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  • Details on SBI-Life Smart Performer

    PK
    1

Hi,

My SBI Bank Manager recently told me about the SBI Life – Smart Performer product. I went through the brochure (http://www.sbilife.co.in/sbilife/images/File/documents/Smart_Performer_Brochure_ver_02.pdf).
My plan is to do a single premium of Rs. 60,000. I can leave this money un touched for 10 years.
However I have few questions:
1. There are two options. One is 100% Daily product Fund. Other is 80% Daily Product Fund and 20% in Index Fund. Since I can leave this money for 10 year, I would like to go with the second option. Please suggest me if this is fine.
2. There is a 3% one time premium charge. And Rs.50 per month of administration charges. Are these high?
3. I see in brochure that the minimum guaranteed value at end of 10 years is the 5% excess of the highest NAV of the first 7 years. I also see that the minimum guaranteed value is 1.25 times the premium. I believe that at a min. I should get at least 2.5 times the premium amy (60,000*2.5=1,50,000).
4. Is there a way I can see the daily value of my invested amount?

Let me know if there are any other loop holes or issues with the product.

Thanks.

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1 Answers

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1 ashal jauhari December 18, 2011 at 5:20 pm

Dear PK, in all probability the sum assured in this policy is not more than 5 times for you which is not meaningful. Now if you opt to invest that 60K Rs. onetime in a simple product like SBI’s own FD @ 9.25% interest rate, you ‘ll get more then what this complex product may offer.

Thanks

Ashal

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