SBI Life Smart Income Protect
National Health Insurance
  • Guaranteed Annual Payout
  • Reversionary Bonus
  • Tax Benefits u/s 80C
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SBI Life Smart Income Protect

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.

Eligibility

CriteriaDetails
Entry AgePolicy TermMinimumMaximum
7 Years11 Years58 Years
12 Years8 Years53 Years
15 Years8 Years50 Years
Maturity AgeMinimumMaximum
18 Years65 Years
Basic Sum AssuredRs. 1 lakhNo limit
Policy Term7 Years/ 12 Years/ 15 Years
Premium FrequencyYearly/ half-yearly/ quarterly/ monthly
Payout Period15 Years
Payout PremiumYearly

SBI Life Smart Income Protect Policy - Features

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.

  • Free Look Period: The Smart Smart Income Protect plan comes with a free look period of 15 days. You are free to cancel the policy within 15 days.
  • Grace Period: A grace period of 30 days is offered under the plan to pay the policy renewal premium.
  • Rebate: The plan provides the policy buyer with a rebate/discount in case of the large sum assured opted.
  • Policy Term Options: Multiple policy term options are provided to the policy buyers under the Smart Income Protect plan.

SBI Life Smart Income Protect Policy - Benefits

The benefits offered under the policy ensures that your family’s financial needs are met. The benefits provided under the plan are:

  • Guaranteed Annual Payout: The insured gets to enjoy 11% of the sum assured/ paid-up sum assured under guaranteed annual payout. It is paid on the maturity of the policy, after 15 years of payout periods.
  • Reversionary Bonus: The policyholders can cherish the reversionary bonus along with the terminal bonus (if any) at the end of the policy term or on maturity. It is paid as a lump sum amount.
  • Tax Exemption Benefits: Tax benefits are provided under the Smart Income Protect Policy as per section 80C of the Income Tax Act, 1961.
  • Death Benefit: The nominee mentioned in the policy gets death benefit which is higher of:
    • Sum insured on death + vested reversionary bonus + terminal bonus (if any)
    • 105% of all the premiums paid till the date of death.
  • Maturity Benefits: Policyholders should assure that the policy is in force. Maturity benefits can only be cultivated if the policy has been in force and all the premiums have been paid regularly.
  • Rider Benefits: Riders provide extra coverage. So, whenever one is planning to buy life insurance, one should buy a rider to get extra coverage under the plan. Rider facility is provided under SBI Life Smart Income Protect policy.
  • Other Benefits: Other benefits like surrender value and paid-up value can be enjoyed under the plan if premiums have been paid for:
    • Two full years for a policy term of 7 years and
    • Three full years for a policy term of 12 years/ 15 years.
smart income protect

Smart Income Protect Plan Rider

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.

RidersSum AssuredEntry AgeMaximum Maturity Age
MinimumMaximumMinimumMaximum
SBI Life - Accidental Death BenefitRs.25,000Rs.50 lakhs18 Years60 Years65 Years
SBI Life Accidental Total and Permanent Disability RiderRs.25,000Rs.50 lakhs18 Years60 Years65 Years
SBI Life Criti Care 13 Non-linked RiderRs.25,000Rs.20 lakhs18 Years55 Year64 Years
SBI Life Preferred Term RiderRs.25,000Rs.50 lakhs18 Years60 Years65 Years

Exclusion

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.

SBI Life Smart Income Protect Policy Review

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.

FAQs

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:

  • Half-yearly: 51% of the annual premium
  • Quarterly: 26% of the annual premium
  • Monthly: 8.50% of the annual premium

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Last updated on 21-02-2020