Introduction
Key Features
Product Snapshot
Benefits
Rider Brochures
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Introduction:
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 of 5, 10 or 15 years. Thereafter your
payout period starts, where you get guaranteed regular annual payouts
over a period of 15 years, meeting your various financial obligations.
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Key Features:
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Plan that provides Insurance Cover and Regular Income.
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Choose your policy term from 5, 10 or 15 years.
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Guaranteed annual payouts* (conditions apply)
of 11% of Sum Assured/Paid up Sum Assured over a period of 15 years
after maturity. The first instalment will be paid at the end of first
year during the payout period.
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Vested Reversionary bonuses plus Terminal bonus, if any, will be paid as lump sum at the end of the policy term, at maturity.
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Customize
your coverage through the wide range of additional rider benefits - SBI
Life - Accidental Death benefit rider (UIN: 111B015V01), SBI Life -
Accidental Total & Permanent Disability benefit rider (UIN:
111B016V01), SBI Life - Criti Care 13 Non Linked Rider (UIN:
111B025V01), SBI Life – Preferred Term Rider (UIN 111B014V01).
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* Provided at Maturity, the policy is in force or paid-up.
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Product Snapshot:
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| Age^ at Entry |
Min: 8 years |
Max: 60 years |
| Age^ at Maturity |
Min: 18 years |
Max: 65 years |
| Sum Assured |
Min: Rs.1,00,000/- (× 1,000/-) |
Max: No Limit |
| Policy Term |
5/10/15 years |
| Premium Frequency |
Yearly / Half-yearly / Quarterly / Monthly# |
| Payout Period |
15 years |
| Payout Frequency |
Yearly |
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^ All the references to age are age as on last birthday.
#3 Months premium to be paid in advance and
renewal premium payment through Electronic Clearing System (ECS) or
Standing Instructions (where payment is made either by direct debit of
bank account or credit card]
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Benefits:
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On Maturity: |
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Maturity Benefit as lump sum: You get vested reversionary bonuses plus terminal bonus, if any, at maturity.
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Maturity Benefit in Instalments:
You will be paid yearly payouts equal to 11% of basic Sum Assured for
next 15 years after maturity. This period of 15 years is your payout
period. The first instalment will be paid at the end of first year
during the payout period.
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On Death: |
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In
the unfortunate event of death of life assured during the policy term,
the nominee will receive Basic sum assured plus vested reversionary
bonuses plus terminal bonus, if any.
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In case of death during the payout period, all future payouts will be paid to the nominee or legal heir in lump sum immediately.
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Tax Benefits |
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Tax
deduction under Section 80(C) is available. However in case the premium
paid during the financial year, exceeds 10% of the sum assured, the
benefit will be limited up to 10% of the sum assured.
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Tax deduction under Section 80(D) is available for premiums paid towards Criti Care 13 Non Linked Rider.
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Tax
exemption under Section 10(10D) is available, subject to the premium
not exceeding 10% of the sum assured in any of the years during the term
of the policy.
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| Tax benefits, are as per
the Income Tax laws & are subject to change from time to time.
Please consult your tax advisor for details. |
