IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER. www.sbilife.co.in

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Creation UIN: 111L146V01
SBI Life - Smart Elite Plus is an Individual, Unit Linked, Non-Participating, Life Insurance Saving Product

“The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholders
will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till
the end of fifth year”
Till now, you have savoured all success and availed of the very best in every sphere of your life. We at SBI Life see no reason
why you should settle for anything less on your Insurance needs.
An intelligent and sharp investor like you deserves nothing less than a plan which gives you the maximum mileage through
the market linked returns on your investment and at the same time protects your family from unforeseen circumstances.
SBI Life considers it a privilege to present SBI Life-Smart Elite Plus - an Individual, Unit Linked, Non-Participating, Life
Insurance, Saving Product-an exquisitely crafted product, exclusively for special customers like you. With SBI Life-Smart
Elite Plus, you have the power of choosing the options best suited to your needs. All this and more, coming from SBI Life -
your preferred insurer - adds value to your investments.

Key Features

• Two protection options available Gold Option and Platinum Option.

• Inbuilt Accident Benefit which includes Accidental Death Benefit (ADB) and Accidental Total and Permanent Disability
(ATPD) Benefit.
• Enhanced wealth creation opportunity through 9 varied fund options
• Twin benefit of insurance cover and market linked returns
• No Premium Allocation Charge from 6th policy year onwards, thereby enhancing your fund value.
• Switch and redirection facility, to pilot your investments.
Note: This product is available for online sale.

Benefits

Death Benefit:
In the unfortunate event of death of the life assured, the beneficiary will receive following benefit:
Gold Option: Highest of
a. Fund Value as on date of intimation of death claim or
b. Sum Assured less Applicable Partial Withdrawal* or
c. 105% of Total Premiums Paid** up to the date of death

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Platinum Option: Higher of
a. Fund Value as on date of intimation of death claim plus Sum Assured or
b. 105% of Total Premiums Paid** upto the date of death.
*Applicable Partial Withdrawal is equal to partial withdrawals if any in the last 2 years immediately preceding the death of the Life assured.
**Total Premiums Paid means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected
explicitly.
In-built Accident Benefit (Accidental Death Benefit and Accidental Total and Permanent Disability Benefit)
This in-built benefit provides an additional benefit on Accidental Death or Accidental Total Permanent Disability. In this benefit, the Accident
Benefit Sum Assured is equal to the Sum Assured under this product, subject to an overall cap of `50 lacs per life under this product. Accident
Benefit Sum Assured will remain constant during the policy term.
An accident is a sudden, unforeseen and involuntary event caused by external and visible and violent means which causes Bodily Injury but
excludes illness and diseases.
1. Accidental Permanent and Total Disability : Is a disability which is caused by Bodily Injury resulting from an accident, and which occurs
due to the said Bodily Injury solely, directly and independently of any other causes, and which occurs within 180 days of the occurrence
of such accident and for which the Benefit shall be payable even if the disability happens after the policy expiry subject to the fact that
Accident happens when the policy is in-force and accidental disability happens within 180 days of this Accident.
Total and Permanent Disability includes total and permanent Loss of Sight in both eyes, or the loss by physical severance (or total and
permanent loss of use) of two limbs at or above the wrist or ankle, or the total and permanent Loss of Sight in one eye and the loss by
physical severance (or total and permanent loss of use) of one limb at or above the wrist or ankle.
"Loss of Sight" shall mean total, permanent and irrecoverable Loss of Sight of both eyes or One Eye. The blindness must be confirmed by
an Ophthalmologist; “Loss of Sight” means total, permanent and irreversible loss of all vision in both eyes or one eye as a result an
Accident. The blindness must be evidenced by: corrected visual acuity being 3/60 or less in both eyes or one eye or the field of vision
being less than 10 degrees in both eyes or one eye. The diagnosis of blindness must be confirmed and must not be correctable by aides or
surgical procedures.
2. Accidental Death : Means death which is caused by Bodily Injury resulting from an Accident and which occurs due to the said Bodily
Injury solely, directly and independently of any other causes and which occurs within 180 days of the occurrence of such Accident for
which the Benefit shall be payable even if the death happens after the policy expiry subject to the fact that Accident happens when the
policy is in -force and Accidental Death happens within 180 days of this Accident.
Injury means accidental physical bodily harm excluding any Illness, solely and directly caused by an external, violent, visible and evident
means which is verified and certified by a Medical Practitioner. Bodily Injury means Injury must be evidenced by external signs such as
contusion, bruise and wound except in cases of drowning and internal Injury.
Medical Practitioner means a person who holds a valid registration from the medical council of any State of India or Medical Council of India
or any other such body or Council for Indian Medicine or for Homeopathy set up by the Government of India or by a State Government and is
thereby entitled to practice medicine within its jurisdiction and is acting within the scope and jurisdiction of license, provided such Medical
Practitioner is not the Life Assured covered under this Policy or the Policyholder or is not a spouse, lineal relative of the Life Assured and/or
the Policyholder or a Medical Practitioner employed by the Policyholder/Life Assured.
In respect of Accidental Death, the Accident Benefit Sum Assured will be payable in lump sum, whereas for Accidental TPD, Accident Benefit
Sum Assured will be paid in 10 equal annual installments. Accidental Death should occur within 180 days of the date of accident, solely and
directly due to injuries and independent of all other causes. In case of Accidental Total Permanent Disability Benefit such disability must have
persisted continuously for a period of at least 180 days and must, in the opinion of a suitable Medical Practitioner, appointed by the Company,
be deemed permanent.
This Accident Benefit shall be payable only once, i.e. in the event of Death or Disability whichever occurs first. In case of claim towards
Accidental Total Permanent Disability being accepted, Accident Benefit will cease and no charges towards the same will be deducted from
your fund. However, the policy will continue with life cover and you would continue to pay all due premiums thereafter. For more details on
Accident Benefit, kindly refer to the policy document available on our website.
Maturity Benefit:
• On survival of the life assured upto maturity, the Fund value as on the date of maturity shall be paid as lump sum.

