Smart Platina Plus SBI Life Insurance

4.5

Paybima Rating

Policy Brochure

Policy Wording

Claim Form

SBI Life - Smart Platina Plus is a non-linked, participating insurance plan. Non-linked simply means that the policy is not linked to the market, while participating means that the insured individuals can share in the profits. Essentially, it is well-suited for individuals seeking insurance coverage alongside wealth creation, financial security, and opportunities.

SBI Life - Smart Platina Plus is designed to help insured individuals achieve their long-term financial goals while ensuring security for their families. It offers two plan variants to suit different financial needs. Smart Platina Plus combines guaranteed payouts, life insurance coverage, and the potential for bonuses based on the company’s performance, making it a balanced option for wealth accumulation and protection.

Highlights of Smart Platina Plus - SBI Life Insurance

Two plan variants: Regular Income and Income with Booster Payout

Guaranteed income to support your family’s financial needs

Access to a loan facility against the policy for urgent cash requirements

Customisable coverage with optional riders for added protection

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SBI Life - Smart Platina Plus Life Insurance Plan: Highlights

Here are some of the highlights of the SBI Life - Smart Platina Plus Life Insurance Plan

Particulars	Details
Policy Name	SBI Life Insurance Smart Platina Plus
Insurance Company	SBI Life Insurance Company Limited
Policy Type	Individual, Non-Linked, Participating, Savings, Life Insurance Plan
Policy Options	Two Variants: Regular Income Option Income With Booster Payout Option
Add-Ons	Revival Option Grace Period Riders
Claim Settlement Ratio	98.25%
Mode of Premium Payment	You can choose your premiums to be: Annual Half-yearly Monthly

Wish to Enhance Your Coverage? Take a look at the Riders Available with SBI Life - Smart Platina Plus Life Insurance Plan

Add-On Covers	Details
SBI Life - Accident Benefit Rider	This add-on comes with two options: Accidental Death Benefit In case of the death of the insured in an accident, the nominee receives a maximum of ₹2,00,00,000. Accidental Partial Permanent Disability Benefit In case the insured suffers a permanent disability, they can receive a maximum of ₹1,50,00,000 as the rider cover.

SBI Life - Smart Platina Plus Life Insurance Plan: Eligibility Criteria

Having a reliable plan by your side means you get access to a bundle of benefits. Here are some eligibility requirements for the SBI Life - Smart Platina Plus Life Insurance Plan that you should consider.

Entry Age:

Regular Premium: 18 to 50 years.
Limited Premium: 18 to 50 years for a 15-year term, 18 to 45 years for a 20-year term.

Maturity Age:

Maximum 65 years.

Sum Assured:

Minimum ₹10 lakh; no upper limit, subject to underwriting.

Premium Amount:

Minimum: ₹36,000 per year (Regular Premium), ₹48,000 per year (Limited Premium for 7 years), ₹42,000 per year (Limited Premium for 8 years).
Maximum: No limit, subject to underwriting.

Policy Term:

15 or 20 years.

Premium Paying Term:

Regular Premium: Same as policy term (15 or 20 years).
Limited Premium: 7 or 8 years for a 15-year term, 8 years for a 20-year term.

SBI Life - Smart Platina Plus Life Insurance Plan: What is Not Covered?

Here is a list of policy exclusions under SBI Life - Smart Platina Plus Life Insurance Plan:

Suicide:

Only premiums paid (excluding taxes) are returned if suicide occurs within 12 months of policy start or revival.

Hazardous Activities:

No coverage for death/injury from adventure sports, racing, or illegal activities.

War/Riots:

Claims due to war, invasion, or civil unrest are excluded.

Non-Disclosure:

Claims may be denied if health or lifestyle details are concealed during application.

Pros & Cons Smart Platina Plus - SBI Life Insurance

With SBI Life Smart Platina Plus Plan, you can ensure the security of your family in terms of finance

The Smart Platina Plus plan comes with the option of two income plans that can be chosen as per your requirement namely, the Guaranteed Income and the Life Income

Further, if the policyholder outlives the plan till maturity, he/she can avail 110% of total premium as maturity benefit at the end of the policy

In addition, the Smart Platina Plus Plan allows the insured the flexibility to opt for the payout period as per the set goals of your life

The policy allows limited premium payment options at 7,8 and 10-years term

There are no exclusions under the SBI Life - Smart Platina Plus plan other than the suicide clause

If the policyholder dies due to suicide within 12 months of the policy purchase date, the nominee shall receive only 80% of the total premiums that are paid so far in case the policy is active.

Our verdict

SBI Life - Smart Platina Plus is a robust life insurance cum savings plan that balances guaranteed benefits, life cover, and growth potential through bonuses. With flexible premium options, tax benefits, and a trusted provider, it’s a compelling choice for long-term financial planning. Whether you’re saving for retirement, your child’s education, or family security, this plan offers a disciplined and rewarding path to achieve your goals.

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SBI Life
Insurance Company

SBI Life Insurance, founded in the year 2000, is a leading life insurance conglomerate in India. The company was established as a collaborative scheme between State Bank of India (SBI) and a French Financial Institution called BNP Paribas Cardiff where SBI holds about 55.50% stake, while 0.22% stake is owned by the French company. Over the years, SBI Life insurance has been serving millions of people in India with its diverse insurance products on investments, savings, protection, health, pension and so on. With a claim settlement ratio of 93.09%, SBI Life is one of the most trusted insurers in the country.

Founded in

2000

Incurred Claim Ratio

78.73%

Turnover (GWP)

10,828.40 Crores

JV Partners

State Bank of India and BNP Paribas Cardif S. A.

Claims Experience

Claims Experience Rating 4.7

Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?

98.39%

% of Complaints received on overall claims
% customers unhappy with claims experience

Less

Partner Branches

143+

Benefits of Retire Smart Plus - SBI Life

Key Benefits
Death benefit	Death benefit paid if active.
Guaranteed income benefit	Guaranteed income during payout.
Tax Benefits	Subject to change.
Other Benefits
Maturity benefit	110% premiums refunded at maturity.
Survival Benefit	Guaranteed income upon survival.
Options Available
Plan Options	Income plan options selection

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Ask Anything as We Have Answers to Everything in Insurance

Yes, SBI Life - Smart Platina Plus allows the investor to avail tax exemptions against the premiums paid against the plan.

No, loan facility is not available under the SBI Platina Plus Plan.

One can revive the SBI Platina Plus plan within 5 consecutive years from the date of its first unpaid premium payment.

SBI Life - Smart Platina Plus plan is a policy that allows guaranteed income during the Payout period along with receiving survival benefit for a year.

Age limit for SBI Platina Plus Plan is 30 Days to 60 Years.

30 days for yearly, half-yearly, or quarterly modes; 15 days for the monthly mode.

Yes, options include monthly, quarterly, half-yearly, or yearly payouts.

Minimum: 3 years; Maximum: 60 years (as per last birthday).

Yes, at maturity or as a death benefit, based on the chosen plan variant.