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SBI Life New Smart Samriddhi is an individual, non-linked, non-participating life insurance savings product. It combines life insurance protection with guaranteed additions that accumulate during the policy term according to the product rules. Because it is non-participating, its benefits are not based on discretionary participating-policy bonuses. The current official product page lists UIN 111N129V05. The plan offers policy terms of 12, 15 or 20 years, with premium payment terms of 6, 7 or 10 years respectively. The official website lists an annualised premium range of ₹12,000 to ₹75,000, subject to eligibility and underwriting rules. At maturity, an in-force policy pays the Basic Sum Assured plus accrued Guaranteed Additions, if any. In the event of death during the policy term, the applicable Sum Assured on Death plus accrued Guaranteed Additions is payable under the policy terms.
Limited premium payment with guaranteed additions and maturity benefits
New Smart Samriddhi may suit buyers who prefer a defined savings structure and guaranteed additions rather than market-linked returns. The limited premium payment period lets policyholders complete premium payments before the end of the full policy term, while life cover continues during the policy term. The maturity benefit combines the Basic Sum Assured with accrued Guaranteed Additions, making it easier to understand the basic benefit structure than a market-linked product. Buyers should compare the guaranteed benefit illustration for their age and premium amount before deciding. The policy has specific premium and sum-assured limits, and the maximum available amount is subject to the insurer’s underwriting rules. Early surrender or missed premiums may affect the benefits available. This product is designed for medium-term savings rather than short-term liquidity, so the policy term and premium commitment should match the buyer’s financial goals.
SBI Life
Key Insights
Founded
2001
SBI Life was established 25 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.2% CSR, calculated as a 3-year average
SBI Life settles 99.2% of all claims it receives, demonstrating strong credibility.
Contact Details
1800-267-9090
Headquarters: Natraj Building, M.V. Road, Western Express Highway Junction, Andheri (East), Mumbai – 400069
Guaranteed additions accrue according to the product formula and eligible premiums paid during the policy term.
The applicable amount depends on premium, policy year and policy conditions.
For an in-force policy, the maturity benefit is the Basic Sum Assured plus accrued Guaranteed Additions, if any.
The policy must satisfy the applicable maturity conditions.
If the life assured dies during the policy term, the applicable Sum Assured on Death plus accrued Guaranteed Additions, if any, is payable.
The Sum Assured on Death is calculated under the policy rules.
Premiums are payable for 6 years for a 12-year policy, 7 years for a 15-year policy, or 10 years for a 20-year policy.
Premium payment terms are linked to the selected policy term.
Choose a policy term of 12, 15 or 20 years, subject to the eligibility rules.
The selected term affects the premium payment period and benefits.
Conditions or treatments that the policy clearly says it will not cover.
Insurer
SBI Life plans and claim process
It is an individual, non-linked, non-participating life insurance savings product that combines life cover with guaranteed additions.
The current official product page lists UIN 111N129V05.
The available policy terms are 12, 15 and 20 years.
Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official SBI Life website before purchasing.
Official Website
sbilife.co.in
Visit the official SBI Life website for plan brochures, premium quotes and policy services.
The aforementioned ratios have been averaged over three years (FY24-FY26)
The premium payment term is 6 years for a 12-year policy, 7 years for a 15-year policy and 10 years for a 20-year policy.
The official product page lists ₹12,000 as the minimum annualised premium, subject to the applicable product conditions.
The official product page lists ₹75,000 as the maximum per-life annualised premium limit, subject to underwriting rules.
For an in-force policy, the maturity benefit is the Basic Sum Assured plus accrued Guaranteed Additions, if any.
The death benefit is the Sum Assured on Death plus accrued Guaranteed Additions, if any, subject to the policy conditions.
The official product page lists a minimum entry age of 30 days and a maximum entry age of 50 years.
The official product page lists the maximum maturity age as 65 years.