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 Illustration

Mr. Mehra buys SBI Life-Smart Elite Plus policy as per details provided below:
Age - 30 years Plan Type - Limited Policy Term - 20 years
Frequency - Yearly Premium Payment Term (PPT) - 10 years
Premium - `5,00,000 p.a. Sum Assured - `35,00,000 Plan Option: Gold Option
Fund - 100% Equity Elite Fund II

1. Maturity Benefit: On the maturity date, the maturity benefit, based on the assumed investment returns, is given below:

Fund Value^^ at Maturity

Annualized Premium of `5,00,000 for 10 years at assumed rate of
4%: `70,65,394
8%: `1,28,59,926

PY 0 PY 10 PY 20

2. Death Benefit: In case of Mr. Mehra's unfortunate death at the end of the 10th policy year, the death benefit, based on the
assumed investment returns, is given below:

Death Benefit^^ at
Annualized Premium of `5,00,000 for 10 years assumed rate of
4%: ` 55,66,816
8%: ` 69,33,037

PY 0 PY 10 PY 20

^^Figures are for illustrative purposes & for healthy life. Please note that the above mentioned assumed rates of returns @4% and @8% p. a.,
are only illustrative scenarios, after considering all applicable charges. These are not guaranteed and they are not higher or lower limits of
returns. Unit Linked Life Insurance products are subject to market risks. The various funds offered under this contract are the names of the
funds and do not in any way indicate the quality of these plans and their future prospects or returns. For more information, please request for
your policy specific benefit illustration.

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 Who can avail this Policy?

Age1 at Entry Minimum: 18 years Maximum:

Limited Pay: 55 years
Single Pay: 60 years

Maximum Age1 at Maturity 70 years

Plan Type Limited Pay/ Single Pay

Premium Payment Term (PPT) Plan Type Policy Term (Years) Premium Payment Term (Years)
and Corresponding Limited Pay 15 – 30 (both inclusive) 7 / 10/ 12
Policy Term (PT) Single Pay 5 to 30 (both inclusive) One time payment at
policy inception
Premium Frequency Single/ Yearly / Half-yearly / Quarterly / Monthly

Premium Amount Plan Type Minimum (`) Maximum (`)

Yearly : 2,50,000
Half-yearly : 1,25,000 No Limit, subject to
Limited Pay
Quarterly : 62,500 board approved
underwriting policy
Monthly : 21,000

Single Pay 2,50,000

Sum Assured Limited Pay: 7 x Annualized Premium2

Single Pay: 1.25 x Single Premium3

1
Age mentioned in this document is age last birthday.
2
Annualized Premium is the premium amount payable in a year, excluding taxes, rider premiums and underwriting extra
premiums on riders, if any.
3
Single Premium means the premium amount payable in lump sum at policy inception excluding taxes, rider premiums and
underwriting extra premiums on riders, if any.

