Smart Insurance coverage offered by SBI Life Investment Plans

State Bank of India is truly the banker to every Indian. The financial institute, which has been around for many, many years always tries to offer innovative services and products to its customers. The latest offering is the SBI Life Smart Guaranteed Savings Plan. SBI Life offers some of the best insurance plans and the SBI Life Smart Guaranteed Savings Plan is a policy that combines insurance and investment. Read on to know more.

What is the SBI Life Smart Guaranteed Savings Plan?

The Smart Guaranteed Savings Plan from SBI Life is a non-participating investment policy that helps you save a fixed sum of money for a fixed number of years. The plan provides a guaranteed return each year. The return is calculated on the premium paid is in the range of 5.5% to 6%. The return is added to the principal and your money continues to grow. If you happen to die during the policy period, SBI Life pays a death benefit amount to your nominee. In this manner, you can safely invest your money in a non-volatile investment option and also insurance your life along with it. The benefits are twofold and you end up with a great policy.

How does the SBI Life Smart Guaranteed Savings Plan work?

Let us take a detailed look at the plan and understand how it helps in investing your money safely.

• Entry age: Between 18 years and 50 years
• Maturity age: 65 years (maximum)
• Policy period: 15 years
• Premium paying period: 7 years
• Premium frequency: Annual
• Premium amount: Minimum Rs 15,000 and maximum Rs 75,000
• Guaranteed additions (GA): 5.5% of the principal if the premium paid is between Rs 15,000 and Rs 29,000 and 6% if the premium is between Rs 30,000 and Rs 75,000

The plan is a pretty straightforward plan with uncomplicated features. It is easy to understand and even easier to invest in.

What are the advantages of the SBI Life Smart Guaranteed Savings Plan?

The key advantages of the plan are as follows :

• Your nominee gets a death benefit if you die within the policy period.
• You get a sum assured if you outlive the policy period. The sum assured is the maturity benefit and the accumulated GA, calculated together.
• You get a tax benefit on the premiums paid (under Section 80C) and the claim amounts (Under Section 10 (10D)).

The verdict

So as you can clearly see from the points mentioned above, the SBI Life Smart Guaranteed Savings Plan is a wonderful policy. If you are looking for a savings option that allows you to invest in a secured manner and also insures your life along with it, you need not look any further. The Smart Guaranteed Savings Plan from SBI Life is a tailor-made product for you. You can buy the plan via an insurance agent or you can buy it online. So what are you waiting for? Be smart and invest in the SBI Life Smart Guaranteed Savings Plan today!

Step 1 : Pen down your Financial Goals in a SMART way, i.e. Specific, Measurable, Achievable, Realistic and Time Bound.

Step 2 : Once your goals are penned down with the SMART parameters, it is very easy to map each and every goal to a specific product.

Step 3 : Evaluate whether your current plans or products are in sync with your financial goals and they meet all your needs.

Step 4 : If not, it’s time to act now. Upgrade your Life Coverage so that your Plan B is in place.

Step 5 : Once you evaluate and upgrade, stick to your plans and remain invested.

And finally don’t forget to review your portfolio next year to check if the plan is as per your need or your need to further upgrade according to your changing lifestyle, needs and wants. Change is the only thing that is constant in your life and so will your financial portfolio need evaluation. It is not a destination but a journey. So, keep an eye on your portfolio with the other one on your life coverage, which would come handy in case something unfortunate were to happen to you.