SBI Life-Smart InsureWealth Plus is an Individual, Unit-linked, Non-Participating Life Insurance Product. It is a monthly savings plan that offers you the option to generate returns with the help of a well-planned investment strategy.

• Choose your investment strategy

  The plan offers three investment strategies that you can choose as per your needs.

  
  Trigger strategy- To take advantage of the equity market swings.
  
  Auto Asset Allocation Strategy- To target higher returns by investing in the equity market for the long term.
  
  Smart Choice Strategy - For the active investor who wants higher growth over a period. It also offers fund switching and premium redirection features.
  
  

• Flexibility to change the investment strategy

  The plan offers you the flexibility to change the investment strategy up to four times in the entire policy term. So, if a particular investment strategy is not working for you, you can re-evaluate and choose a different one to reach your goals.

• Choice of 9 fund options under Smart Choice Strategy

  Based on your risk appetite and the objective of investment, you can choose from the 9 fund options available under the Smart Choice Strategy.

• Get rewarded for staying invested

  The plan offers Loyalty Additions from the 11th year onwards, at regular intervals until the end of the policy term provided the policy is in-force.

• Systematic Monthly Withdrawals(SMW)

  Meet your regular expenses or have a fixed monthly payout, with the automatic partial withdrawal facility. This facility is available to the policyholder from the 11th policy year onwards provided the policy is in-force.

• Helps you in times of need

  The plan offers you liquidity in case of any need. You can opt to make a partial withdrawal after the 5th policy year or on attainment of age 18 years by the life assured whichever is later. Maximum of 4 partial withdrawals can be made in one policy year and not more than 10 partial withdrawals are allowed in the entire policy term in case of policy term 10 years or 15 partial withdrawals for policy term above 10 years.

• Maturity benefit

  At Maturity, you will receive fund value calculated at the prevailing NAV on the maturity date along with the Return of Mortality Charges (ROMC), which shall be paid in lumpsum. In cases where Life Assured is a minor, the policy will automatically vest in the Life Assured on attaining 18 years of age.

• Death benefit

  The product offers a death benefit pay-out in case of the death of the life assured.

  For Life Assured with entry age below 8 years: On death of the minor lives before the date of commencement of risk under the policy, the company will pay the Fund Value as on the date of intimation of the claim to the company.

  On death of the minor lives on or after the date of commencement of risk, the company will pay the Death benefit as mentioned below for age at entry 8 years and above.

  For Life Assured with entry age 8 years and above: On death of the Life Assured with entry age 8 years and above, the company will pay the Death benefit as mentioned below.

      Higher of
  
          1. The Fund Value as on the date of intimation of death to the company, or
          2. Sum assured less Applicable Partial Withdrawal (APW)^, or
          3. 105% of the total premiums received upto the date of death less Applicable Partial Withdrawal (APW)^
  
              ^APW equals an amount equal to partial withdrawals if any in the last 2 years immediately preceding the death of the Life Assured.

• On Death of Policyholder while the life assured is a minor:

  On death of the Policyholder while the life assured is a minor, no immediate benefit will be payable. The policy may be continued by the appointment of a new Policyholder for the policy. If the policy is surrendered, the surrender value would be payable as per Surrender clause.

• Settlement Option

  Under settlement option, the nominee or the beneficiary or legal heir can choose to receive the death benefit in monthly, quarterly, half-yearly or yearly instalments over 2 to 5 years from the date of death.

  During the settlement period, the investment risk in the investment portfolio is borne by the beneficiary.

• Tax benefit

  You can avail tax benefits on payment of premium under Section 80C of Indian Income Tax Act 1961*

  *Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.