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 Segregated Fund Options
You can invest in any one or combination of the below mentioned funds (in multiple of 1%).
1. Equity Elite Fund II (SFIN: ULIF019100210EQTELI2FND111):The objective of this fund is to provide high equity
exposure targeting higher returns in the long term.
Assets Minimum Maximum Risk Profile
Equity & Equity Related Instruments 60% 100%
Debt Instruments 0% 40% High
Money Market Instruments 0% 40%

2. Balanced Fund (SFIN: ULIF004051205BALANCDFND111): The objective of this diversified fund is to provide
accumulation of income through investments in both equities and fixed income securities with an attempt to maintain a
suitable balance between return and safety.
Assets Minimum Maximum Risk Profile
Equity & Equity Related Instruments 40% 60%
Debt Instruments 20% 60% Medium
Money Market Instruments 0% 40%

3. Bond Fund (SFIN: ULIF002100105BONDULPFND111): The objective of this fund is to provide relatively safe and less
volatile investment option mainly through debt instruments and accumulation of income through investment in fixed
income securities.
Assets Minimum Maximum Risk Profile
Debt Instruments 60% 100%
Low to Medium
Money Market Instruments 0% 40%

4. Money Market Fund (SFIN: ULIF005010206MONYMKTFND111): The objective of this fund is to provide an option to
deploy the funds in liquid and safe instruments so as to avoid market risk on a temporary basis.
Assets Minimum Maximum Risk Profile
Debt Instruments 0% 20%
Low
Money Market Instruments 80% 100%

5. Bond Optimiser Fund (SFIN: ULIF032290618BONDOPTFND111): The objective of the fund is to earn returns- higher
than a pure fixed income fund by investing in a mix of Government Securities, Corporate Bonds, Money Market
Instruments and upto 25 percent in Equity instruments.
Assets Minimum Maximum Risk Profile
Equity & Equity Related Instruments 0% 25%
Money Market Instruments 0% 25% Low to Medium
Debt Instruments 75% 100%

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6. Pure Fund: (SFIN: ULIF030290915PUREULPFND111): The objective of this fund is to provide high equity exposure
targeting higher returns in the long term. The Fund invests in Equities of sectors other than -
a. Banks, Financial institutions and non-banking financial companies,
b. Breweries, distilleries, alcohol based chemicals, cigarettes, tobacco,
c. Entertainment (Films, TV etc.), Hotels, Gambling, Lotteries, Contests,
d. Leather, Animal Produce, sugar and hatcheries.
Assets Minimum Maximum Risk Profile
Equity & Equity Related Instruments 80% 100%
High
Money Market Instruments 0% 20%

7. Midcap Fund: (SFIN: ULIF031290915MIDCAPFUND111): The objective of this fund is to provide high equity
exposure targeting higher returns in the long term, by investing predominantly in Midcap Companies.
Assets Minimum Maximum Risk Profile
Equity & Equity Related Instruments 80% 100%
Debt Instruments 0% 20% High
Money Market Instruments 0% 20%

8. Corporate Bond Fund : (SFIN:ULIF033290618CORBONDFND111): The objective of the fund is to earn steady income
for policyholders by investing in debt instruments and optimize returns for the portfolio by predominantly investing in
Corporate Bonds of medium term maturities.
Assets Minimum Maximum Risk Profile
Corporate Bonds 70% 100%
Government Securities 0% 30% Low to Medium
Money Market Instruments & Mutual Funds 0% 30%

9. Bluechip Fund (SFIN: ULIF034250824BLUECHPFND111): The objective of this fund is To provide investors
opportunity for long term growth through diversified basket of large cap equity .
Assets Minimum Maximum Risk Profile
Equity and Equity Related Instruments 80% 100%
Debt Instruments 0% 20% High
Money Market Instruments 0% 20%
The Company reserves the right to close existing funds or add new fund options subject prevailing Regulations.

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Discontinued Policy Fund (SFIN: ULIF024110411DISCOPOFND111): This is a segregated fund of the Company. This fund
is not offered as an investment choice.
The objective of the fund is to achieve relatively less volatile investment return mainly through debt instruments and
accumulation of income through investment in fixed income securities and liquid investments. The minimum guaranteed
interest rate applicable on the Discontinued Policy Fund is of 4% p.a. or as prescribed in the prevailing regulation.
Assets Minimum Maximum Risk Profile
Government Securities 60% 100%
Low
Money Market Instruments 0% 40%

The proceeds of the discontinued policy shall be refunded only upon completion of the lock in period, or end of revival period or
the date of surrender as the case may be, wherever applicable.

