SBI Life Smart Elite

Recommendations :No

Name of the policy :
SBI Life Smart Elite

A brief desciption :

SBI Life Smart Elite is an attractive ULIP coming with 2 protection options viz. Gold and Platinum. Under the Gold option death benefit includes higher of fund value or sum assured while platinum option includes both fund value and sum assured paid as death benefit. Whereas on maturity Fund Value is given which can be availed in lumpsum or in installments as per the requirement. However returns are restricted due to high charges levied. Moreover Sum assured is miniscule which is not sufficient to cover an earning member of the family having dependents. So it is advisable to to go for a simple term plan and invest the extra money elsewhere and earn higher returns.

Started date :
3/12/2010

Type of policy :
Insurance cum Investment

Category :
ULIP

Insurance :
For Age below 45 years- Limited Premium- Min- 10 times Annual Premium, Single Premium- 1.25 times Single Premium For age above 45 years- Limited Premium- Min- 7 times Annual Premium, Single Premium- 1.25 times Single Premium, For All ages Max- Limited Pre

Returns expected :
8%-10% (The performance would be less than a performing equity diversified mutual fund)

Entry age :
18-60 Years

Surrender :
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

Minimum amount :
Limited Premium- Min- 1,50,000 Max- No limit Single Premium Min- 2,00,000 Max- No limit

Unique features :
It provides a choice of 2 protection options and also has the flexibility to increase or decrease the sum assured as per the requirement.


Fund Management Charge :Index Fund- 1.25%, Equity Elite Fund II- 1.25%, P/E Managed Fund- 1.35%, Balanced Fund- 1.25%, Bond Fund- 1.00%, Money Market Fund- 1.00%, Discontinued Policy Fund- 0.50%
Surrender/ Premium Discontinuance Charge Year 1 :Lower of 6% of (AP* or FV*) subject to max 6000
Surrender/ Premium Discontinuance Charge Year 2 :Lower of 4% of (AP* or FV*) subject to max 5000
Surrender/ Premium Discontinuance Charge Year 3 :Lower of 3% of (AP* or FV*) subject to max 4000
Surrender/ Premium Discontinuance Charge Year 4 :Lower of 2% of (AP* or FV*) subject to max 2000
Surrender/ Premium Discontinuance Charge Year 5 and above :NIl

Fintotal Product Analysis is the ideal place to seek unbaised and neutral view on all financial products.

Do not get fooled by agents and distributors, just check here before you make any purchases.


Explore more in a easy manner.


Table of Contents

Table of Contents