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.