SBI Life · ULIP · Wealth / investment-oriented ULIP
Smart Privilege Plus
A flexible ULIP with a wide 10-30 year term range, access to 12 funds, unlimited free switching, and loyalty additions that build up from year 6 onward.
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 — Linked (ULIP)
CategoryWealth / investment-oriented ULIP
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 ExposureYes — fund-value linked
LiquidityNot available in the current product data
Lock-in5 years (statutory minimum for ULIPs)
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 flexible ULIP with a wide 10-30 year term range, access to 12 funds, unlimited free switching, and loyalty additions that build up from year 6 onward.
You might need this if…
- You might need this if you want a ULIP with a broader entry-age window (including for minors, from age 8, under Regular/Limited Pay) than typical adult-only plans.
- You might need this if you value unlimited free fund switching to actively manage your allocation over the years.
- You might need this if you want loyalty-driven boosts to your fund value simply for staying invested long-term (additions from year 6, scaling up to year 30).
- You might need this if you want the option to add both accidental death and disability riders on top of market-linked growth.
How it actually works
- Entry age 8-55 (Regular/Limited Pay) or 13-55 (Single Pay); maturity age 18-70; policy terms 10-30 years.
- Minimum premium is ₹50,000/month (Regular/Limited Pay) or ₹6,00,000 as a single lump sum; Limited Pay terms run 5-29 years.
- Death benefit is the highest of current fund value, sum assured minus withdrawals, or 105% of total premiums paid.
- Loyalty Additions are credited from policy year 6 onward, ranging 1.0%-7.0% of average fund value, stepping up at years 6, 10, 15, 20, 25 and 30.
- Fund management charges run 0.25%-1.35% p.a. across 12 funds; premium allocation charge is 2.5% in years 1-5, then nil.
- An optional Accident Benefit Rider adds up to ₹2 crore Accidental Death cover (3× base sum assured cap) and up to ₹1.5 crore Accidental Partial Permanent Disability cover.
Worked example
Mr. Jain, age 30, Regular Pay with riders (₹15,12,970 annual premium, ₹1.05 crore sum assured, 20-year term): projected maturity fund value ranges from ₹4,31,74,009 (4% assumed return) to ₹6,78,63,212 (8% assumed return).
Worth knowing before you decide
- No liquidity in the first 5 years — surrenders and full withdrawals are barred during the lock-in period.
- As with all ULIPs, the investment risk is entirely borne by the policyholder; fund NAVs can go up or down with markets.
- Discontinuing premiums during the lock-in shifts your money into the Discontinued Policy Fund (4% guaranteed minimum) until year 6.
- Partial withdrawals only begin from year 6, and only once the life assured has reached at least 18 years of age.
Official source
⌟ Official product brochure
Learn about this category
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