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SBI Life Smart Income Protect Plan

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Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Overview

SBI Life Smart Income Protect Plan is a savings plan that gives you the added advantage of insurance protection. The plan offers life cover as well as a continuous flow of income at various points of your life. It is a participating plan which requires you to pay regular premiums for a period of 5, 10 or 15 years. The plan promises guaranteed regular annual payouts over a fixed period of time.

SBI Life Smart Income Protect is a great plan for people who are looking to save and get regular returns at regular intervals of time.

Eligibility Criteria for SBI Life Smart Income Protect Plan

Listed below are the minimum and maximum entry age for the Plan

Age at entry

Minimum Age - 8 years

Maximum Age - 60 years

Minimum Age at Maturity

Maximum Age at Maturity

18 years

65 years

Key features of SBI Life Smart Income Protect Plan

The table below depicts the key features of the Plan.

Plan type

Participating Non-unit-linked traditional, savings plan.

Plan basis

Individual

Premium paying terms

5 or 10 or 15 years

Policy term

15 years

Premium payment Mode

Yearly, half-yearly, quaterly

Grace period

30 days from the expected date of payment of premium

Free Look Period

15 days from the date of availing the policy

Nomination

Nomination facility is available under section 39 of the Insurance Act, 1938

Sum Assured

Sum assured is a function of the annual premium paid by a policyholder

Minimum Sum Assured - Rs.1,00,000

Maximum Sum Assured - No Limit

Policy coverage

Death benefits and maturity benefits.

Death Benefits:

In case of first death of the policyholder, paid-up sum assured plus reversionary bonus plus terminal bonus will be paid out to the beneficiary.

Maturity Benefits: This applies to events where the policyholder survives the policy period. The basic sum assured plus vested reversionary bonus and terminal bonus are payable to the policyholder at the time of policy maturity

Benefits/advantages of SBI Life Smart Income Protect Plan

Following are some of the most significant advantages of availing the SBI Life Smart Income Protect Plan.

  • Tax benefits: Tax benefits are applicable according to section 80C of the Income Tax Act.
  • Paid up value: This policy acquires a paid-up value or surrender value in case at least premium for last two years is paid. The sum assured is then reduced in the same proportion.
  • Participation in profits: The policy participates in profits arising out of the company’s ‘With profits’ insurance business. Bonuses are paid out to customers on the basis of these profits that are shared with customers. Reversionary bonus is declared by the company on the basis of its assessment of the long term view of the policy. Reversionary bonus becomes a guaranteed benefit once declared by the company.
  • Dual Benefits of savings cum protection: A single life insurance scheme offers both savings as well as insurance option, making this plan a truly great financial product. Regular returns offered at various points of time make this policy a great financial product to own.

How does the SBI Life Smart Income Protect Plan work

SBI Life Smart Income Protect Plan works in a way that is beneficial both in terms of savings as well as insurance. Its a part of SBI life insurance plans. Let us take an example to illustrate the same.

Mr.Kamal availed the SBI Life SMart Income Protect plan for 15 years and a sum assured of Rs.10,00,000. Kamal is a healthy 35 years old professional. He pays an annual premium of Rs.76,270 during the entire policy term of 15 years. He will receive an yearly bonus of 11% of the sum assured i.e. Rs.10,000 for the next 15 years of the policy.

Riders that can be availed with the SBI Life Smart Income Protect Plan

Here is a list of riders that can be availed with the SBI Life Smart Income Protect Plan to enhance protection and coverage amount and to extend protection to other unforeseen events like critical illness etc.

  • SBI Life - Accidental Death Benefit
  • SBI Life - Criti Care
  • SBI Life - Accidental Total and Permanent Disability
  • SBI Life - Preferred Term Rider

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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