


Bonuses available

Flexible Sum Assured

Premium Holiday Feature


Eligibility of SBI Life Flexi Smart Insurance 


Minimum Entry Age: 8 Years

Maximum Entry Age: 60 Years

Maximum Age at Maturity: 70 Years

Policy Term: 10 to 20 Years

Premium Payment Term: Policy Term

Minimum Premium: Rs 15,000 per annum

Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly


What benefits does SBI Life Flexi Smart Insurance offer?


Death benefit:

In case of unfortunate death of the life insured during the policy term, Sum Assured along with accumulated amount will be paid.

 

Maturity Benefit:

At the end of policy term, accumulated amount along with bonuses will be paid.

 

Guaranteed Interest Rate:

Interest of 2.5% is guaranteed for the complete policy period.

 

Bonuses:

A variable % of interest rate depending on performance of company will also be added at the beginning of every financial year to the policy amount.

 

Flexible Sum Assured:

From the 4th policy year onwards, you can increase or decrease the Sum Assured.

 

Are there any tax benefits?


Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.


What else should I know about SBI Life Flexi Smart Insurance?


Surrender Value: You can surrender the policy anytime during the policy term. The amount will be paid after the lock-in period of 3 years. After the fifth policy year, 100% of the accumulated amount will be paid.

 

Premium Holiday: After five annual premiums have been paid, you can avail premium holiday from 1 year to 3 years. All the benefits will continue as applicable.

 

Free Look Period: Flexi Smart Insurance plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

 

Compare Returns in Guaranteed Plans!!

How much will you get?

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