Smart Platina Advantage

What this product is

A non-participating savings plan that builds guaranteed additions (up to 11% p.a.) on your premiums over a 15, 20, or 30-year term and pays out the accumulated sum assured plus additions as a lump sum (or in instalments) at maturity.

You might need this if…

• You might need this if you want a purely guaranteed lump-sum-at-maturity plan without depending on the insurer's declared bonuses.
• You might need this if you want higher potential guaranteed growth rates for larger premiums and longer terms - rates scale up to 11% p.a. for the largest, longest combinations.
• You might need this if you'd like the flexibility to take your maturity payout in instalments over 2-7 years instead of one lump sum.
• You might need this if you want life cover for a defined term (15, 20, or 30 years) while paying premiums for a shorter period (7 or 10 years).

How it actually works

• Choose premium payment term of 7 years (with 15 or 20-year policy term) or 10 years (with 20 or 30-year policy term); minimum annual premium ₹50,000.
• Guaranteed Additions accrue yearly at rates from roughly 6% to 11% p.a., scaling up with a higher premium band (₹50K-1L, ₹1L-2L, ₹2L+) and longer policy term.
• Death benefit is the higher of (Sum Assured on Death + accrued guaranteed additions) or 105% of total premiums paid; Sum Assured on Death is the higher of the stated sum assured or 11x annualized premium.
• Maturity benefit pays the Sum Assured on Maturity plus all accrued guaranteed additions as a lump sum by default.
• Optional settlement option lets you spread the maturity payout over 2-7 years in instalments instead of taking it all at once.
• Optional Accident Benefit Rider adds accidental death cover up to ₹2 crore or disability cover up to ₹1.5 crore.

Worked example

The tiers

Worth knowing before you decide

• Guaranteed addition rates depend on both premium band and policy term length, so a shorter term or smaller premium earns meaningfully less than the headline 11% figure.
• Surrender value is only available after two consecutive full years of premiums have been paid.
• As a non-participating plan, there's no additional upside from company profits beyond the stated guaranteed additions.
• Suicide within 12 months of start/revival limits the payout to 80% of premiums paid or the 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 →