Details on SBI-Life Smart Performer

POSTED BY PK ON December 17, 2011 11:25 pm ONE COMMENT

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.

One reply on this article “Details on SBI-Life Smart Performer”

  1. 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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