SBI Platina Assure Plan Review – Know the details!
SBI Platina Assure Plan Review
In this article, we have mentioned a comprehensive SBI Platina Assure Plan Review which will be useful for you in the long run. This plan will assure your near and dear ones that you will always be there to satisfy their ambitions and dreams. SBI Platina Assure Plan Review happens to be a non-participating, individual, and non-linked product that combines life cover with assured returns. Apart from covering your life, this plan will also provide you with savings which will be redeemed once it becomes mature. The extensive range of features of the SBI Platina Assure Plan Review plan will guarantee you that your money will be able to provide benefits to your loved ones without fail.
Main features of the SBI Platina Assure Plan
This plan mentioned here provides 5% to 5.5% guaranteed additions for every year in which one pays the premium. The policyholder will get this sum during maturity or it will pass on to the beneficiary in the event of the policyholder’s death. These types of regular add-ons to the corpus make sure that the insured as well as his household members are properly cared for during any untoward incident.
Flexible-premium payment options
This plan provides the flexibility of selecting your premium payment option implying that in case the policy happens to be for 12 years, it will be imperative to pay the premium for the initial six years only and if the policy happens to be for 15 years, then one needs to pay the premium for only the initial seven years.
The option will be available to the policyholder for choosing a yearly or monthly premium payment frequency. The most convenient option will be the yearly option since it aids in having a minimum number of documents in check intended for income tax deduction submission. Moreover, it is beneficial to pay premiums every month in cases where there is a high premium amount and it is tough to deal with a lump sum expenditure of funds.
Loans on policy
It is possible for the policyholder to get loans up to 80% of the surrender value under some particular terms and conditions.
This plan provides a grace period of 15 to 30 days when it is possible for the policyholder to cancel the plan in case he does not provide this consent to the terms and conditions. Once it is canceled, the paid premiums will be refunded once the required deductions are made.
Reviving your lapsed policy
In case there has been a lapse of a policy because of any reason, it’ll be possible to revive it within a period of five years from the first unpaid premium date. In these situations, one needs to furnish the required evidence as and when demanded by the organization.
Advantages of SBI Platina Assure Plan
In case it is possible for the policyholder to survive his policy term, he is going to obtain Guaranteed Sum Assured on maturity as well as Accrued Guaranteed additions as and when applicable.
In case the policyholder dies all of a sudden, the nominee will get the Sum Assured on Death together with accrued Guaranteed Additions where the benefit is going to be 10 times the yearly premium or maybe 105% of the net premiums that have been paid up to the date of demise together with the assured additions that are accumulating each year.
Minimized paid-up value
It might be that you are experiencing financial constraints and are not able to make any further premium payments, and in that case, it will be feasible to transform the policy into a reduced paid-up insurance plan rather than terminating it which will help to minimize your premium while assuring a restricted benefit.
In case the holder of the policy ends up committing suicide within 12 months of the start date of his policy, there is no possibility for the death benefit to be paid.
If the demise happens after 12 months, the policy’s beneficiary will be able to claim as much as 80% of the total premium paid till the policyholder’s date of demise. Otherwise, it is possible for the beneficiary to claim an amount more than 80% of the net premiums from the policy revival’s date till the policyholder’s death date, or the surrender value when the death took place.