SBI Life Smart Income Protect Plan
SBI Life Smart Income Protect Plan Review
Smart Income Protect is a participating traditional savings plan, where you continue to pay regular premiums over a period of 7, 12 or 15 years. You will get guaranteed annual pay outs for around 15 years and also life cover to take care of uncertainties of life. To summarize the plan is a mix of savings and protection.
Key Features
Benefits
In case of death of the policy holder, the nominee gets higher of the below
-Sum assured on death + Vested Simple Reversionary + Terminal Bonus, if any.
Or
-105% of the premiums paid till the date of death
The policyholder would get the below benefit, as the end of the policy term
-Vested Simple Reversionary + Terminal Bonus, if any
-Yearly pay-outs equal to 11% of basic sum assured for next 15 years after maturity
-In case of death, during the tenure, the future pay-outs will be given to nominee
-You can claim maturity amount in lump sum, in such a case, the benefit paid will be, guaranteed sum assured + vested reversionary bonus + Terminal bonus, if any.
Life Insurance premiums paid up to Rs. 1, 50,000 are allowed as a deduction from the taxable income each year under section 80C
You can avail below riders at a minimal cost
- Accidental Death Benefit rider
- Accidental total & permanent disability benefit rider
- Criti Care 13 non–linked rider
- Preferred Term rider
Rebate on high assured are available on the basic premium.
You can cancel the policy in 15 days of receipt of policy document, if you are not convinced with Terms and Conditions of the policy.
How it works
Illustrated with an example below:
Criteria
Male – 35 years
Premium- Rs. 74,370
Frequency – Annual
Policy Term – 15 years
Sum Assured – Rs. 10, 00,000
Benefits
Policy holder will receive yearly pay-outs equal to 11% of basis sum assured, which is Rs. 1, 10,000 for 15 years. The pay-out will be inclusive of Vested Simple Reversionary and Terminal Bonus (if any)
Exclusions
If the life assured, commits suicide, within a year of policy start 80% of the premiums paid, will be given to nominee. In case of suicide within one year from revival date, 80% of premiums paid or surrender value, whichever is higher would be paid and the policy will terminate.
FAQs
You stop paying the premiumThe policy gets lapsed if the premium is not paid within 30 days from the due date, this period is referred as “grace period”.
You want to surrender the policyPolicy can be surrendered after 3 policy years. Guaranteed Surrender value (GSV) will be paid, GSV factors percentage of basic premium paid, below is the illustration:
|
Policy Year |
As a percentage of basic premium paid |
||
|
7 years |
12 years |
15 years |
|
|
1 |
0 |
0 |
0 |
|
2 |
30 |
0 |
0 |
|
3 |
30 |
30 |
30 |
|
4-7 |
50 |
50 |
50 |
|
8-10 |
Not applicable |
55 |
55 |
|
11-12 |
Not applicable |
60 |
60 |
|
13-15 |
Not applicable |
Not applicable |
65 |
You want a loan against your policyLoan facility is not available under this policy.
