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SBI Life Smart Income Protect Plan

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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.

 

How does the plan work?

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)

 

Key Features of SBI Life Smart Income Protect Plan

  • Provides insurance cover and regular income
  • Limited policy term – 7, 12 or 15 years
  • Guaranteed Annual Pay-outs
  • Vested reversionary bonus + Terminal Bonus
  • Maturity benefit in lumpsum
 
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits of SBI Life Smart Income Protect Plan

Death Benefit – 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

Maturity Benefit – 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.

Income 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

 

Eligibility conditions and other restrictions in SBI Life Smart Income Protect Plan

Particulars

Policy Term

Minimum

Maximum

Entry Age

7

11

58

12

8

53

15

8

50

Maturity Age

 

18

65

Sum Assured*1000

 

1,00,000

No Limit

Policy Term

7,12,15

Premium Frequency

Yearly/Half yearly/Quarterly/Monthly

Pay-out period

15 years

Pay-out frequency

Yearly



 

Additional Features and Benefits of SBI Life Smart Income Protect Plan

Riders – 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
Premium discount on high sum assured – Rebate on high assured are available on the basic premium.

Free look - 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.

 

What happens if?

You stop paying the premium – The 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 policy – Policy 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 policy – Loan facility is not available under this policy.

 

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.

 
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