SBI Life Smart Power is a non-participating Unit Linked plan with customized cover options at lower rates providing the dual benefit of insurance and market investment.
The insured will get the total Fund Value on Maturity
Under the Settlement Option, the Fund Value can be withdrawn in five equal instalments over 5 years after the end of the policy term
On death, 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 rider benefit, 100% of the death benefit is paid immediately following a disability
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
There is an inbuilt Accelerated Total and Permanent Disability Rider.
The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.
For the riders, disability due to drug abuse, self-inflicted injury, war or civil commotion, criminal acts, aviation, pre-existing illnesses, HIV infection etc. are excluded