Is the SBI Life Flexi smart plan is safe?

Answer 1

I never suggest life insurance policies for investments. We should hire a life insurance provider only for insuring our lives. None of the life insurance schemes would be the best investment options. I always suggest for a term insurance for life risks and blend of other various investment options for the best returns.

Keeping my opinions apart, to answer your question in a straight way, Flexi Smart is a good policy (or an ordinary life insurance policy) from SBI life. It would be very difficult to answer without knowing your age, requirement, other investments and purpose of investment, whether this is the best for you.

Flexi Smart is a variable (a blend of ULIP and traditional) participatory policy. That means you will get regular bonus credited to your policy from the insurance company. This policy qualifies for three kinds of bonus- interim (announced at the beginning of financial year), regular (at the end of financial year and always more than the interim bonus) and a terminal bonus (at the time of maturity). There is 1% p.a. guaranteed bonus on this policy. You can expect anywhere between 4–8% (or may be less) return on the investment at the time of maturity.

This policy is flexible because you can increase your term and increase or decrease your sum insured. This is a good option available with the policy.

Even if the life insurance policy is good, it can’t be a good “investment” option.

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if you are interested in HDFC ergo life insurance.