Features Of SBI Life ‘Smart Future Choices’ Plan
Updated On Apr 23, 2021
SBI Life ‘Smart Future Choices’ is a non-linked, participating life insurance plan which also provides enhancement in your savings. The plan favours the individuals with high net-worth by assisting them in achieving their goals and providing freedom of choice in every aspect of life. The plan provides benefits matching to the needs related to key stages of life and liberty to choose the plan options and benefit payout options. The detailed features of SBI Life ‘Smart Future Choices’ are as follows:
Features of SBI Life ‘Smart Future Choices’
The following are the features of SBI Life ‘Smart Future Choices’:
1. Benefit Payout Options
The plan offers 2 different benefit options namely classic choice and flexi choice to choose from, these benefit options can be changed at any time during the policy term. The benefits are explained below:
- Classic Choice- Under this option, you are entitled to enjoy a lump sum maturity benefit along with life cover for the whole policy term.
- Flexi Choice- Under this variant, the company ensures liquidity through survival benefit which is 10% of the basic sum assured at specified intervals. The 80% of sum assured as maturity benefit and life cover for the whole policy term is provided along with survival benefit.
2. Power to Choose
The life assured has full freedom to choose any of the benefit payout options namely Classic Choice and Flexi Choice any time during the whole policy term in accordance with the goals and requirements. The payment of the survival benefit can also be changed as per the financial needs of the life assured.
The insurance company provides increment in your savings via cash bonuses and terminal bonuses (declared at the end of each financial year). The cash bonuses are a percentage of basic sum assured, 2 options are available to procure cash bonuses. The life assured has the option to either receive the cash bonuses right when it is declared, or accrue the payment of the bonus and receive it at lump sum any time during the policy term.
Terminal bonuses are declared under the policy where policy results in a claim either by death, surrender or maturity.
4. Money on Demand
Money on demand is known as the survival benefit payout which is available at specified intervals of time under the flexi choice benefit option. The life assured has total liberty to eiter defer these payouts or receive them. The accrued payment is applicable to interest and can be availed as lump sum any time during the whole policy term.
5. Auto Cover Period
This feature is only available under a paid-up policy where the premium payments have not been duly met. The auto cover period is 1 year for policies where at least 2 full year premiums have been paid, and 2 years for those policies where at least 5 full premiums payments have been paid. Under this period, the policy turns into a paid up policy where survival and maturity benefit may change. Death benefit is payable during the auto cover period after deducting unpaid balance premiums.
6. Tax Benefits
The life assured is eligible for Income Tax exemptions as per Income Tax laws which may differ time to time. You are advised to consult your tax consultant for the same.
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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.