Flexible Options
Settlement Option:
• On Death of the life assured, the nominee may choose to get the death benefit payments in instalments during the
settlement period.
• The death benefit so derived at the time of death shall be invested in the same proportion of the funds as it was
maintained at the time of death. During the settlement period, the investment risk in the investment portfolio is borne
by the beneficiary.
• The Settlement Period can be for a period of 2 to 5 years from the date of death
• Payments will be made in the form of yearly, half-yearly, quarterly or monthly instalments, as chosen by the beneficiary.
• The company will make the first instalment payment under settlement option on the date of death claim acceptance
and the instalments due between the date of death and date of death claim acceptance shall also be paid along with the
first instalment.
• Further payments will be made on the first day of each year, half-year, quarter or month depending on the chosen
settlement frequency from the date of death.
• The first instalment will be calculated as the death benefit payable as on date of acceptance of claim divided by total
number of instalments based on the chosen frequency and settlement period.
• Each further instalment will be calculated as the then available Fund Value divided by number of outstanding
instalments.
• The last instalment would be the then available fund value.
• In case of death of the beneficiary during settlement period, the fund value would be payable beneficiary's legal
heir

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• The redemption of units from each fund will be based on the percentage of that fund to the total fund value as on the
date of payment.
• At any point of time, the beneficiary can ask for complete withdrawal; remaining Fund Value without deducting
any discontinuance charges shall be payable.
• Switches are allowed during the settlement period.
• No charges except FMC and switching charge during the settlement period will be deducted.
• Partial withdrawals are not allowed during the settlement period.

Switching Option:
• You can switch your investments among the available 9 funds to suit your changing investment needs. Minimum switch
amount is `5,000. Two switches free of charge are allowed in a policy year during the policy term and also during the
settlement period. A charge of `100 will be levied per switch in excess of free switches in the same policy year. Unused
free switches cannot be carried forward to the next policy year. Switch is only allowed in multiples of 1% of fund value.
There are no restrictions on the number of switches during a particular policy year or during entire policy term and
during the settlement period.

Premium Redirection:
• Premium Redirection facility is allowed from 2nd policy year onwards. One premium redirection request is allowed free
of charge in each policy year. A charge of `100 will be levied per redirection request in excess of free redirection request
in the same policy year. Unused redirections cannot be carried forward.

Partial Withdrawals:
• Partial withdrawals are allowed only after completion of lock-in period i.e. from the 6th policy year onwards
• One free partial withdrawal in a policy year is allowed. A charge of `100 per withdrawal in excess of free partial
withdrawal will be charged.
• There is no carry forward of free unused partial withdrawal for future policy years.
• A maximum of 2 partial withdrawals can be made in one policy year and not more than 5 partial withdrawals are allowed
in entire policy term. Minimum Partial withdrawal amount allowed is `5,000 (in multiple of `1,000). Maximum Partial
withdrawal allowed is up to 15% of Fund Value as on withdrawal request date.
• Partial withdrawals will not be allowed if fund value, as consequence of this withdrawal is reduced to less than 50% of
the total premiums paid

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 Other Features

• Tax Benefit: 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. You may visit our website for further details. Please consult your tax
advisor for details.
• Free Look Period: You have a free look period of 30 days beginning from the date of the receipt of the policy document,
whether received electronically or otherwise, to review the terms and conditions of the policy. In the event You
disagree to any of the policy terms and conditions, or otherwise, and have not made any claim, You have an option to
return the policy to the Company for cancellation, stating the reasons for the same. Irrespective of the reasons
mentioned, We shall refund you the amount as follows and the amount will be paid in lump sum.
Fund Value
plus (Policy Administration Charges + Premium Allocation Charges + Mortality Charges + Accident Benefit Charges +
corresponding applicable taxes) already deducted
minus (Mortality Charges + Accident Benefit Charges along with corresponding applicable taxes, proportionate to the
period Life Assured was covered + Cost of Stamp Duty + Medical Expenses, if any)
On free-look cancellations, the units of each Fund will be liquidated at the NAV as follows:
• If the cancellation request along with the policy document, etc. received before 3.00 p.m.: Closing NAV of the same day.
• If the cancellation request along with the policy document, etc. received after 3.00 p.m.: Closing NAV of the next
business day.
• Grace Period: Grace period of 30 days would be allowed for payment of yearly premiums and 15 days for payment of
monthly premiums. The policy will remain in force during the grace period. Applicable charges will continue to be
deducted. In case of death of the life assured during grace period, Death Benefit as applicable under an in-force policy
will be payable.
• Discontinuance of Policy: Discontinuance is the state of a policy that could arise on account of surrender of the policy
or non-payment of the premium due before the expiry of the grace period.
For other than Single Premium Policies
ü If policy is discontinued during Lock-In Period (i.e. first 5 policy years):-
o Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the Fund
Value after deducting the applicable discontinuance charges, shall be credited to the Discontinued Policy Fund and
the risk cover including inbuilt Accident Benefit, shall cease
o On Discontinuance of policy, we shall communicate the status of the policy within 3 months of the first unpaid
premium to you.
o You will have the following options in case of discontinuance of policy

