Smart Bachat Plus

What this product is

A participating endowment savings plan offered in two variants (Life and Life Plus) that pays a lump sum at maturity plus bonuses, with an optional built-in accident benefit under the Life Plus option.

You might need this if…

• You might need this if you want a straightforward savings-plus-protection endowment policy that pays out a lump sum at a fixed future date rather than periodic payouts.
• You might need this if you want the option to add accidental death and total permanent disability cover (Life Plus variant) without buying a separate rider policy.
• You might need this if you're comfortable with a 15-30 year commitment and want participating bonuses that can grow your payout beyond the guaranteed sum assured.
• You might need this if you want flexible premium terms - pay across the full policy term, or choose a limited pay option (7, 10, or 15 years) to finish paying early.

How it actually works

• Two variants: Life (entry from age 3) and Life Plus (entry from age 18, adds accident benefit), both with maximum entry age 50 and maturity by age 65.
• Premium options: Regular pay across the full term, or Limited Pay over 7/10/15 years; policy terms run 15-30 years (regular) or 20-30 years (limited pay).
• Minimum sum assured is ₹2,00,000 with minimum annualized premium around ₹12,000-₹15,000 depending on the option chosen.
• Death benefit is the higher of (Sum Assured plus vested and terminal bonuses) or 105% of total premiums paid.
• Maturity benefit pays the Sum Assured on Maturity plus any vested reversionary and terminal bonuses declared over the policy's life.
• Under Life Plus, an accidental total permanent disability event pays out the sum assured and waives future premiums, while base cover continues.

Worth knowing before you decide

• As a participating (with-bonus) plan, bonus rates are not guaranteed and depend on the insurer's investment and mortality experience.
• A full brochure/prospectus PDF was not locatable on SBI Life's public site at the time of research; details above are drawn from the plan's official product page and leaflet, not the full prospectus document.
• Early surrender before minimum paid-up conditions are met (generally at least one full year's premium) will yield less than premiums paid.

Official source

Not available in the current product data — this insurer has not published a standalone brochure PDF for this plan; the notes above are drawn from their official product page instead.

Learn about this category

Read the full traditional life insurance explainer → · See all traditional savings products →