Thinking about a life insurance plan that pays you a regular, guaranteed income later in life? SBI Life’s Smart Platina Plus is a savings + protection plan that promises a steady stream of payouts during a chosen payout period, plus a maturity refund equal to 110% of total premiums paid. This post breaks the plan down in plain English, walks through real illustrations from the brochure, explains the fine print (surrender, paid-up, death benefits), and shows when this product might — or might not — make sense for you.
What is Smart Platina Plus?
Smart Platina Plus is an individual, non-linked, non-participating life insurance savings plan that combines:
- life cover during the policy term, and
- guaranteed income during a later payout period you choose.
You pick a premium payment term (6, 7, 8 or 10 years), then a payout period (examples: 15, 20, 25, 30 years depending on PPT). At the end of the full policy term, you also get 110% of the total premiums paid as maturity value.
Two income options — Life Income vs Guaranteed Income
- Life Income — payouts stop on the Life Assured’s death (i.e., the payments are for the person while alive).
- Guaranteed Income — even if the Life Assured dies after payout start, the nominee continues to receive remaining guaranteed instalments (or may opt to take a discounted lump sum).
This choice is made when you buy the plan and cannot be changed later.
How the guaranteed income is calculated
Guaranteed Income = Guaranteed Income Factor × Annualised Premium × Modal Factor
- Guaranteed Income Factor depends on: age at entry, premium payment term, payout period, plan option and the annualised premium. (These are set by the insurer — see policy annexures for exact factor tables).
- Modal factors convert the annual value to the chosen frequency:
- Yearly = 100%
- Half-yearly = 49%
- Quarterly = 24%
- Monthly = 8%
(You choose frequency and can change it once within 9 months from the expiry of the premium payment term.)
Real illustration — what the brochure shows
The brochure uses a clear worked example:
- Age at entry: 35
- Annualised premium: ₹100,000
- Premium payment term: 10 years
- Payout period: 15 years
- Policy term = PPT + 1 + Payout = 26 years
Life Income example (brochure figure): Guaranteed income ≈ ₹93,460 per year (that’s ~93.46% × ₹100,000 when annualised), maturity = 110% of total premiums = ₹11,00,000.
Guaranteed Income option example: The brochure also shows a Guaranteed Income figure (slightly different factor) — e.g., ₹90,720 p.a. in their second illustration — and describes what happens to death benefit & payouts if death occurs before or after payout start.
Bottom line from examples: the guaranteed cashflow is driven by the factor table and your premium amount — the product is predictable if you accept the insurer’s factor table.
Death benefit
- Before payout starts: nominee gets the Sum Assured on Death (higher of Basic Sum Assured = 11×annual premium, 105% of premiums paid to date, or a formula using guaranteed income & death factors).
- After payout starts: under the Guaranteed Income option, the nominee gets a lump sum death benefit and can continue to receive future guaranteed income or take a discounted lump sum (discount rate specified in policy). Under Life Income, income generally stops on death, and a lump sum death benefit applies.
Surrender, Paid-up & Policy Loan — the safety valves
- Surrender Value: policy acquires Surrender Value after 1 full policy year (if that year’s premium is paid). The higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) is payable. SSV uses SSV factors and may vary (SSV available after the first policy year).
- Paid-up: if you pay at least the first year’s premium but then stop, the policy becomes paid-up and reduced paid-up benefits apply (reduced guaranteed income + 110% of paid premiums at the end of the payout period).
- Policy Loan: up to 50% of the surrender value (subject to terms) is allowed.
These rules matter if you may need cash or might miss payments — read the surrender/paid-up tables in the policy annexures to see the exact numbers for each policy year.
Optional protection — Accident Benefit Rider
You can attach the Accident Benefit Rider (two options: Accidental Death Benefit — ADB, and Accidental Partial Permanent Disability — APPD). Key points:
- Rider pays extra on accidental death (ADB) or a % of rider SA for listed disabilities (APPD).
- APPD includes a detailed schedule (e.g., loss of both hearing = 75% of rider SA; loss of one eye = 50%; amputation of one hand = 50%; partial finger losses have smaller %s). See the APPD table for the full list.
- Exclusions: certain events (war, hazardous sports, intoxication, criminal acts, suicidal attempts, aviation other than fare-paying commercial passenger, nuclear contamination, pre-existing injuries) are excluded under the rider terms.
