Investment Objective
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.
Explore The Plan
RIDER OPTIONS
SBI Life - Accidental Death benefit rider (UIN: 111B015V01) : In case of death due to an accident, Rider Sum Assured become payable in addition to the basic some assured .
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 50,00,000
Minimum : 8 years
Maximum : 60 years
Maximum Maturity Age : 65 years
SBI Life - Accidental Total & Permanent Disability benefit rider (UIN: 111B016V01) : Accident are unpredictable. They may be lead to total and permanent disability and this rider provides protection against such disabilities.
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 50,00,000
Minimum : 8 years
Maximum : 60 years
Maximum Maturity Age : 65 years
SBI Life - Criti Care 13 Non Linked Rider (UIN: 111B025V01) : The Rider sum assured would be payable on the life sum assured being diagonised with any of the 13 diseases mentioned below and surviving for 30 days from the date of diagnosis.
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 20,00,000
Minimum : 8 years
Maximum : 55 years
Maximum Maturity Age : 64 years
SBI Life - Preferred Term Rider (UIN 111B014V01) : In the unfortunate event of death , the rider sum assured become payable in addition to the basic sum assured .
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 50,00,000
Minimum : 8 years
Maximum : 60 years
Maximum Maturity Age : 65 years
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 50,00,000
Minimum : 8 years
Maximum : 60 years
Maximum Maturity Age : 65 years
SBI Life - Accidental Total & Permanent Disability benefit rider (UIN: 111B016V01) : Accident are unpredictable. They may be lead to total and permanent disability and this rider provides protection against such disabilities.
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 50,00,000
Minimum : 8 years
Maximum : 60 years
Maximum Maturity Age : 65 years
SBI Life - Criti Care 13 Non Linked Rider (UIN: 111B025V01) : The Rider sum assured would be payable on the life sum assured being diagonised with any of the 13 diseases mentioned below and surviving for 30 days from the date of diagnosis.
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 20,00,000
Minimum : 8 years
Maximum : 55 years
Maximum Maturity Age : 64 years
SBI Life - Preferred Term Rider (UIN 111B014V01) : In the unfortunate event of death , the rider sum assured become payable in addition to the basic sum assured .
* Sum Assured :
Minimum : Rs 25000
Maximum : Rs 50,00,000
Minimum : 8 years
Maximum : 60 years
Maximum Maturity Age : 65 years
POLICY LOANS
Policy Loans :
No Loan Facility is available under this product .
No Loan Facility is available under this product .
POLICY TERM
Policy Term : Yearly / Half-yearly / Quarterly / Monthly
FEATURES
* Plan that provides Insurance Cover and Regular Income.
* Choose your policy term from 5, 10 or 15 years.
* 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.
* Vested Reversionary bonuses plus Terminal bonus, if any, will be paid as lump sum at the end of the policy term, at maturity.
* 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).
* Provided at Maturity, the policy is in force or paid-up.
* Choose your policy term from 5, 10 or 15 years.
* 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.
* Vested Reversionary bonuses plus Terminal bonus, if any, will be paid as lump sum at the end of the policy term, at maturity.
* 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).
* Provided at Maturity, the policy is in force or paid-up.
BENEFITS
On Maturity :
* Maturity Benefit as lump sum : You get vested reversionary bonuses plus terminal bonus, if any, at maturity.
* 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.
On Death :
* 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.
* 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 Benefits :
* 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.
* Tax deduction under Section 80(D) is available for premiums paid towards Criti Care 13 Non Linked Rider.
* 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.
* Maturity Benefit as lump sum : You get vested reversionary bonuses plus terminal bonus, if any, at maturity.
* 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.
On Death :
* 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.
* 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 Benefits :
* 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.
* Tax deduction under Section 80(D) is available for premiums paid towards Criti Care 13 Non Linked Rider.
* 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.
SUM ASSURED DETAILS
Sum Assured :
Minimum : Rs.1,00,000/- (x 1,000/-)
Maximum : No Limit
Minimum : Rs.1,00,000/- (x 1,000/-)
Maximum : No Limit
ENTRY AGE DETAILS
Age at Entry :
Minimum : 8 years
Maximum : 60 years
Minimum : 8 years
Maximum : 60 years
PREMIUM PAYMENT TERM
* Premium Frequency : 5/10/15 years
* Payout Period : 15 years
* Premium Frequency Loading :
Half-yearly : 52% of annual premium
Quarterly : 26.5% of annual premium
Monthly : 8.9% of annual premium
* Payout Period : 15 years
* Premium Frequency Loading :
Half-yearly : 52% of annual premium
Quarterly : 26.5% of annual premium
Monthly : 8.9% of annual premium
GENERAL EXCLUSIONS
* Suicide Exclusion :
If the life assured, whether sane or insane, commit suicide within 12 months from the date of issues of this policy, the policy will become nulland void. No benefit will be paid under such circumstance except on an ex-gratia basis at the discreation of the company .
If the life assured, whether sane or insane, commit suicide within 12 months from the date of any revival/ reinstatement of this policy, only surrender value, if any will be payable.
If the life assured, whether sane or insane, commit suicide within 12 months from the date of issues of this policy, the policy will become nulland void. No benefit will be paid under such circumstance except on an ex-gratia basis at the discreation of the company .
If the life assured, whether sane or insane, commit suicide within 12 months from the date of any revival/ reinstatement of this policy, only surrender value, if any will be payable.
SURRENDER DETAILS
Surrender Value :
Complying with Section 113 of the insurance Act,1938, policy will have Guaranteed Surrender Value which will be equal to 30% of all premium paid excluding first year premiums,rider premium and extra premium, if any ,cash value of allocated bouns, if any will also be added .
The Non - Guaranteed ( Special) Surrender Value will be based on assessment on past financial and demographic experience of the product / group of similar product and likely future experience and will be reviewed from time to time depending on change in internal and external experience and likely future experience .
On Surrender, higher of the Non - Guaranteed SSV and the GSV will be paid .No surrender value is payable on the riders.
Complying with Section 113 of the insurance Act,1938, policy will have Guaranteed Surrender Value which will be equal to 30% of all premium paid excluding first year premiums,rider premium and extra premium, if any ,cash value of allocated bouns, if any will also be added .
The Non - Guaranteed ( Special) Surrender Value will be based on assessment on past financial and demographic experience of the product / group of similar product and likely future experience and will be reviewed from time to time depending on change in internal and external experience and likely future experience .
On Surrender, higher of the Non - Guaranteed SSV and the GSV will be paid .No surrender value is payable on the riders.
MATURITY AGE DETAILS
Age at Maturity :
Minimum : 18 years
Maximum : 65 years
Minimum : 18 years
Maximum : 65 years
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