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 Ø Revive the Policy within the revival period of 3 consecutive complete years from the date of first unpaid
premium.
ö If you revive the policy within the revival period, then revival procedure as stated in 'Revival conditions'
would be applicable.
ö If you opt to revive but do not revive the policy within the revival period then the discontinuance fund value
as on the end of revival period or lock-in period, whichever is later, would be paid to you and the contract
would be terminated. In respect of Revival Period ending after Lock-in Period, the Policy will remain in
discontinuance fund till the end of Revival Period. The Fund Management Charges of discontinued fund will
be applicable during this period and no other charges will be applied
Ø Surrender the Policy anytime and proceeds of the discontinued policy shall be payable at the end of lock-in
period or date of surrender whichever is later.
• If you do not exercise any of the options during revival period, then:
w Policy shall continue without any risk cover and Accident Benefit and the policy fund shall remain invested in
the discontinuance fund.
w The fund value of the discontinued policy fund at the end of the lock-in period i.e. as on the first business day of
6th policy year would be paid to you .
w If case of unfortunate death of Life Assured before the payment of the discontinued policy value, then the same
is paid to the nominee or beneficiary.
ü If policy is discontinued after Lock-In Period (i.e. after first 5 policy years):
• Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the policy will
be converted into reduced paid up policy.
• Paid - Up Sum Assured will be calculated as original sum assured multiplied by a ratio of “total period for which
premiums have already been paid” to the “maximum period for which premiums were originally payable”.
• Accident Benefit will not be available when policy is in reduced paid-up status. Hence Accident Benefit Charges will
not be deducted when policy is in reduced paid up status.
• All charges as per terms and conditions of the policy will be deducted during the revival period. However, the
Mortality charges shall be deducted based on the reduced paid up sum assured only.
• On Discontinuance of Policy, we shall communicate the status of the policy within 3 months of the first unpaid
premium to you.
• You will have the following options in case of discontinuance of policy
Ø Revive the Policy within the revival period of 3 consecutive complete years from the date of first unpaid
premium.
ö If you revive the policy within revival period, then the revival procedure as stated in 'Revival' conditions
would be applicable.
ö If you opt to revive but do not revive the policy within the revival period then the policy will continue to be in
reduced paid up status.

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 o At the end of the revival period or the date of maturity, whichever is earlier, the proceeds of the policy
fund will be paid and the policy will terminate
Ø Complete withdrawal from the Policy: If you opt to surrender / completely withdraw from the policy, then the
fund value as on surrender request date would be paid
• If you do not exercise any of the options during revival period, then the policy will continue to be in reduced paid up
status. At the end of the revival period or the date of maturity, whichever is earlier, the proceeds of the policy fund
will be paid and the policy will terminate.
For Single Premium policies:
ü If policy is discontinued during Lock in Period (i.e. first 5 policy years):
• You have an option to Surrender any time during the Lock-in Period. Upon receipt of request for Surrender, the
Fund Value, after deducting the applicable Discontinuance Charges, shall be credited to the Discontinued Policy
Fund.
• The Policy shall continue to be invested in the Discontinued Policy Fund and the proceeds from the discontinuance
fund shall be paid at the end of Lock-in Period. Only Fund Management Charge can be deducted from this fund
during this period. Further, no risk cover or Accident benefit shall be available on such Policy during the
discontinuance period.
ü If policy is discontinued after the Lock-in-Period (i.e. after first 5 policy years):
You have an option to Surrender the Policy any time. Upon receipt of request for Surrender, the Fund Value as on date of
Surrender shall be payable.
Ø Revival:
We offer you a revival period of 3 consecutive complete years from the date of first unpaid premium, during which you
can revive your policy, by paying all due premiums without any interest or fee. Revival is subject to the applicable terms
and conditions and underwriting acceptance. The underwriting decision would be communicated to you, post which
only your cover would re-commence. Revival is applicable for Regular and Limited Pay policies only.
ü Revival of a Discontinued Policy during Lock-In Period (i.e. first 5 policy years):
• If you opt to revive the policy within 3 consecutive complete years from the date of first unpaid premium, then the
Discontinued Policy Fund will be dis-invested and the discontinuance charge, previously deducted, would be
added back to this dis-invested fund amount.
• We will allocate the units based on the NAV as on the date of revival
• We will automatically shift the resultant fund to your chosen funds in the same proportion as the fund allocation
percentage originally chosen or as requested during revival process or as chosen in the last premium redirection
request, whichever is the latest.
• We will deduct Premium Allocation Charges and Policy Administration Charges as applicable during the
discontinuance period.
• We will restore the original risk cover including inbuilt Accident Benefit and deduct all applicable charges from the
date of revival of the policy.

