SBI Life Smart Income Protect Plan

SBI Life – Smart Income Protect is a Savings Plan with added advantage of Life Cover and Regular Cash Inflow at the time you need. It is a Participating Traditional Plan where you continue to pay your Regular Premiums over a period. Thereafter your Payout Period starts, where you get Guaranteed Regular Annual Payouts meeting your various financial obligations. This plan gives your money invested with profit upon maturity and also covers your life including illness during the policy term. It is a perfect combination of savings and protection to your life.

Key Features

  • Plan that provides Insurance Cover and Regular Income
  • Guaranteed Annual Payouts
  • Maturity benefit in lump sum

Benefits

  • Maturity benefit
On survival of the life assured at the end of policy term, lump sum in maturity, vested bonus and terminal bonus if any will be provided and the policy is terminated.
  • Death benefit
In the unfortunate event of death during the Policy Term, your Nominee will receive Basic Sum Assured plus Vested Reversionary Bonuses plus Terminal Bonus, if any. In case of death during the Payout Period, all future payouts will be paid to the Nominee or legal heir in lump sum immediately.
  • Tax benefit
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C. The Death Benefit is also Tax Free.

Add-ons

  • Rider benefit
  • SBI Life - Accidental Death Benefit (ADB) Rider
  • SBI Life - Accidental Total & Permanent Disability
  • SBI Life - Criti Care Non – Linked Benefit Rider
  • SBI Life - Preferred Term Rider

    • Am I eligible?

    PARAMETER MINIMUM MAXIMUM
    ENTRY AGE 8 60
    POLICY TERM 5 15
    AGE OF MATURITY 18 65
    SUM ASSURED 1,00,000 NO LIMIT
    PREMIUM PAYEMENT TERM SAME AS POLICY TERM
    PAYMENT TERMS ANNUAL, HALF-YEARLY, QUARTERLY, MONTHLY

    What if?

    • I am unable to pay on time
    If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can be reinstated within 3 years from the date of discontinuance after paying all the unpaid premiums.
    • I stop the payment
    If premium are paid up for at least two years, then it is converted to paid up Value and policy will cease.
    • I wish to take a loan
    Loan will not be available under this policy.

    Exclusions

    • If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this policy or the date of any revival/reinstatement of this policy, the policy will become null and void. No benefit will be paid under such circumstances except on an ex-gratia basis at the discretion of the Company.