SBI Life Smart Income Protect Plan is a savings plan that offers regular annual payouts and insurance cover. It allows the policyholder to build a savings corpus for future needs while also providing protection. This plan provides a combination of one-time income and ongoing income for the policyholder’s lifetime. It is a participating plan that requires regular premium payments for five, ten, or fifteen years. With this plan, you can enjoy the benefits of guaranteed, regular payouts on an annual basis over a specific period of time.
If you’re approaching retirement and worried about not having enough savings, SBI Life Smart Income Protect Plan 2023 is the perfect solution. This plan covers all your essential needs, providing income protection, life insurance, and Critical Illness cover. With SBI Life, you can trust that you’ll receive high-quality products at competitive prices. Don’t wait any longer, contact us today to learn more about this plan and secure your financial future!
SBI Life Smart Income Protect Plan 2023
SBI Life Insurance presents the SBI Life Smart Income Protect Plan, a participating savings life insurance policy that is not linked to investments. This plan offers policyholders essential life coverage along with regular income in the form of annual payouts. Individuals can choose a policy term ranging from seven to fifteen years, based on their needs and convenience. Once the premium-paying term is completed, the policyholder will receive a guaranteed income to meet future expenses, and the annual payouts will continue for the chosen policy term duration. It’s a simple and effective way to secure both life coverage and regular income.
If you’re seeking a long-term financial security solution, the SBI Life Smart Income Protect Plan could be a suitable choice. This life insurance plan offers coverage for significant events like retirement, disability, and death. Moreover, it comes with a cost-effective structure, making it accessible for everyone. If you’re worried about securing your future and ensuring adequate protection, continue reading to explore the features of the SBI Life Smart Income Protect Plan.
SBI Life Smart Income Protect Plan 2023
SBI Life Insurance presents the SBI Life Smart Income Protect Plan, a participating savings life insurance plan that is not linked to any investment. This plan provides policyholders with essential life coverage and a regular income through annual payouts throughout the policy term. Policyholders have the flexibility to choose a policy term ranging from seven to fifteen years based on their needs and convenience. At the end of the premium-paying term, policyholders are assured of a guaranteed income to fulfill future requirements and expenses. The duration of the annual payouts aligns with the selected policy term.
If you’re searching for a long-term solution to secure your financial well-being, the SBI Life Smart Income Protect Plan could be the right choice for you. This life insurance plan offers coverage for various significant events, including retirement, disability, and death. What’s more, it comes with an affordable structure that makes it easy to get started. So, if you’re concerned about your future and want to ensure you have the necessary protection, continue reading to find out more about the SBI Life Smart Income Protect Plan.
Who is the target audience for the SBI Life Smart Income Protect Plan?
If you’re seeking a long-term financial solution that brings peace of mind, the SBI Life Smart Income Protect Plan might be the ideal choice for you. This plan is specifically designed to provide protection and support for you and your family in case of unexpected death or illness. It offers valuable life insurance coverage that can assist you and your loved ones during challenging times. Who can benefit from the SBI Life Smart Income Protect Plan? Let’s take a look at the individuals who should consider enrolling in this essential plan.
Individuals who are interested in saving and earning money while also obtaining life insurance coverage should consider exploring the SBI Life Smart Income Protect plan. The table below provides information on the eligibility criteria for this plan:
| Parameter | Eligibility | ||
| Entry age | Policy term | Minimum | Maximum |
| 7 years | 11 years | 58 years | |
| 12 years | 8 years | 53 years | |
| 15 years | 8 years | 50 years | |
| Maturity age | Minimum- 18 years Maximum- 65 years | ||
| Premium paying term | Same as the policy term selected | ||
| Policy term | 7, 12 or 15 years | ||
What is included and how much it costs in the Sum Assured and Premium Range?
If you want to make sure that your insurance policy covers all possible risks, then Sum Assured is the right choice for you. Sum Assured provides comprehensive coverage, including property, car, health, and travel insurance. What’s even better is that the premiums are affordable, especially compared to other insurance providers. In this article, we will explain what is included in the Sum Assured plan and provide a price comparison. If you’re ready to switch to Sum Assured, let’s get started!
Sum Assured:
The sum assured is the guaranteed payout by the insurer, excluding any bonuses or additional benefits. With the SBI Life Smart Income Protect plan, a minimum sum of Rs. 1 lakh is guaranteed. There is no upper limit, but it is subject to underwriting.
