SBI Life Insurance - Smart InsureWealth Plus - Equity Fund

In order to assist you in achieving your Financial goals, SBI Life presents Smart InsureWealth Plus (SIWP), a non participating unit linked Life Insurance plan.
This is a monthly savings plan which helps you build your savings gradually brick by brick by putting aside money every month, in a disciplined manner. This mode of savings is a proven way to tide over the ups and downs of the market in the most efficient manner.
The plan provides you the Flexibility to choose from three investment strategies. We understand that your needs evolve as life progresses and hence, the plan offers the flexibility to change your investment strategy upto 4 times during the policy term thereby making it a smart choice.

Premium Amount :
Minimum: Rs.4,000
Maximum: No Limit
(in multiples of ` 100)
Subject to board approved
underwriting policy

Higher of
Annualized Basic PremiumX10, or
Annualized Basic PremiumX0.5XPolicy Term

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 total premiums paid till the date of death

1. 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.
2. Alternatively, you can avail the maturity benefit in installments with two months prior notice to the company under Settlement Option
3. In cases where Life Assured is a minor, the policy will automatically vest in the Life Assured on attaining 18 years of age.

You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details.

1. You can review the terms and conditions of the policy, within 15 days (for policies purchased through channels other than Direct Marketing) and 30 days (for policies sold through distance marketing and electronic policies), from the date of the receipt of the policy document and in case you disagree with any of those terms and conditions, you have the option to return the policy stating the reasons for your objection.
2. We shall refund you the amount arrived as per the following formula:
Fund Value, Plus (Premium Allocation Charges + Mortality Charges) along with applicable taxes already deducted
Minus the following:
(Mortality Charges along with applicable taxes, proportionate to the period you were covered + Medical Expenses, if any + Cost of Stamp Duty)

3. On free-look cancellations, the units of each Fund will be liquidated at the NAV as follows:
- If the cancellations request along with the policy document, etc. is received before 3.00 p.m. on any day: Closing NAV of the same day.
- If the cancellations request along with the policy document, etc. is received after 3.00 p.m. on any day: Closing NAV of the next business day.
The amount will be paid in lumpsum.

You have a grace period of 15 days from due date for premium payment. The policy will be treated as in-force during the grace period.

1. You can surrender your policy at any time during the policy term.
2. Once you surrender the policy, you will not have the option to revive it.
3. After surrender request, no further premiums are due and no further charges are deducted.
4. Your rights and benefits under the policy shall cease after we pay the surrender value.
If you surrender in the first 5 policy years, then
- The lock in condition applies.
- Your Fund Value net of appropriate discontinuance charges (if any) at the time of surrender request will be transferred to the Discontinued Policy Fund.
- You will earn a minimum interest rate of 4% p.a. or as prescribed in the prevailing regulation on this Fund.
- Fund Management Charge of Discontinued Policy Fund shall be deducted.
- Your life cover will cease to apply.
- The Fund Value will be payable on the 1st working day of the 6th policy year.
If you surrender after the completion of first 5 policy years, the fund value is payable immediately.

If premium is discontinued during first 5 policy years
- Your fund value as on that date will be disinvested and credited to Discontinued Policy Fund net of relevant discontinuance charge.
- If you revive the policy within 2 years time then revival procedure as stated in Revival conditions would be applicable.
- If you do not revive within the revival period then the discontinuance fund value as on the end of revival period or the first business day of 6th policy year, whichever is later, would be paid to you and the contract would be terminated.
If premium is discontinued after first 5 policy years:
- During the revival period your policy is deemed to be in force with risk cover, as per terms and conditions of the policy. All Applicable Charges would continue to be deducted.
- If you revive the policy, then the revival procedure as stated in Revival conditions would be applicable.
- If you do not revive within revival period, then the fund value as on the end of revival period or the date of maturity, whichever is earlier, would be paid to you and the contract would be terminated.

1. Premium Allocation Charge (as a % of premium): This charge shall be deducted from Premiums at the time of receipt of such Premium.
Policy Year
Premium Allocation Charges
1
8.00%
2-5
5.50%
6-10
3.50%
11-25
3.00%
The allocation to units is made after the deduction of the charge from the Premium received

FMC is levied as a percentage of the asset value of the relevant Fund before calculating the NAV of the respective Fund on a daily basis as per the rates below:
Fund Name
Fund Management Charges
Equity Fund
1.35% p.a.
Equity Optimizer Fund
1.35% p.a
Growth Fund
1.35% p.a.
Balanced Fund
1.25% p.a.
Bond Optimiser Fund
1.15% p.a.
Corporate Bond Fund
1.15% p.a.
Pure Fund
1.35% p.a.
Midcap Fund
1.35% p.a.
Money Market Fund
0.25% p.a.
Discontinued Policy Fund
0.50% p.a.
The FMC for all Funds except Discontinued Policy Fund would be subject to a cap of 1.35%. However, revision of charges would be subject to IRDAI
s prior approval

The mortality charges will be applicable from the date of commencement of risk. Mortality charges are deducted on the first working day of each policy month by way of cancellation of appropriate number of units.
Mortality charges will be based on your age and Sum at Risk at the time of charge deduction.
Mortality charges will attract applicable taxes.
Except for Premium Allocation and Mortality Charges all charges are subject to revision with prior approval of the IRDAI.

Policy Year Policy
Administration Charge
1-5
Nil
6-25
Rs,150 per month

Discontinuance charges are expressed as a percentage of one Annualized Premium or Fund Value. The year of discontinuance is the policy year in which the date of discontinuance falls.
Year of discontinuance
Discontinuance Charge
1
Lower of 6% of (AP or FV) subject to maximum of
Rs.6,000
2
Lower of 4% of (AP or FV) subject to maximum of
Rs.5,000
3
Lower of 3% of (AP or FV) subject to maximum of
Rs.4,000
4
Lower of 2% of (AP or FV) subject to maximum of
Rs.2,000
5 onwards
Nil
AP = Annualized Premium

FV= Fund Value

Suicide Claim Provision:
- If the life assured, whether sane or insane, commits suicide, within one year from the date of inception of policy or from the date of revival, then in such event, the fund value as on the date of death shall be payable and all benefits under the policy will cease.
- Any charges recovered subsequent to the date of death shall be paid back to the nominee, beneficiary or legal heir along with the fund value.