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ü Revival of a Discontinued Policy after Lock-In Period (i.e. after first 5 policy years)
• If you opt to revive the policy within 3 consecutive complete years from the date of first unpaid premium, we will
invest all the due premiums paid by you, net of charges in the same proportion as the fund allocation percentage
originally chosen or as requested during revival process or as chosen in the last premium redirection request,
whichever is the latest.
• We will allocate the units based on the NAV as on the date of such revival.
• We will deduct Premium Allocation Charges, and policy Administration charges as applicable during the
discontinuance period.
• We will restore the original risk cover including inbuilt Accident Benefit and deduct all applicable charges from the
date of revival of the policy
Ø Surrender: You can surrender your policy at any time during the policy term. Once policy is surrendered there will be no
option to revive the policy.
ü If surrender is requested during the Lock-In Period (i.e. first 5 policy years), then
• The lock-in condition applies.
• Your Fund Value after deduction of applicable discontinuance charge (if any), will be transferred to the
'Discontinued Policy Fund'.
• You will earn a minimum guaranteed 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. No other charge will be deducted.
• Life cover and Accident Benefit will cease to apply.
• The Surrender Value will be payable on the 1st working day of the 6th policy year and the policy will terminate.
• Surrender Value will be the accumulated value of the Discontinued Policy Fund
ü If the surrender is requested any time after completion of 5th policy year, then the fund value will be paid and the policy
will terminate.

Nomination

Nomination shall be as per Sec 39 of Insurance Act, 1938, as amended from time to time

Assignment

Assignment shall be as per Sec 38 of Insurance Act, 1938, as amended from time to time

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 Charges under the Plan

• Premium Allocation Charge (as a % of premium): This charge shall be deducted from Premiums at the time of receipt of
such Premium. The allocation to units is made after the deduction of the charge from the Premium received.

Limited Pay
Policy Year Single Pay
PPT 7 Years PPT 10 Years PPT 12 Years

1 3.00% 3.00% 3.00% 2.00%

2 3.00% 3.00% 3.00% N.A.
3 3.00% 3.00% 3.00% N.A.
4 3.00% 3.00% 3.00% N.A.
5 3.00% 3.00% 3.00% N.A.
6 Nil Nil Nil N.A.
7 Nil Nil Nil N.A.
8 N.A. Nil Nil N.A.
9 N.A. Nil Nil N.A.
10 N.A. Nil Nil N.A.
11 N.A. N.A. Nil N.A.
12 N.A. N.A. Nil N.A.

Policy Administration Charge:

A monthly Policy Administration Charge as mentioned below shall be deducted by cancelling units at the prevailing unit
price on the first business day of each policy month:
Limited Pay Policies: `100 per month
Single Pay Policies: `50 per month
The Policy Administration Charge would be subject to a cap of `500 per month. However, revision of charges would be
subject to the prevalent Regulations.

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Fund Management Charges: A certain fixed percentage of the asset value of relevant fund before calculating the NAV on a
daily basis will be charged as per the rates below:

Fund Name Fund Management Charges

Equity Elite Fund II 1.25% p.a.
Balanced Fund 1.25% p.a.
Bond Fund 1.00% p.a.
Money Market Fund 0.25% p.a.
Pure Fund 1.35% p.a.
Midcap Fund 1.35% p.a.
Bond Optimiser Fund 1.15% p.a.
Corporate Bond Fund 1.15% p.a.
Bluechip Fund 1.35 % 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%. For Discontinued Policy Fund,
the cap on fund management charge shall be 0.50% p.a. However, revision of charges would be subject to the prevalent
Regulations.
Discontinuance / Surrender Charge:
Discontinuance charges are expressed as a percentage of one Annualized Premium / Single Premium or Fund Value.
For Single Pay Policies:

Year of Discontinuance Charge for policies with Discontinuance Charge for policies with
Discontinuance* Single Premium up to `3,00,000 Single Premium above `3,00,000

Lower of 2% of (Single Premium or Fund Value) Lower of 1 % of (Single Premium or Fund Value)
1 subject to maximum of `3,000 subject to maximum of `6,000