- Rider premium is extra and follows the base policy premium mode; the rider can’t be bought standalone.
Smart Platina Plus best is for
After reviewing the examples & terms, Smart Platina Plus suits people who:
- Want a predictable, guaranteed cashflow later in life (for education, recurring living expenses, or hobby costs).
- Prefer insurance + savings in one product — i.e., willing to trade market upside for guaranteed, contractually defined payouts.
- Have a stable income and can commit to multi-year premium payments (6–10 years) without needing the money back soon.
Not ideal for:
- People who need high liquidity or unpredictable access to capital (though surrender/policy loans exist, they have rules and potential losses).
- Investors seeking market-linked upside — this is non-participating and gives fixed factors rather than equity returns.
Pros & Cons of Smart Platina Plus
Pros
- Predictable guaranteed payouts during the payout period.
- Life cover throughout the policy term.
- Optional accident rider for extra protection.
- Maturity refund = 110% of premiums paid (at the end of the policy).
Cons
- Lower flexibility compared with pure investment or mutual funds.
- Surrender/policy loan rules can reduce value if you exit early.
- Choice of income option is irreversible after inception.
Quick checklist before you sign
- Choose Life Income vs Guaranteed Income carefully — it’s irreversible.
- Run numbers for your premium and desired payout frequency — modal factor matters (monthly receipts are ~8% of annual).
- Check surrender/paid-up tables in the policy annexure for early-exit consequences.
- If you want extra accidental cover, review APPD/ADB exclusions and the % table.
FAQs
What is the maturity benefit under Smart Platina Plus?
If the Smart Platina Plus policy stays in-force to maturity, you get 110% of total premiums paid at the end of the policy term.
Can I change how often I receive the guaranteed income?
Yes — you can change the income payout frequency once by writing to the insurer within nine months from the expiry of your premium payment term. Modal factors then apply (Yearly 100%, Half-yearly 49%, Quarterly 24%, Monthly 8%).
What happens if I die during the payout period?
Under Guaranteed Income, the nominee receives the lump-sum death benefit and can continue to receive the outstanding guaranteed instalments (or opt for a discounted lump sum). Under Life Income, payouts stop, and the lump-sum death benefit applies.
Are there surrender or paid-up values if I stop paying premiums?
Yes — the policy may become Paid-Up (reduced benefits) if you stop paying after the first year, and surrender value (GSV or SSV) may apply after the required years of premium. Exact factors are in the policy annexures.
What does the Accident Benefit Rider cover?
The rider pays extra on accidental death (ADB) and has detailed APPD payouts (percentages per loss — e.g., loss of both hearing 75%, loss of one eye 50%, amputation of one hand 50%). It includes standard exclusions like hazardous sports, intoxication, war, and pre-existing injuries.
Final word — is this right for you?
If you value certainty — a known income stream in future for family expenses or goals — and you can commit to multi-year premium payments, Smart Platina Plus is worth a close look. If you need maximum liquidity, market upside, or shorter-term access to savings, compare it against alternatives (FDs, systematic investments, or ULIPs) and check the surrender/paid-up tables carefully before committing. Always run the exact factor-based numbers for your age and premium before you decide.
Got more questions? Don’t hesitate to reach out! We’re here to help you get personalised guidance.
This blog post references content from the official SBI Life Smart Platina Plus plan brochure and policy contract to ensure factual accuracy.
Sources & where to read the fine print
Smart Platina Plus Brochure
Smart Platina Plus Product Guide
Smart Platina Plus Policy Document
Smart Platina Plus CIS
Smart Platina Plus Accident Benefit Rider Brochure
Smart Platina Plus Accident Benefit Rider Policy Document
Smart Platina Plus Accident Benefit Rider CIS
About the Author:
Mandar P is the founder of Secure My Wish and brings over two decades of experience in the personal finance space. He’s certified as a POSP under IRDAI and also holds AMFI certification for mutual fund distribution.
Disclaimer:
This article provides general information only and does not constitute financial advice. Financial regulations, product terms, and industry guidelines are revised from time to time. While we have made efforts to ensure the accuracy of the information presented, we do not guarantee its completeness or accuracy. We disclaim any liability for loss or damage arising from actions taken based on the information provided in this article. To make informed financial decisions, please do your own research and consult with a qualified financial professional.