Key facts
What the official sources publish
Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.
Policy typeIndividual, unit-linked, non-participating life-insurance savings productView source
Life describes the product as an individual unit-linked, non-participating life-insurance savings plan.
- Source
- Life Smart Privilege Plus
- Page / section
- Product overview
- Accessed
- 23 Aug 2026
- Confidence
- high
Published premium floor₹6,00,000 yearly; ₹3,00,000 half-yearly; ₹1,50,000 quarterly; ₹50,000 monthly; or ₹6,00,000 single payView source
The official eligibility table publishes minimum premium for regular/limited pay and single pay modes.
- Source
- Life Smart Privilege Plus
- Page / section
- Who Can Buy
- Accessed
- 23 Aug 2026
- Confidence
- high
Entry and maturity ageRegular/
The official eligibility matrix separates regular/limited and single-premium entry ages, and gives age at maturity.
- Source
- Life Smart Privilege Plus
- Page / section
- Who Can Buy
- Accessed
- 27 Aug 2026
- Confidence
- high
Policy and premium-payment termRegular premium: 10–30 years, with premium-payment term equal to policy term. Limited premium: 15–30 years, with a premium-payment term from 5 years to one year less than the policy term. Single premium: 5–30 years.View source
The plan matrix states separate policy-term and premium-payment rules for regular, limited and single-premium variants.
- Source
- Life Smart Privilege Plus
- Page / section
- Who Can Buy — policy term and premium-paying term
- Accessed
- 27 Aug 2026
- Confidence
- high
Key coverage and featuresLife cover, 12 fund choices, loyalty additions from the end of the sixth policy year, unlimited free switches and partial withdrawals from the sixth policy year or age 18, whichever is laterView source
Life lists 12 funds, loyalty additions, free switches and the partial-withdrawal condition.
- Source
- Life Smart Privilege Plus
- Page / section
- Features
- Accessed
- 23 Aug 2026
- Confidence
- high
InsurerSBI Life Insurance Company LimitedView source
Life's official catalogue lists these individual and group products under Life Insurance Company Limited.
- Source
- Life online plans and group insurance catalogue
- Page / section
- Life plan catalogue
- Accessed
- 23 Aug 2026
- Confidence
- high
UIN111L143V01View source
The official product page identifies the plan as 111L143V01.
- Source
- Life Smart Privilege Plus
- Page / section
- Product overview
- Accessed
- 27 Aug 2026
- Confidence
- high
Minimum premiumRegular/
The official plan table publishes the minimum contribution for every permitted frequency and says maximum premium is underwriting-led.
- Source
- Life Smart Privilege Plus
- Page / section
- Who Can Buy — premium range
- Accessed
- 27 Aug 2026
- Confidence
- high
Minimum sum assuredRegular or limited premium: 7 times annualised premium. Single premium: 1.25 times single premium.View source
The official matrix gives a separate sum-assured multiple for regular/limited and single-premium plans.
- Source
- Life Smart Privilege Plus
- Page / section
- Who Can Buy — sum assured
- Accessed
- 27 Aug 2026
- Confidence
- high
Maturity benefit and loyalty additionsOn survival to maturity with the policy in force, the fund value is paid as a lump sum. Loyalty additions begin at the end of the 6th policy year.View source
The official page describes fund-value maturity proceeds and loyalty additions from the sixth policy year.
- Source
- Life Smart Privilege Plus
- Page / section
- Plan Benefits; Product Features
- Accessed
- 27 Aug 2026
- Confidence
- high
Death benefitThe death benefit is the highest of fund value on date of claim, sum assured less applicable partial withdrawals, or 105% of total premiums paid. Applicable partial withdrawals from the preceding 2 years are deducted.View source
The plan page sets out the three-way highest-of calculation and two-year partial-withdrawal adjustment.
- Source
- Life Smart Privilege Plus
- Page / section
- Plan Benefits — death benefit
- Accessed
- 27 Aug 2026
- Confidence
- high
Partial withdrawalsPartial withdrawals are permitted from the 6th policy year or after the life assured attains age 18 years, whichever is later.View source
The liquidity condition is explicitly the later of the sixth policy year or attaining age 18.
- Source
- Life Smart Privilege Plus
- Page / section
- Product Features — partial withdrawals
- Accessed
- 27 Aug 2026
- Confidence
- high
Optional riderSBI Life Accident Benefit Rider — Linked (UIN 111A042V01) may be chosen, subject to eligibility, for accidental death benefit and accidental permanent total disability benefit.View source
The product page identifies the linked accident-benefit rider, its and both covered benefit types.