Lower of 1.5% of (Single Premium or Fund Value) Lower of 0.7 % of (Single Premium or Fund
2 subject to maximum of `2,000 Value) subject to maximum of `5,000
Lower of 1% of (Single Premium or Fund Value) Lower of 0.50 % of (Single Premium or Fund
3 subject to maximum of `1,500 Value) subject to maximum of `4,000

Lower of 0.5% of (Single Premium or Fund Value) Lower of 0.35 % of (Single Premium or Fund
4 subject to maximum of `1,000 Value) subject to maximum of `2,000

5 onwards Nil Nil

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For Limited Premium Policies:
Year of Discontinuance* Discontinuance Charges
1 Lower of 6% of ( Annualized Premium or Fund Value ) subject to maximum of `6,000
2 Lower of 4% of ( Annualized Premium or Fund Value ) subject to maximum of `5,000
3 Lower of 3% of ( Annualized Premium or Fund Value ) subject to maximum of `4,000
4 Lower of 2% of ( Annualized Premium or Fund Value ) subject to maximum of `2,000
5 onwards Nil

*Date of Discontinuance of the Policy, shall be the date on which the Company receives the intimation from the Policyholder,
about discontinuance of the Policy or on the expiry of the grace period, whichever is earlier.
Partial Withdrawal Charge: A charge of `100 is applicable for every partial withdrawal in excess of one free partial
withdrawal in same policy yearThe amount will be recovered by way of cancellation of units.
The Partial Withdrawal Charges would be subject to a cap of `500 per transaction. However, revision of charges would be
subject to the prevalent Regulations.
Switching Charge: A charge of `100 is applicable for every switch, in excess of two switches in the same policy year, during
the policy term or settlement period and are recovered by deducting the amount from the switch amount.
The Switching Charges would be subject to a cap of `500 per Switch. However, revision of charges would be subject to the
prevalent Regulations.
Premium Redirection Charge: A charge of `100 is applicable for every redirection in excess of one free redirection in same
policy year. These charges are recovered by way of cancellation of units at the prevailing unit price on the date of
redirection request.
The Premium Redirection Charges would be subject to a cap of `500 per transaction. However, revision of charges would
be subject to the prevalent Regulations.
Mortality Charge: Mortality charges are deducted on the first business day of each policy month from Fund Value by way of
cancellation of units. Mortality charges will be based on your age and Sum at Risk at the time of charge deduction.
Accident Benefit Charge: Accident Benefit charges of `0. 60 p.a. per 1000 Sum Assured will be deducted on a monthly basis
by cancellation of units. This charge won't be deducted when policy goes into reduced paid up status.

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Additional Allocation: Additional allocation is applicable for policies purchased by the staff. The following would be the
additional allocation:
For LPPT Policies
Premium Payment Term (PPT)
Policy Year
7 Years 10 Years 12 Years

1 2.50% 2.50% 2.50%

2 2.50% 2.50% 2.50%
3 2.50% 2.50% 2.50%
4 2.50% 2.50% 2.50%
5 2.50% 2.50% 2.50%
6 Nil Nil Nil
7 Nil Nil Nil
8 NA Nil Nil
9 NA Nil Nil
10 onwards NA Nil Nil

For Single Pay policies

One time at policy inception 2.00%

Staff cases are defined as all employees, retired employees, VRS holders, minor children and spouse of employees of SBI Life
Insurance Co Ltd and State Bank of India (SBI), RRBs sponsored by SBI and subsidiaries of State Bank Group.
Note: Additional allocation would be capped to the extent such that the total allocation would not exceed 100% of premium
amount.

NAV Computation

The Net Asset Value (NAV) will be declared daily for each segregated fund, enabling the policyholder to track the
performance of the fund selected by him/her.
1. NAV Computation:
NAV of the fund shall be computed as:
(Market Value of Investment held by the fund + Value of Current Assets – Value of Current Liabilities & Provisions, if any)

Number of Units existing on Valuation Date (before creation/redemption of units)

