Your dreams and aspirations matter — whether it’s a long-awaited vacation, pursuing your passion, or building financial stability for your family. SBI Life – Smart Bachat Plus is designed to help you protect what’s important while enabling you to save smartly for the future.
This Individual, Non-Linked, Participating, Life Insurance, Savings Product combines life protection with wealth accumulation. You get guaranteed security, long-term savings, bonus benefits, and flexible premium payment options — all in one simple, reliable plan.
Why Choose SBI Life – Smart Bachat Plus?
A plan thoughtfully designed to meet your evolving life stage needs:
- Traditional Plan
- Endowment Plan
- Participating Plan (Eligible for bonuses)
- Savings + Protection Combo
- Regular & Limited Premium Payment Options
- Accidental Benefits (Life Plus Option)
Whatever your goals — personal or for your family — this plan adapts to your financial journey.
Key Highlights
- Life Cover + Long-Term Savings
- Two Benefit Options: Life & Life Plus
- Eligibility for Reversionary Bonus and Terminal Bonus
- Lumpsum Maturity Benefit
- Flexible Premium Payment Terms (7 / 10 / 15 years or full policy term)
- Tax Benefits under the Income Tax Act, 1961
Benefit Options
Option A: Life
A pure Life Cover + Savings Plan, which includes:
- Life protection
- Regular reversionary bonuses (if declared)
- Terminal bonus (if declared)
Perfect if you want guaranteed security + long-term savings.
Option B: Life Plus
Offers everything under the Life option PLUS:
- Accidental Death Benefit
- Accidental Total Permanent Disability (AD&ATPD) Benefit
Ideal if you want enhanced protection against accidental risks.
Features of SBI Life – Smart Bachat Plus
1. Guaranteed Lumpsum at Maturity
Receive a lumpsum payout equal to:
Sum Assured on Maturity + Vested Reversionary Bonuses + Terminal Bonus (if declared)
2. Flexible Premium Payment
Choose how you want to pay:
- Regular Pay – pay throughout the policy term
- LPPT (Limited Pay) – pay for only 7, 10, or 15 years
3. Participating Plan
Get a share in the insurer’s profits through reversionary and terminal bonuses.
4. Tax Benefits
Premiums paid and benefits received may be eligible for tax benefits (as per prevailing tax laws).
Advantages
Security
Financial protection for your family with life cover during the policy term.
Flexibility
Choose your premium payment term based on your goals.
Simplicity
Easy application, hassle-free issuance, and transparent benefits.
Reliability
Guaranteed maturity benefit + bonuses for long-term wealth creation.
Death Benefit
If “Life” Option is chosen:
Your nominee receives the higher of:
- Sum Assured on Death + Vested Bonuses + Terminal Bonus, if declared
OR - 105% of Total Premiums Paid
Sum Assured on Death = Higher of:
- Sum Assured
- 11 × Annualized Premium
If “Life Plus” Option is chosen:
Death due to reasons other than accident
Nominee receives the same benefit as the “Life” option.
Death due to Accident
Nominee receives:
- Death benefit under the Life option
PLUS - An additional amount equal to the Sum Assured
Upon payout, the policy terminates.
Accidental Total Permanent Disability (ATPD) Benefit (Only under Life Plus Option)
If ATPD occurs due to an accident:
- You receive Sum Assured
- All future premiums are waived
- Policy continues without AD & ATPD benefit
Maturity Benefit
If the life assured survives till the end of the policy term:
You will receive:
Sum Assured on Maturity + Vested Reversionary Bonuses + Terminal Bonus (if declared)
Sum Assured on Maturity = Sum Assured
Tax Benefits
Premiums paid and benefits received may be eligible for tax benefits under the Income Tax Act, 1961, subject to changes and conditions.
Who Should Buy SBI Life – Smart Bachat Plus?
- Individuals seeking a safe and reliable savings plan
- People who want life cover with bonus-earning potential
- Families needing extra protection through accidental benefits
- Anyone looking for flexible premium payment options
- Long-term savers wanting guaranteed maturity value
Who can buy?
Disclaimer: This page provides general information about SBI Life – Smart Bachat Plus, an Individual, Non-Linked, Participating Life Insurance Savings Product. Benefits, features, bonuses, terms, and tax advantages are subject to policy conditions and prevailing regulations under the Income Tax Act, 1961. Tax laws are subject to change. Please read the sales brochure, policy document, and consult your tax advisor before making any insurance purchase.