#Virukipolicy | T&C*
The State Bank of India is a renowned insurance provider in the insurance market. It has been trusted for its services for decades. It is the largest state-owned banking and financial services provider in India. It operates in 37 countries with 198 foreign offices at present. SBI Life Insurance Company cares for you, so it often launches varieties of life insurance plans and investments plans. One of them is the SBI Life Smart Income Protect Plan.
SBI Life Smart Income Protect policy is an investment cum life insurance plan. The investment in this plan brings a regular inflow of cash. It is a traditional and non-linked plan participating in nature. After completion of the policy term, the regular payouts begin and the insured can enjoy the regular income benefit. To buy this investment plan, you need to fulfil the below-mentioned eligibility criteria.
|Entry Age||Policy Term||Minimum||Maximum|
|7 Years||11 Years||58 Years|
|12 Years||8 Years||53 Years|
|15 Years||8 Years||50 Years|
|18 Years||65 Years|
|Basic Sum Assured||Rs. 1 lakh||No limit|
|Policy Term||7 Years/ 12 Years/ 15 Years|
|Premium Frequency||Yearly/ half-yearly/ quarterly/ monthly|
|Payout Period||15 Years|
Smart Income Protect Plan provides its policyholders with life cover throughout the policy term. Here are a few of the features of the Smart Income Protect policy.
The benefits offered under the policy ensures that your family’s financial needs are met. The benefits provided under the plan are:
Riders have always been an add-on shield to life insurance coverage. Here are mentioned all the riders available under the Smart Income Protect Plan.
|Riders||Sum Assured||Entry Age||Maximum Maturity Age|
|SBI Life - Accidental Death Benefit||Rs.25,000||Rs.50 lakhs||18 Years||60 Years||65 Years|
|SBI Life Accidental Total and Permanent Disability Rider||Rs.25,000||Rs.50 lakhs||18 Years||60 Years||65 Years|
|SBI Life Criti Care 13 Non-linked Rider||Rs.25,000||Rs.20 lakhs||18 Years||55 Year||64 Years|
|SBI Life Preferred Term Rider||Rs.25,000||Rs.50 lakhs||18 Years||60 Years||65 Years|
Suicide cases are an exclusion to the SBI Life Smart Income Protect policy. In case the life insured commits suicide within 12 months from the date of inception of the policy, the policy is considered to be null and void. No claims will be paid in such conditions. For further details, you can refer to the policy brochure.
The plan has been appreciated and highly liked by the policyholders. The benefits and features are easily accessible at an affordable premium. The smooth claim process provided under Smart Income Protect Policy has also helped the policyholders in their tough times. Moreover, the riders have been a relief in accidental and critical illness claims. So, buy a plan today without any delay.
No, the benefits like death benefits and maturity benefits are tax-free as per section 10(10D) of the Income Tax Act, 1961.
The policy is considered to be null and void in the case of suicidal death of the insured but the beneficiary would get 80% of the premiums paid till date.
You can not avail any loan facilities under the Smart Income Protect policy.
The premium frequency loading under the plan is as follows:
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Last updated on 21-02-2020