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 Exclusions under the Policy
Suicide Exclusion:
In case of death of the Life Assured due to suicide, within 12 months from the date of commencement of the policy or from
the date of revival of the policy, as applicable, the nominee or the beneficiary of the policyholder shall be entitled to the fund
value, as available on date of intimation of death.
Further any charges other than FMC recovered subsequent to the date of death shall be added back to the Fund Value as
available on the date of intimation of death.
Exclusion for Accident Benefit:
Death or Total and Permanent Disability arising from or due to the consequences of or occurring during the events as
specified below is not covered:
• Infection: Death caused or contributed to by any infection, except infection caused by an external visible wound
accidentally sustained.
• Drug Abuse: Life Assured under the influence of Alcohol or solvent abuse or use of drugs except under the direction of a
registered Medical Practitioner.
• Self-inflicted Injury: Intentional self- Inflicted Injury including the injuries arising out of attempted suicide.
• Criminal acts: Life Assured involvement in Criminal and/or unlawful acts with criminal or unlawful intent.
• War and Civil Commotion: War, invasion, hostilities, (whether war is declared or not), civil war, rebellion, revolution, act
of foreign enemy, armed or unarmed truce, mutiny, rebellion, strikes or taking part in a riot or civil commotion.
• Taking part in any naval, military or air force operation during peace time or during service in any police, paramilitary or
any similar organisation;
• Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property
contaminated by nuclear fuel materials or Accident arising from such nature.
• Aviation: Life assured participation in any flying activity, other than as a passenger in a commercially licensed aircraft.
• Hazardous sports and pastimes: Engaging in or taking part in professional sport(s) or any hazardous pursuits, including
but not limited to, diving or riding or any kind of race; underwater activities involving the use of breathing apparatus or
not; martial arts; hunting; mountaineering; parachuting; bungee-jumping

Risk borne by the Policyholder

I. IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”
II. Unit Linked Life Insurance Products are different from the traditional insurance products and are subject to market risks.
III. The premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the
NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the
policyholder/insured is responsible for his/her decisions.
IV. SBI Life Insurance Company is only the name of the Insurance Company and SBI Life – Smart Elite Plus is only the name of the
unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.
V. Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy
document of the insurer.

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VI. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these
plans, their future prospects or returns.
VII. Past performance of the funds is not indicative of future performance
VIII. All benefits payable under this policy are subject to tax laws and other fiscal enactments in-effect from time to time, please
consult your tax advisor for details.
Under extraordinary circumstances, such as extreme volatility in the market price of the assets in the fund, extended
suspension of trading on the stock exchanges, natural calamities, riots and similar events, the company reserves the right,
not to value one or more Fund Options or to change the formula for calculating NAV. Company will make the changes subject
to the prevalent Regulations.

Grievance Redressal
To deliver excellence in customer service, we have put in place a prompt, accessible and responsive mechanism for
addressing your grievances and suggestions. You can approach us through below touch points.
Toll-free number: 1800 267 9090 (24 X 7).
By sending email on info@sbilife.co.in.
Submit your grievance through digital form available on website / Customer Service App (Smart Care)
You may approach any of our office.

Prohibition of Rebates
Section 41 of Insurance Act 1938, as amended from time to time, states:
1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew
or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part
of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or
renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the
published prospectus or tables of the insurer:
2) Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend
to ten lakh rupees.

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 Non-Disclosure

Extract of Section 45 of Insurance Act 1938, as amended from time to time, states:
No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date
of the policy. A policy of life insurance may be called in question at any time within three years from the date of the policy, on
the ground of fraud or on the ground that any statement of or suppression of a fact material to the expectancy of the life of
the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or
rider issued. The insurer shall have to communicate in writing to the insured or the legal representatives or nominees or
assignees of the insured, the grounds and materials on which such decision is based.
No insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement or
suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to
suppress the fact or that such mis-statement or suppression are within the knowledge of the insurer. In case of fraud, the
onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
In case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the grounds
of fraud, the premiums collected on the policy till the date of repudiation shall be paid.
Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no
policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof
that the age of the life insured was incorrectly stated in the proposal.
For complete details of the section and the definition of 'date of policy', please refer Section 45 of the Insurance Act, 1938,
as amended from time to time.
Note: This document does not purport to contain all conditions governing this product. The contract will be governed by
the terms expressed in the policy document. Please refer to the sample policy document available on our website for
further details.

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 Toll free No.: 1800 267 9090 | SMS ‘LIBERATE’ to 56161 | Email: info@sbilife.co.in | Web: www.sbilife.co.in
(Customer Service Timing : 24X7)

SBI Life Insurance Company Limited and SBI are separate legal en es.

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI or its officials do not involve in ac vi es like selling insurance policies, announcing bonus or investment of premiums. Public receiving such
phone calls are requested to lodge a police complaint.
Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license. SBI Life Insurance Company Limited. Registered
and Corporate Office: Natraj, M V Road & Western Express Highway Junc on, Andheri (East), Mumbai - 400 069. | IRDAI Regn. No.111. |
CIN L99999MH2000PLC129113
3S/ver1/09/24/BR/ENG