Premium:
The premium is the amount paid by policyholders for the insurance coverage provided. With the SBI Life Smart Income Protect plan, policyholders have the flexibility to choose their preferred premium payment frequency, such as annually, semiannually, quarterly, or monthly. The premium amount is determined based on factors like the policy term, age, gender, selected sum assured, and other relevant considerations.
The premium payment amount varies based on the chosen premium-paying mode, as indicated in the table below:
| Premium | Modal factor (% of annual premium) |
| Yearly | 100% |
| Half-yearly | 51% |
| Quarterly | 26% |
| Monthly | 8.50% |
Coverage of the Plan: What is included in the SBI Life Smart Income Protect Plan?
If you’re seeking comprehensive life insurance coverage, the SBI Life Smart Income Protect Plan is an excellent choice for you. This plan offers a wide range of protection options, including coverage for cancer and accidental death benefits. The best part is that there are no annual premiums required, allowing you to keep your costs low and have flexibility with your coverage. In this article, we will provide a detailed overview of everything included in the plan and explain how it can benefit you. So let’s dive in and explore the features of this plan.
Here are the advantages of the SBI Life Smart Income Protect policy:
- The individual decides the amount they want to receive at the end of the policy term, which is known as the sum assured.
- Next, the individual chooses the policy term and the frequency of premium payments from the available options.
- Based on the provided information, the premium amount will be calculated.
- After the premium-paying term, an annual income will be paid out for a duration of 15 years. The annual income amount will be 11% of the sum assured.
- The death benefit will be paid out based on the higher amount of the following:
- The death benefit will be paid out based on the higher amount among the following:
- The guaranteed sum assured on maturity.
- The basic sum assured.
- A multiple of the annualized premium, where the multiple would be:
| Policy term | Age at entry (less than 45 years) | Age at entry (more than 45 years) |
| 7 years | 5 | 5 |
| 12/15 years | 10 | 7 |
The table below provides details of the coverage included in the plan:
In the unfortunate event of the policyholder’s death while the policy is active, the dependents or nominees will receive the higher of the following amounts:
In the unfortunate event of the policyholder’s death while the policy is active, the dependents or nominees will receive a payment equal to the sum assured upon death. This payment will include any vested simple reversionary bonus and, if applicable, a termination bonus. Additionally, the total amount will be at least 105% of all premiums paid up to the date of death.
If the policy remains active until maturity, the policyholder will receive the following amounts upon reaching the end of the policy term.
If there are any vested reversionary bonuses and terminal bonuses, they will be paid out annually for the next 15 years. The payout will be 11% of the basic sum assured.
If preferred, the payouts can also be received as a single lump sum. In this scenario, the maturity sum assured would be the total of the basic sum assured, along with any vested reversionary bonus and terminal bonus.
| Death benefit | N/A |
| Maturity benefit | N/A |
| Vested Simply Reversionary Bonus | Moreover, the plan offers a vested reversionary bonus, which is the cumulative sum of all bonuses accumulated throughout the policy’s duration. If the policy remains active, this amount will be added to the sum assured and paid out upon the occurrence of death or policy maturity. |
| Terminal bonus | In addition to the maturity benefit, a terminal bonus may also be provided. If the policyholder passes away or surrenders the policy, the terminal bonus will be paid out as well. |
Additional coverage options are available as riders or add-on plans under the SBI Life Smart Income Protect Plan. These options provide extra protection and benefits beyond the basic plan.
To enhance the level of protection offered by the plan, policyholders have the option to purchase riders or add-on plans. These additional plans can be chosen based on the specific needs of the policyholder. Here is a list of available riders that can be added to the policy.
SBI Life Accidental Death Benefit Rider:
In the unfortunate event of the policyholder’s accidental death, this rider provides an additional sum assured. The rider sum assured is paid on top of the basic sum assured under the main policy. With this rider, the maximum payout can be up to Rs. 50 lakh, while the minimum assured amount is set at Rs. 25,000.
SBI Life Accidental Total & Permanent Disability Benefit Rider:
If the policyholder experiences a total and permanent disability due to an accident, this rider provides a sum assured amount. It offers financial support to the policyholder in such unfortunate circumstances.
SBI Life Criti Care 13 Non-Linked Rider:
This rider ensures a guaranteed coverage amount ranging from Rs. 25,000 to Rs. 20 lakh. It is available for policyholders aged 18 to 55, with coverage until the age of 64. The rider provides protection against the following specified diseases: [list of diseases].
