Sunday, August 14, 2011

Sbi Flexi Smart Insurance

State Bank of India has just started new insurance plan named Flexi Smart Insurance Plan vide which interim Interest Rate is 7% p.a. Guaranteed for FY 2011-12+ 2.50% p.a. Guaranteed Interest will be given to insured.  This is insurance policy alongwith saving plan.  Introduction, Key features, Product Snapshot and Benefits of this policy are detailed given below :-


SBI Life – Flexi Smart Insurance, an Individual, Non-Participating traditional life insurance cum savings plan, which helps you in fulfilling all your dreams. It gives you flexibility to adapt to your ever-changing needs, while assuring guaranteed benefits to take care of your savings.

Key Features:
Guaranteed Interest Rate: Guaranteed interest rate of 2.50% p.a., will be guaranteed for the entire policy term.
Interim Interest Rate: An interim interest rate will be declared at the beginning of every financial year, which will be equal to or more than Guaranteed Interest Rate and will be guaranteed for that year.
Additional Interest Rate: An additional interest rate may also be declared, as on 31st March, every year, based on the performance of the Company.
Your policy account will be credited with interim interest rate and additional interest rate, if any
Superior Flexibilities:
Flexibility in premium frequency -> Yearly, Half Yearly, Quarterly and Monthly.
Option of premium holiday during the policy term.
Enjoy complete flexibility to increase or decrease your Sum Assured.
Option to choose sum assured multiplier factor (SAMF).
Option to boost your investments through Top-ups.
Triple Plan Benefit of guaranteed interest rate, additional interest rate and superior flexibilities.

Product Snapshot:
Age^ at EntryMin: 8 yearsMax: 60 years
Age^ at MaturityMax: 70 years
Sum AssuredMin: Annualized Premium × 10Max: Annualized Premium × 20
Policy Term10 to 20 years (both inclusive)
Premium Paying TermSame as policy term
Premium FrequencyYearly / Half-yearly / Quarterly / Monthly***
Premium Amounts
Yearly -  Rs 15,000 (X 100)*
Half-yearly - Rs   8,500 (X 100)*
Quarterly -Rs   4,500 (X 50)*
Monthly - Rs   1,500 (X 50)*

*In case of mode change it may be in multiples of Re 1
No limit
No limit
No limit
No limit
Top-up PremiumRs.2,000 (X 100)
At any point of time during the policy term, the total top-up premium paid shall not exceed the sum total of regular premiums paid at that point of time
^All the references to age are age as on last birthday.
***For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT

On Death
Death benefit is payable only when your policy is inforce. In case of death of the life assured during the policy term, death benefit will be sum of :
Balance of Policy Account at the time of death intimation.
Sum Assured.
In case of death of life assured, when policy is in premium holiday mode, death benefit will be sum of :
Balance of Policy Account at the time of death intimation.
Sum Assured MINUS unpaid risk premium component along with applicable taxes.
In case of minor life assured, if the proposer dies, no benefit will be paid. For the policy to be in force, guardian of the life assured should continue paying premiums.
On Maturity
At maturity we would be declaring terminal interest rate, which will be attached to your balance policy account and will be paid to you as on the date of maturity in lump sum.
Tax Benefits**
U/s 80C of the Income Tax Act 1961 on your premiums.
U/s 10(10D) of the Income Tax Act 1961 on your maturity / death / surrender proceeds under the policy.
* Interim Interest rate will be declared at the beginning of every Financial Year. Additional Interest Rate may also be declared, as on 31st March, every year. The guarantee is applicable to policies which are inforce and within the revival period.

**Subject to changes in tax laws. Please consult your Tax Advisor for details.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale

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