- Source
- Life Smart Privilege Plus
- Page / section
- Who Can Buy — riders
- Accessed
- 27 Aug 2026
- Confidence
- high
Suicide exclusionIf suicide occurs within 12 months from commencement or revival, the nominee or beneficiary receives fund value available on the date the death claim is intimated. Charges other than fund-management charges deducted after death are added back.View source
The current suicide clause applies for 12 months from commencement or revival and specifies both payout and charge treatment.
- Source
- Life Smart Privilege Plus
- Page / section
- Exclusions — suicide
- Accessed
- 27 Aug 2026
- Confidence
- high
Sum insured / coverRegular or limited premium: 7 × annualised premium. Single premium: 1.25 × single premium. The product page does not publish a separate fixed rupee maximum; premium limits are subject to the Board-approved underwriting policy.View source
The live sum-assured table gives 7× annualised premium for regular/limited pay and 1.25× single premium for single pay.
- Source
- Life Smart Privilege Plus
- Page / section
- Who Can Buy — Sum Assured
- Accessed
- 29 Aug 2026
- Confidence
- high
Waiting periodNot published as a separate general disease or claim waiting period in the reviewed product page, brochure and policy document. The policy instead publishes a five-year ULIP lock-in and a 12-month suicide exclusion; neither is a general medical waiting period.View source
The complete official source set contains no separate waiting-period clause; it clearly distinguishes the five-year lock-in and suicide exclusion.
- Source
- Life Smart Privilege Plus — reviewed official source set
- Page / section
- Customer Information Sheet pages 5–8; policy terms pages 18–29; product page Exclusions
- Accessed
- 29 Aug 2026
- Confidence
- high
Grace period30 days from the premium due date for yearly, half-yearly and quarterly frequencies and 15 days for monthly frequency. This applies to regular- and limited-pay policies; the policy remains in force during grace.View source
The policy publishes 30-day non-monthly and 15-day monthly grace periods for regular and limited pay.
- Source
- Life Smart Privilege Plus Policy Document ( 111L143V01)
- Page / section
- Customer Information Sheet page 6; Part D clause 6, pages 23–24
- Accessed
- 29 Aug 2026
- Confidence
- high
Free-look period30 days from receipt of the policy document. Written cancellation is available if no claim has been made; the policy specifies the fund-value and charge-adjustment refund formula.View source
The policy provides 30 days from receipt and publishes the conditions and refund formula.
- Source
- Life Smart Privilege Plus Policy Document ( 111L143V01)
- Page / section
- Free-look option page 1; Part D clause 15.1, pages 27–28
- Accessed
- 29 Aug 2026
- Confidence
- high
Revival periodA discontinued policy may be revived within three consecutive complete years from the first unpaid premium, subject to the policy's revival process and underwriting acceptance.View source
The states three consecutive complete years for revival and the policy describes written request and acceptance requirements.
- Source
- Life Smart Privilege Plus Policy Document ( 111L143V01)
- Page / section
- Customer Information Sheet page 7; Part D clause 9, pages 27–29
- Accessed
- 29 Aug 2026
- Confidence
- high
Claim documentsFor a death claim, SBI Life lists the policy document, valid death certificate, claimant KYC documents, valid bank-account proof, claimant statement and prescribed claim forms; hospital/discharge records, post-mortem/FIR and other supporting documents may be required where applicable.View source
The policy's claims section enumerates the core documents and conditional supporting records.
- Source
- Life Smart Privilege Plus Policy Document ( 111L143V01)
- Page / section
- Customer Information Sheet pages 7–8 — Claims/Claims Procedure
- Accessed
- 29 Aug 2026
- Confidence
- high
Geographic limitsLife cover, 12 fund choices, loyalty additions from the end of the sixth policy year, unlimited free switches and partial withdrawals from the sixth policy year or age 18, whichever is laterView source
The manually reviewed product record states: “Life cover, 12 fund choices, loyalty additions from the end of the sixth policy year, unlimited free switches and partial withdrawals from the sixth policy year or age 18, whichever is later”.
- Source
- Life Smart Privilege Plus — official product page
- Page / section
- Published product metadata
- Accessed
- 23 Aug 2026
- Confidence
- high
Benefits and features
- 12 fund choices
- Loyalty additions from sixth year
- Partial withdrawals
Eligibility
- Entry age 8–55 years for regular/
limited pay; single pay starts at 13 years
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- policy document
- death certificate
- claimant
- claimant bank-account proof
- claimant statement and claim form
- hospital records where applicable
- post-mortem/ where applicable
- other documents requested by Life
Related official documents
SBI Life Smart Privilege Plus — official product pageofficial-product-page · current · accessed 27 Aug 2026
↗SBI Life Smart Privilege Plus — official product pageofficial-product-page · current · accessed 29 Aug 2026
↗SBI Life Smart Privilege Plus Policy Document (UIN 111L143V01)official-policy-document · current · accessed 29 Aug 2026
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