SBI Life · Savings · Endowment
New Smart Samriddhi
A small-ticket, non-participating endowment plan (no medical exam required) that builds simple-interest guaranteed additions on your premiums and pays a lump sum at maturity.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeSavings — Traditional
CategoryEndowment
InsurerSBI Life
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot applicable — non-linked
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A small-ticket, non-participating endowment plan (no medical exam required) that builds simple-interest guaranteed additions on your premiums and pays a lump sum at maturity.
You might need this if…
- You might need this if you want a modest, easy-to-qualify savings policy - no medical exam required and premiums can be as low as ₹12,000 a year.
- You might need this if you want a short, fixed commitment: pick a 12, 15, or 20-year policy term with premiums paid for roughly half that time (6, 7, or 10 years).
- You might need this if you want guaranteed (not bonus-dependent) growth on your savings via yearly guaranteed additions.
- You might need this if you're looking for a capped, disciplined savings product rather than an open-ended one - maximum annualized premium is ₹75,000.
How it actually works
- Choose a policy term of 12, 15, or 20 years, paired with a matching premium payment term of 6, 7, or 10 years; annualized premium ranges ₹12,000-₹75,000.
- Guaranteed Additions accrue at the end of each policy year at a simple rate of 5.5% (below ₹30,000/yr premium) or 6.0% (₹30,000+/yr) on cumulative premiums paid.
- Maturity benefit is projected at roughly 133% to 214% of total annualized premiums paid, depending on entry age and premium level.
- Death benefit pays the highest of the Basic Sum Assured, 10x annualized premium, or 105% of premiums paid to date, plus any accrued guaranteed additions.
- If premiums lapse after at least one full year, the policy becomes paid-up with proportionally reduced sum assured, guaranteed additions, and death benefit rather than lapsing entirely.
- No riders are highlighted for this product; it is a pure guaranteed-growth savings plan.
Worked example
For someone starting at age 29 with a ₹30,000 annual premium for 7 years (₹2,10,000 total paid) on a 15-year policy term, the brochure shows a basic sum assured of ₹2,05,800 and a projected maturity payout of ₹3,57,000, with guaranteed additions building up (₹1,800 in year 1, ₹3,600 in year 2, and so on).
The tiers
| Annualized Premium | Guaranteed Addition Rate (simple, p.a.) |
|---|
| Below ₹30,000 | 5.5% |
| ₹30,000 and above | 6.0% |
Worth knowing before you decide
- Maximum annualized premium is capped at ₹75,000, so this isn't suited to large savings goals.
- Sum assured band (₹58,000 to ₹9,11,000) is relatively modest compared to other SBI Life savings plans.
- Surrendering before at least one full year's premium is paid means no surrender value at all; before two consecutive years, only the non-guaranteed Special Surrender Value applies.
- Suicide within 12 months of start or revival caps payout at 80% of premiums paid or surrender value, whichever is higher.
Official source
⌟ Official product brochure
Learn about this category
Read the full traditional life insurance explainer → · See all traditional savings products →