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True to its name, the SBI Life Smart Guaranteed Savings Plan is a policy that enhances accumulated corpus along with offering insurance coverage. Let’s take a look at the policy details, in this post.
Below are some key features of the SBI Guaranteed Income Plan:
Here are some benefits of the SBI Guaranteed Return Plan:
| Features | Minimum | Maximum |
| Age of Entry | 18 years | 50 years |
| Maturity Age | – | 65 years |
| Policy Duration | 15 years | – |
| Premium Payment Term | 7 years | – |
| Frequency of Premium payment | Annual | – |
| Premium per year | INR 15,000 | INR 75,000 |
| Sum Assured | As per the chosen premium | – |
| Age | 35 years | 45 years |
| Premium | INR 50,000 | INR 50,000 |
| Sum Assured | INR 353,500 | INR 341,500 |
| Total Guaranteed Additions at Maturity | INR 252,000 | INR 252,000 |
| Assured Maturity Benefit | INR 605 500 | INR 593,500 |
Like other plans, the guaranteed savings plan from SBI offers a 30 days’ grace period for paying premiums. The policyholder of the SBI Life Guaranteed Plan is expected to pay the premium within the grace period to avoid a lapse in the policy
The Policyholder under this plan can surrender the plan to receive the Surrender Value, which is higher than the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).
If a policyholder is not happy with the policy terms and conditions, she/he has the option to cancel the policy within the 15 days free look period.
The SBI Life Guaranteed income plan allow loan facility up to a maximum of 90% of the Surrender Value
If within 12 months of buying the policy, the policyholder commits suicide, the plan would return 80% of premiums to the nominee. And in case the policyholder commits suicide within a year of revival, greater than 80% of premiums paid is offered to the nominee or acquired Surrender Value is paid to the nominee.
To Conclude
The SBI Smart Guaranteed Savings Plan allows savings and insurance protection. This plan helps in inculcating the habit of saving among customers. It also offers guaranteed benefits in case of death of the policyholder.
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Yes, SBI Life Insurance is a good investment option that suits best for your future savings purpose. It also offers the facility of tax exemption. The plan allows low investment with high returns.
With a guaranteed savings plan, one can be assured of getting the benefits at plan maturity. The advantages are similar to the assured sum decided at the time of plan commencement. The maturity benefit is paid if the policyholder outlives the plan.
Guaranteed funds may also have limitations depending on how the plan applies. It may not always imply that an investor will receive the money back that the person has invested as guaranteed by the plan. Also, if the fund manager is removed, it may imply that the plan is no longer valid.
A guaranteed saving investment plan is also termed as a guaranteed return plan. These are non-participating insurance policies which provide a fixed sum at maturity to the insured. Thus, under these plans the insured pays the premium amount for a particular period of time and once that period is over the plan matures and the policyholder gets an amount as guaranteed benefit.
Below are some investment schemes offered by SBI:
SBI Magnum Multi-cap Fund
SBI Magnum Tax Gain Fund
SBI Short Term Debt Fund
SBI Small and Midcap Fund
SBI Flexicap Fund Direct-Growth etc.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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