Smart Elite Plus

What this product is

A high-ticket ULIP for affluent investors, requiring minimum annual premiums of ₹2.5 lakh, with a choice of 9 funds and two death-benefit structures.

You might need this if…

• You might need this if you have substantial surplus income (₹2.5 lakh+/year) and want market-linked growth bundled with life cover in one product.
• You might need this if you want a choice between a leaner death benefit (Gold) and a richer one that pays sum assured on top of the fund value (Platinum).
• You might need this if you want access to a wide spread of 9 funds, from pure equity to money market, under a single policy.
• You might need this if you're prepared to stay invested at least 5 years (the mandatory lock-in) and ideally the full 15-30 year term.

How it actually works

• Entry age 18-70; policy term 15-30 years; premium paying term is Limited (7, 10, or 12 years) or Single Pay; minimum yearly premium is ₹2,50,000.
• Sum assured is 7× annualized premium (limited pay) or 1.25× single premium (single pay); choose between Gold or Platinum death benefit structure.
• Death benefit: Gold pays the highest of fund value, sum assured minus withdrawals, or 105% of premiums paid; Platinum pays fund value plus sum assured, or 105% of premiums paid if higher.
• An inbuilt Accident Benefit (up to ₹50 lakh) covers accidental death and total permanent disability at no separate underwriting.
• Fund management charges range 0.25%-1.35% p.a. by fund type; premium allocation charge is 2.5% for years 1-5, then nil from year 6.
• Two free fund switches per policy year; partial withdrawals allowed from year 6, capped at 15% of fund value, with the fund value required to stay above 50% of total premiums paid.

Worked example

Worth knowing before you decide

• As a ULIP, all investment risk sits with you — fund values can fall as well as rise, and past fund performance isn't a guide to future returns.
• No liquidity in the first 5 years — you cannot surrender or withdraw during this lock-in period; discontinuing sends the fund to a low-yield Discontinued Policy Fund.
• Discontinuance charges apply in years 1-4 (up to 6% of premium, capped by rupee amount), dropping to nil from year 5.
• Minimum entry premium of ₹2,50,000/year makes this plan accessible only to higher-income buyers.

Official source

⌟ Official product brochure

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