Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. BNP Paribas Cardif Proposes to Increase Stakes in SBI Life Insurance to 36% IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders The Biggest Refund Order of Rs. 275 Crore Issued by IRDA to Sbi Life
Details About Premium Annual premium in Rupees for a policy tern of 12 years Policy Details Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = GSV Factor * Basic premiums paid including the GSV of vested bonuses Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
It is a participating savings plan with regular premium payment option. Regular annual payouts are guaranteed @ 11% of the Sum Assured Reversionary bonuses and terminal bonus increase the corpus
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Rebates are offered for Large Sum Assured ranges of 2 lakhs and above There are riders available under the plan namely: SBI Life – Accidental Death Benefit (ADB) Rider SBI Life – Accidental Total and Permanent Disability (ATPD) Benefit Rider SBI Life Criti-Care 13 Non- Linked Rider SBI Life – Preferred Term Rider Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
On maturity, vested bonuses and terminal bonus, if any, is paid to the policyholder in lump sum. After that, annual regular payouts @11% of the SA are paid over a period of 15 years. Alternatively, the policyholder can choose to take the maturity benefit in lump sum where 110% of the Sum Assured and vested reversionary bonuses and terminal bonus is paid On death of the policyholder within the payout period, future payouts will continue to be paid to the nominee On death during the policy term, the nominee will get higher of the SA payable on death including bonuses or 105% of all premiums paid till date of death Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Smart Income Protect is a participating savings plan which provides regular annual payouts after the policy term along with insurance cover during the policy term. Thus, it enables the policyholder to build a corpus form which payouts are made for meeting future requirements.
