Smart Platina Plus

What this product is

A non-participating savings plan offering either a lump-sum-only "Life Income" structure or a guaranteed-income-plus-maturity "Guaranteed Income" structure, with limited premium terms of 6-10 years.

You might need this if…

• You might need this if you want to choose between a simple lump-sum death benefit structure and a structured guaranteed-income-during-payout structure, depending on what your family needs.
• You might need this if you're 45+ and want a savings plan specifically designed with higher minimum entry ages in mind for many entry channels.
• You might need this if you want your premiums to stop relatively early (6-10 years) while payouts continue for up to 30 years after.
• You might need this if you want built-in flexibility to change the frequency of your income payouts before the payout period begins.

How it actually works

• Choose a limited premium payment term of 6, 7, 8, or 10 years; minimum annualized premium ₹50,000.
• Payout period options run 13 to 30 years depending on the premium term chosen; guaranteed income = Guaranteed Income Factor x annualized premium x modal factor.
• Maturity benefit under this plan returns 110% of total premiums paid at the end of the policy term.
• Under the Guaranteed Income option, death before the payout period pays a lump sum sum-assured; death during the payout period continues income to the nominee (or lets them take a discounted lump sum) in addition to the sum assured.
• Sum Assured on Death is the highest of 11x annualized premium, 105% of premiums paid to date, or a formula tied to guaranteed income and maturity benefit.
• Optional Accident Benefit Rider can add accidental death cover up to ₹2 crore or disability cover up to ₹1.5 crore.

Worked example

Worth knowing before you decide

• Surrender value requires at least one full year's premium paid (SSV) or two years (GSV) before it becomes available.
• Changing the income payout frequency is only allowed within a nine-month window before the premium payment term ends.
• This is a non-participating product, so declared figures don't fluctuate with company profits, but they also can't exceed what's contractually guaranteed.
• Suicide within 12 months of start/revival caps the payout at 80% of total premiums paid.

Official source

⌟ Official product brochure

Learn about this category

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