SBI Life Smart Elite is a non-participating Unit Linked plan where life cover is provided along with investment growth through market linked returns thereby providing wealth for future needs
The insured will get the total Fund Value on Maturity
On death, under the Gold option, higher of Fund Value less partial withdrawals already made or the base SA is payable subject to a minimum of 105% of all premiums paid till death
Under the Platinum Option, the Fund Value net of partial withdrawals and the base Sum Assured is paid to the nominee
Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Additional Features or Riders
No Premium Allocation charges form the 6th policy year thereby increasing returns
There is an inbuilt Accidental Death and Accidental Total and Permanent Disability Rider under the plan
The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.
For both the riders, accidents due to infection, drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, etc. are excluded