SBI Life 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.
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.
Additional Features or Riders
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
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