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SBI Life Smart Platina Supreme is an individual, non-linked, non-participating life insurance savings product. It combines life insurance cover during the policy term with guaranteed income during the payout period. Policyholders can choose between Level Guaranteed Income, which remains constant, and Increasing Guaranteed Income, which grows at 5% simple interest per year from the second payout year. The plan offers different premium payment terms, policy terms, payout durations and income frequencies to help align future payments with financial goals.
Choose level or increasing guaranteed income, followed by 110% of total base premiums paid at the end of the payout period.
The plan may suit people who value predictable contractual benefits and want to structure future income for retirement, family expenses or other long-term goals. Its key attraction is the combination of life cover, scheduled guaranteed income and a final payment equal to 110% of total base premiums paid at the end of the payout period, subject to policy terms. The increasing-income option can raise payouts over time, but the increase is calculated using simple interest rather than compounding. Buyers should compare the illustrated benefits against the total premiums, policy duration, payout duration, inflation and liquidity needs. Guaranteed income amounts depend on the selected options and policy parameters; obtain an official personalised benefit illustration before purchasing.
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
The plan provides a death benefit if the life assured dies during the policy term while the policy is in force.
The policy terminates after the death benefit is payable, subject to policy conditions.
The selected guaranteed income amount remains level throughout the payout period.
The actual amount depends on the policy parameters and official benefit illustration.
The guaranteed income increases each year at 5% simple interest per annum, starting from the second year of the payout period.
The increasing-income option must be selected at inception and cannot be changed during the policy term.
For an eligible in-force policy, guaranteed income is payable during the payout period, followed by 110% of total base premiums paid at the end of that period.
Taxes and extra premiums are excluded from the definition of total base premiums paid as specified in the policy terms.
Guaranteed income can be scheduled yearly, half-yearly, quarterly or monthly.
Once the payout period begins, the income frequency cannot be changed.
An optional rider that can provide accidental death benefit and accidental partial permanent disability benefit, depending on the selected rider option.
Rider UIN: 111B041V01. Additional premium applies; rider availability is subject to channel and policy conditions.
An optional rider designed to waive future premiums when a covered event occurs, as defined in the rider contract.
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 during the policy term with guaranteed income during the payout period.
The current SBI Life product page and brochure list UIN 111N171V04. Always check the latest official documents before applying.
The official product page lists a minimum annualised premium of ₹50,000, subject to applicable eligibility and underwriting rules.
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)
Rider UIN: 111B048V01. Refer to the rider policy document for covered events, eligibility and exclusions.
The listed premium payment terms are 7, 8 or 10 years, with corresponding policy term ranges of 8–12, 9–13 or 11–15 years.
The available payout periods listed by SBI Life are 15, 20, 25 or 30 years.
Level Guaranteed Income remains the same throughout the payout period. Increasing Guaranteed Income rises at 5% simple interest annually from the second payout year.
For an eligible in-force policy, the benefit includes guaranteed income during the payout period and 110% of total base premiums paid at the end of that period.
The death benefit is the highest of the amounts specified in the policy formula, including 11 times annualised premium, a discounted future-benefit calculation, and 105% of total premiums paid up to death. The precise calculation depends on policy parameters.
The product lists the SBI Life Accident Benefit Rider and SBI Life Waiver of Premium Rider as optional protection enhancements. Eligibility, additional premium and channel restrictions apply.
The frequency may be changed before the payout period begins, subject to the policy rules. Once income payouts have started, the frequency cannot be changed.