SBI Life – Smart Platina Assure

life insurance
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SBI Life Smart Platina Assure

SBI Life Smart Platina Assure is a non-linked and non-participating endowment plan which provides financial coverage against the uncertainties of life along with guaranteed returns.  To enhance your savings, the plan provides guaranteed additions of up to 5.50% at the end of every policy year.

The plan features short premium payment periods of 6 and 7 years and provides you the benefits throughout the policy term of 12 and 15 years. The plan also features the paid-up policy benefit wherein the policy continues with reduced benefits instead of getting lapsed on non-payment of premiums after payment of 2 full years’ premiums.

Best Features of SBI Life Smart Platina Assure

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

  • Guaranteed Additions- The plan provides guaranteed additions of 5% p.a. for policies with an annualised premium of less than INR 1 Lakh and of 5.50% p.a. for policies with an annualised premiums of INR 1 Lakh and more to ensure regular increments to your savings corpus. 
  • Flexible Premium Payment Modes- The plan offers 2 premium payment mode options - yearly and monthly. 
  • Policy Loan- Once your policy acquires a surrender value, you can avail policy loans of up to 80% of the surrender value to meet your unplanned financial requirements. Currently, these loans are available at an interest rate of 7.75% p.a. 
  • Paid-up Policy- After the payment of the first 2 years’ premiums, if you fail to pay further premiums, the policy acquires a paid- up policy status and continues with reduced benefits.
  • Revival- A lapsed or paid-up policy can be revived within 5 years from the date of first unpaid premium. 

Benefits of SBI Life Smart Platina Assure

Following benefits are available to the policyholders of SBI Life Smart Platina Assure plan -

     1.Death Benefit

In case of an unfortunate demise of the life assured, the aggregate of the following is payable to nominee - 

  1. Sum assured on death equivalent to the higher of 10 times of the annualised premiums and 105% of the total premiums paid till date of death, plus
  2. Guaranteed additions

     2.Maturity Benefit

In case of survival of the life assured till the end of the policy term, the guaranteed sum assured on maturity plus accrued guaranteed additions are payable to the life assured as the maturity benefit. 

     3.Surrender Benefit

After the payment of at least 2 years’ premiums, your policy acquires a surrender value and is eligible for a surrender benefit if you wish to surrender the plan before the completion of the policy term. The surrender benefit is equivalent to the higher of Guaranteed Surrender Value (GSV) and non-guaranteed Special Surrender Value (SSV). 

SBI Life Smart Platina Assure Eligibility 

SBI Life Smart Platina Assure comes with the following eligibility conditions - 

Eligibility Criteria For SBI Life Smart Platina Assure

Minimum Age at Entry

18 years

Maximum Age at Entry

50 years

Maximum Age at Maturity

65 years

Policy Term 

12  and 15 years

Premium Payment Term

For Policy Term of 12 Years- 6 years

 For Policy Term of 15 Years- 7 years

Premium Payment Frequency

Yearly or Monthly

Minimum Premium Amount 

INR 50,000

Maximum Premium Amount

No Limit, subject to underwriting

Minimum Sum Assured

INR 3 Lakh

Maximum Sum Assured

No Limit, subject to underwriting

SBI Life Smart Platina Assure Review

SBI Life Smart Platina Assure is a savings plan which provides life coverage for the entire policy term along with assured returns and guaranteed additions. The plan ensures substantial liquidity to the life assured by offering the option for policy loans to meet financial emergencies.

The plan comes with a free-look period of 15 days (30 days if the policy is purchased online) from the date of receipt. During this free-look period, you can return the plan if you are dissatisfied with its terms and conditions and get the refund for the paid premium. This savings cum life insurance plan can be shortlisted by individuals looking for guaranteed returns along with increments to their savings corpus and a life cover.

SBI Life Smart Platina Assure FAQs
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