Insurance Plans March 14, 2020

SBI Life Smart Income Protect Plan

Everyone wants financial security against the uncertainties of life. So, you would want to invest your present earnings wisely in an insurance plan which will support you and your family in case of any emergency situation. You would need the same inflow of fund to meet the various requirements of your family and maintain the current lifestyle as well. SBI Life Smart Income Protect Plan provides you with all the solutions for your future needs. SBI Life, a joint partnership between SBI, the largest bank in India and BNP Cardiff, an international top brand in life insurance, brings wide-ranging insurance products that will suit all the requirements and secure your future at an affordable rate.

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Let us take you through the various characteristics of the Smart Income Protect Plan life insurance plan for a better understanding.

Details of SBI Life Smart Income Protect Plan

SBI Life Smart Income Protect Plan is a savings plan with dual advantages of providing life coverage with steady incoming cash flow for a period of 15 long years. The plan offers:

Protection- Coverage of life for the entire term

Trustworthiness- Constant and a steady income from the plan to meet various necessary obligations and you don’t fall into any trouble

Options- Availability of 4 riders’ options

Benefits of SBI Life Smart Income Protect Plan

Smart Income Protect Plan, a non-linked participating life insurance plan, comes with many benefits which are listed below:

    1. Smart Income Protect Plan is a perfect combination of getting complete life coverage with an annual income
    2. Choice of 3 policy years- 7, 12 and 15 years
    3. Guaranteed yearly payment of 11& of the Sum Insured for 15 years after the policy gets matured
    4. Availability of bonus with Terminal bonus, as applicable
    5. Advantage of getting the maturity benefit as a whole amount
    6. Availability of 4 rider options to make your plan more effective and get an all-inclusive coverage
      • SBI Life Preferred Term Rider
      • SBI Life Criti Care 13 Non-Linked Rider
      • SBI Life Accidental Death Benefit Rider
      • SBI Life Accidental Total and Permanent Disability Benefit Rider
    7. Maturity Benefit under Smart Income Protect Plan
      • Payment of Sum Insured with bonus and Terminal Bonus.
      • For 15 years after the maturity of the policy, you will be receiving the disbursements which will be 11% of the basic sum insured
      • In a situation where there is an unfortunate death during the payout phase, entire payments for the future will be paid to the nominee
      • Choice of getting the maturity benefit through a lumpsum amount. Here the maturity benefit will be paid as 110% of the basic sum insured as the guaranteed sum insured with all applicable bonus and terminal bonus
    8. Death Benefit under Smart Income Protect Plan

In case of death during the term of the policy, the benefit will be given to the nominee, as an option I or II whichever is higher, as given below:

    • Sum Insured with bonus and Terminal Bonus.

      Here Sum Insured means the Basic sum Insured or the guaranteed sum insured upon maturity or a multiple of the Annualized Premium or known as AP, whichever is higher. And the multiple is shown as below:

      Term of the Policy (in years)Entry Age of the Life Insured < 45 yearsEntry Age of the Life Insured > 45 years
      755
      12 or 15107
    • 105% of full premiums paid until the death

How SBI Life Smart Income Protect Plan will work?

Let us take an example for you to understand the plan.

Mr Rahul Bose, 40 years of age, buys an Smart Income Protect Plan chooses a 15 years term and the Sum Insured is INR 2000000. Mr Bose is paying an annual premium of INR 85430 for 15 years. He will, therefore, receive an annual payout of INR 220000 for next 15 years after the maturity. Hence, INR 220000 will be at his disposal to meet his necessary expenses and other obligations.

Eligibility

Let us now have a look at the eligibility criteria

Entry Age
Term of the Policy (in years) Minimum YearsMaximum Years
71158
12853
15850
Maturity AgeMinimum Age 18 years, Maximum Age 65 years
Term of the Policy (in years) 7, 12 and 15 years
Period and Frequency of Payout15 years after maturity and annually
Sum Insured Minimum INR 100000, Maximum Zero Limit
Frequency of PremiumMonthly, Bi-Annually, Quarterly and Annually
LoadingMonthly- 8.5% of the yearly premium
Quarterly-26% of the yearly premium
Bi-Annually-51% of the yearly premium

Rebate under SBI Life Smart Income Protect Plan

You are entitled to get rebates if the sum insured chosen are of high amounts. The table below will the same.

Sum Insured (INR)Rebate on the yearly premium for Sum Insured of INR 1000
1 Lakh <= 2 LakhsNil
2 Lakh <= 5 Lakhs2
>= 5 Lakhs3

Exclusions under SBI Life Smart Income Protect Plan

  • If the life insured, commits suicide within 12 months from the inception of the policy or from the date of restoration of the policy, then the policy will be treated as cancelled with nil payments.
  • The Nominee will be eligible to get 80% of all the premiums in case of running policies within 12 months from the date of inception of this policy
  • In the case where the life insured commits suicide within 12 months from the date of restoration of the policy, the nominee will get 80% of all the premiums paid until the death or the surrender value, whichever is greater for all running policies

With SBI Life Smart Income Protect Plan you can have a peaceful life and do not have to worry about the future. Your family will always have an inflow of a regular income which will help them to meet the ongoing expenses as well as, it will support to fulfil their dreams and other aspirations.

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