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All About SBI Life - Smart Platina Assure

Updated On Jun 18, 2021

SBI Life Smart Platina Assure is a non-participating, individual, non-linked life endowment assurance savings policy launched by SBI Life Insurance which offers guaranteed returns along with life cover. It also provides the policyholder with the advantage of paying a premium for a limited period of time. Also, this policy provides additions at the end of every policy year. 

Key Features of SBI Life Smart Platina Assure

Following are some key features of the SBI Life Smart Platina Assure Plan - 

1. Additional Benefits Every Year

This policy provides guaranteed additions of 5.00% to 5.50% during the end time of each policy year. This additional benefit will be paid to the policyholder at the time of maturity. In case if the life assured dies, it will be paid to the beneficiary. Also, this feature makes sure that a policyholder and the family is financially secured at any unfortunate event.

2.  Flexibility in Premium Payment Options

Another advantage of this policy is that it has flexible premium payment options. If you take the policy for 12 years, then you need to pay the premium amount needs to be paid only for the first 6 years. In the case of 15 policy years, the premium is to be paid only for the first 7 years. Moreover, there is an option of choosing to pay the premium payment frequency monthly or yearly as per your convenience. 

3.  Availability of Loan

In emergency situations, the policyholders are allowed to borrow loans against their policy but the loan facility is available only if the policy has acquired a surrender value. A policyholder can avail loans up to 80% of the surrender value. The surrender value and the interest which is to be charged on the policy loan will be updated by the insurance company from time to time. 

4. Cancellation of the Policy

This Smart Platina Assure plan provides a 15 to 30 days grace period in which the policyholder has the option to cancel the policy if he/she has issues with the terms and conditions. In such cases, the premium amount paid will be returned to the individual after making some necessary deduction. 

Benefits of SBI Life Smart Platina Assure

There are two benefit options in the SBI Life Smart Platina Assure Plan. They are as follows:

1. Death Benefit: In case of death of the policyholder, the sum assured on death along with its guaranteed additions will be paid to the beneficiary. The sum assured on death is 10 times higher than the annualized premium or 105% of total premiums which is paid up to the date of death.

2. Maturity Benefit: If the policyholder survives the policy period, then the guaranteed sum assured is paid on maturity along with accrued guaranteed additions. 

Eligibility and Other Details of SBI Life Smart Platina Assure

1. Eligibility Criteria: The minimum age of entry is 18 years and the maximum age of entry is 65 years for this plan. 

2. Policy Term: The policy term is 12 and 15 years. For the 12 years policy term, the premium payment years is 6 years and for the 15 years policy term, it is 7 years. 

3. Sum Assured: The minimum sum assured is Rs 300,000 and the maximum sum assured does not have any limit (it is subject to the board approving the underwriting policy condition). 

4. Annualized Premium: The minimum amount of annualized premium is Rs 50,000 (in the multiples of Rs 1,000) while there is no fixed maximum amount. 

Documents Required to Apply for SBI Life Smart Platina Assure

To apply for this plan the documents required are as under:

  • ID proof such as Voter ID Card, Pan Card, Aadhar Card, Passport etc.
  • Address proof such as Passport, Driving License, Voter ID Card etc. 


SBI Life Smart Platina Assure is one of the best policies regarding security and reliability. With guaranteed returns or bonus, this policy lets the life assured to make informed decisions with regards to their savings and also act as a protection during unfortunate events of financial scarcity. 

Also Read: 

What Happens When An Endowment Policy Matures?

Does It Make Sense To Surrender An Endowment Policy?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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