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With the launch of Smart ULIP, now SBI Life Insurance too has joined the bandwagon of ULIP market. Similar players in the market include LIC jeevan Varsha, ICICI Return Guarantee Fund, IDBI Fortis Bondsurance and Birla Sun Life Platinum Plus. You can read my take on those policies by following the links mentioned for each of those. Now, here is a quick review of SBI life Smart ULIP.sbi-life-smart-ulip

As usual, first the good things about this product:

  • The Smart ULIP product provides NAV guarantee that is the highest of 168 fortnightly NAVs during first seven years or NAV at maturity, whichever is higher.
  • In case of the unfortunate event of the death of the insured during the policy term, the nominee receives the higher of fund value or sum assured.
  • Shorter premium paying term (3 or 5 years).
  • Tax benefit on both premiums [U/s 80C] and maturity amounts[U/s 10(10D)]
  • Investment is managed by SBI Life – policy holder need not panic in volatile market

Now the bad:

  • Short term – just 10 years!
  • Too many charges
  • Premium allocation charges : 15% in 1st yr, 5% for next 2-4 yrs for 3-5 yrs terms respectively.
  • Admin charges – Rs 60/- per month for full term.
  • For first three years, annual administration charges of Rs 5 per 1000 of sum assured.
  • Fund management charge 1.5% pa. Fund management charge can be increased to 2.5% pa
  • Mortality charge levied on 1st day of each policy month.

For more details on this product check the brochure and see the benefit illustration on their site.


This product may appear to be better than other ulip products in the market but not better than a combination of mutual funds with term insurance. I still suggest you folks not to combine insurance with investment. Invest of specific products for each purpose and reap the best benefits from each of those. I know many of you may not agree with me, again it boils down to individual requirement and the phase at which an individual looks at these products. Whatever the case may be, I welcome your comments and suggestions.

{ 345 comments… add one }
  • syedpathivukamal March 11, 2016, 6:38 pm

    check my policy smart ulip since from 10 october 2010 till 10 3 2016

  • Umesh K July 11, 2014, 7:09 pm

    What is the latest NAV of this SBI life smart ULIP? What is the gain of those who have invested so far? Are you all happy with the performance of this ULIP? Please share your thoughts.

    • Chintan Roy September 1, 2014, 10:18 am

      SBI Life SMART ULIP NAV as on Aug-28-2013 is Rs 16.95000. Also, NAV as on Aug-28-2014 is Rs 23.261. What was the entry date for you and what was your initial value at entry?

  • Abhi August 1, 2013, 5:49 pm

    The problem at the bottom of it is that the SBI FlexiProtect fund has not grown – it is complete back box fund where no details are provided about the holdings t the investors. If you invest in another open fund even from SBI – you know all their investment details as they are accountable to tell customers. Also they get rated by CRISIL and all. But this fund is completely closed – I cannot find any details anywhere. So what they do with your money is unknown. They may have a bad fund manager screwing with people’s money on it for it to not have grown.

    Also since they dont need to reveal investment details – SBI probably pays no attention to this series. Bad choice overall – I opened mine with 90,000 premium in 2009 – and its significantly below my original investment. Even with highest NAV I may make out ok – atleast even – so I will finish the term.

    What is important is that you all should hope the fund falls significantly – i iwll explain – right now its NAV is 18 or so..if it stays here..you keep adding money and it never grows..you keep getting same units every year. But if it falls to 9, then you get double the units but still will get paid out at NAV of 18 – so you get a double atleast for one year. So you should all pray they get a really bad fund manager who screws up and allows us to buy double units next year. good luck to all.

  • shyam sundar bana April 26, 2013, 4:02 pm

    Hai Sir,
    please check my policy value of sbi life smart ulip series-11 on now.

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