SBI Life Preferred Term Rider:
In the unfortunate event of the policyholder’s demise, this rider provides an additional sum assured on top of the base policy payout. The rider ensures a minimum benefit of Rs. 25,000 and a maximum benefit of Rs. 50 lakh. Policyholders between the ages of 18 and 60, with coverage until the age of 65, can opt for this rider to enhance their coverage.
Exclusions – What the SBI Life Smart Income Protect plan doesn’t cover?
The SBI Life Smart Income Protect plan offers various benefits and features to policyholders. While most claims covered by the policy will be paid out, there are certain situations in which the company may not provide benefits. The following scenarios are not covered by this policy:
Details About Premium
The annual premium amount in Rupees for a policy term of 12 years is:
| Age | 30 years | 40 years | 50 years |
| Sum Assured | 100,000 | 200,000 | 200,000 |
| Premium | 19,014 | 19,244 | 19,938 |
Freelook Period, Surrender Value, Grace Period, and other important features
Here are some more benefits and features included in the plan:
The policyholder needs to show enough evidence of being insurable. Also, all premiums must be paid until this stage.
| Free look period | During the free look period, the policyholder has the freedom to return the policy document along with the reason for their dissatisfaction with any of the policy’s terms and conditions. There will be no penalties imposed for doing so. |
| Grace period | If the policyholder is unable to pay the premium amount for quarterly, semiannual, or annual payments by the due date, they have a grace period of thirty days to make the payment. This allows them additional time without incurring any penalties. |
| Nomination | The policyholder can choose to designate one or multiple individuals who will receive the policy benefits in the event of their death. |
| Surrender value | The surrender value of the policy will increase if the following conditions are met: For a 7-year term, premiums have been paid for at least two years, and for a 12- or 15-year term, premiums have been paid for at least three years. |
| Paid up value | The amount paid upon maturity or death, known as the paid-up sum assured, will be determined based on the paid-up value. Upon maturity, the paid-up value will be 110% of the paid-up sum assured, which includes any vested reversionary bonus and terminal bonus. |
| Policy revival | |
| Loans | This policy does not offer the option to take a loan. |
| Rebates | The policy provides discounts for selecting higher sum assured amounts. |
Benefits from taxes: How can the SBI Life Smart Income Protect Plan help you save money
The SBI Life Smart Income Protect plan offers many benefits for policyholders. By choosing this policy, policyholders can also enjoy tax savings.
Policyholders can benefit from tax deductions on their life insurance premium payments under Section 80C of the Income Tax Act of 1961.
Policyholders can receive tax benefits on the benefits received from their life insurance policies under Section 10(10D) of the Income Tax Act of 1961.
Eligibility Criteria for SBI Life Smart Income Protect Plan
The plan has specific age limits for entry, with a minimum and maximum age requirement. Here are the age limits for the plan.
| Age at entry | Minimum Age – 8 years Maximum Age – 60 years |
| Minimum Age at Maturity Maximum Age at Maturity | 18 years 65 years |
Other Benefits: How the SBI Life Smart Income Protect Plan Can Help You Save Money
If you want to save money on your insurance premiums, consider the SBI Life Smart Income Protect Plan! This plan offers higher coverage compared to other plans, allowing you to get more value for your money. It also comes with various additional benefits that make it a great choice. So, if you’re looking to reduce your premium expenses, the SBI Life Smart Income Protect Plan could be the ideal option for you. Keep reading to discover all the advantages this plan offers!
SBI Life provides policyholders with a hassle-free claims process, offering a step-by-step guide for filing and tracking claims. Moreover, the company has digitalized its plans and policy information, making it easier for policyholders to access their policy details and keep track of premium payments. This simplifies the overall experience for customers and ensures a smooth and convenient service.
Policyholders have the convenience of paying their premiums online instead of visiting an SBI Life branch office or sending a check. Online payment options include NEFT, net banking, standing orders, as well as credit or debit cards. SBI Life’s website provides tax calculators to help policyholders determine the premium amount for their policy. These calculators can also provide information on the sum assured that will be received upon maturity or in the event of the policyholder’s death. This allows policyholders to easily manage their payments and have a clear understanding of the benefits they can expect from their policy.
Why you ought to purchase the SBI Life Brilliant Pay Safeguard Plan from SBI Life
SBI Life Insurance is a company that offers life insurance services. It was established in 2001 by the State Bank of India (SBI) and BNP Paribas Cardif S.A. They provide insurance solutions for individuals and businesses in various areas. What makes them unique is their extensive presence across the country, thanks to their affiliation with a nationwide banking network. This allows them to effectively meet the insurance needs of people from all regions of the country.