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SBI Life - Smart Income Protect Plan

What is the Plan all About?

SBI Life - Smart Income Protect Plan that provides life cover and regular cash inflow. It is a participating traditional plan that has flexible policy term options and also provides regular annual payouts for a period of 15 years. This plan thus helps you meet various financial obligations. It also provides the financial cover for the family.

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What are the Key Features?

  • Regular guaranteed annual payouts during payout period
  • Insurance cover
  • Receive maturity benefit in lump sum
  • Get accrued bonuses
  • 7/12/15 policy term
  • Choose riders to customize coverage
  • Rebate on large sum assured
  • Get tax benefits

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured during the term of the policy, the death benefit payable is higher of Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid, whichever is higher is payable. Sum Assured on Death is higher of basic sum assured, multiple of annualized premium, or guaranteed sum assured at maturity.

    For 7 years policy term, multiple of annualized premium is 5 times for all ages at entry. For 12/15 years policy term, multiple of annualized premium is 10 times when age at entry is less than 45 years and it is 7 times when age at entry is 45 years or more.

Maturity Benefit

    On survival of the life assured till the end of the policy, you will receive annual payouts (which is equal to 11% of the basic sum assured) over a payout period of 15 years after maturity. The first installment is payable at the end of the first year during this payout period. You will also receive vested Reversionary Bonuses plus Terminal Bonus at maturity of the policy.

    You have an option to receive the maturity benefit as a lump sum which is Guaranteed Sum Assured at Maturity equal to 110% of the Basic Sum Assured plus Vested Reversionary Bonuses plus Terminal Bonus.

    In the event of your death during the payout period, the remaining annual payouts is paid to the nominee/legal heir.

Bonus

    Vested Simple Reversionary Bonuses is accrued during the policy term and it is a percentage of the basic sum assured. Reversionary Bonus is declared on the basis of long term view of investment returns, expenses & other factors. Terminal Bonus is paid on maturity, surrender or death during the policy term or at maturity of the policy.

Loan Benefit

    Loan facility is not available with this plan.

Surrender Value

    Surrender Value can be acquired on payment of at least 2 full policy years’ premiums under 7 years policy term and the premium payment for 3 full policy years is required to acquire the surrender value under 12/15 years policy term.

Tax Benefit

    Under this policy, you can avail tax benefits as applicable under the Income Tax Act, subject to amendments from time to time.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 11 Years (for 7 Years Policy Term), 8 Years (for 12/15 Years Policy Term) 58 Years (for 7 Years Policy Term), 53 Years (for 12 Years Policy Term), 50 Years (for 15 Years Policy Term)
Age at Maturity 18 Years 65 Years
Policy Tenure 7/12 Years 15 Years
Premium Paying Term Equal To Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount - -
Sum Assured Rs 1 Lac No Limit (subject To Underwriting)
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted under this plan, on payment of additional rider premium.

  • SBI Life - Accidental Death Benefit Rider
  • SBI Life - Accidental Total and Permanent Disability Benefit Rider
  • SBI Life - Criti Care 13 Non Linked Rider
  • SBI Life - Preferred Term Rider

How the Plan Works?

Let’s understand the plan with the help of the below illustrated example.

Mr. Raman at 35 years, wants to buy a plan that provides both savings and protection. He opts to buy SBI Life - Smart Income Protect Plan with the policy term of 15 years and the sum assured of Rs 10 Lacs with annual premium of Rs 74,370.

Scenario A: Raman Survives through the Policy Term

On survival of Raman till the end of the policy term, Rs 1.10 Lacs per annum over a period of 15 years after maturity plus Vested Reversionary Bonuses and Terminal Bonus is payable. The maturity benefit payable can further be used to build wealth.

Scenario B: Raman dies during the Policy Term

On the death of Raman during the policy term, the death benefit payable is Rs 10 Lacs plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid, whichever is higher.

Benefit Illustration

SBI Life - Smart Income Protect Plan Scenario