SBI Life Smart Income Protect
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| Launch Date | Product Code | UIN | Status |
| 22/6/2016 | 1B | 111N085V03 | Active |
About SBI Life Smart Income Protect
- This is a simple Endowment plan offering bonuses on maturity
- Primary objective of plan is investments with low risk returns
- SBI smart income protect offers fixed policy term (7 or 12 or 15 years) options
- This plan offers regular payout option for 15 years after the maturity date.
- Extra additional benefit provided in form of 4 rider options
How does this Plan work?
Under this SBI Life Smart Income Protect plan, an individual decides upon a premium paying policy term i.e. 7or 12 or 15 years for a sum assured. He pays yearly regular premiums throughout the policy term and on maturity he can choose to avail the maturity benefit from the following 2 options:
Option 1: collect the accrued bonus on maturity date and for the next 15 years every year receive 11% of the Sum assured.
Option 2: Collect the entire lumpsum which includes 110% of the sum assured and accrued bonus.
If due to an unfortunate event in-case the individual dies during the policy term, then the nominee receives a lumpsum called as death benefit. Death benefit consists of death sum assured and accrued bonus or 105% of all the premiums paid till death. Suppose if he dies during the payout period, then his nominee gets the payouts.
Let us understand this by an illustration,
Person’s age: 35 years
Policy term: 15 tears
Sum assured: Rs. 10, 00,000/-
Consider a 35 old person who decides to buy this SBI Smart Income Protect plan with a premium paying term of 15 years for a sum assured of Rs 10 lakhs. He pays a yearly premium of Rs74370 for 15 years. After the policy term is over he receives accrued bonus as maturity benefit and for next 15 years he gets 11% of the sum assured i.e. 110000 each year.
Why should you buy SBI Smart Income Plan?
- This plan takes care of liquidity needs
- High Life cover ratio means higher bonus amounts.
- It acts as an extra source of income
- Premiums paid are tax exempt under section 80C and maturity amount is tax free under section 10(10D)
COMPARE & BUY SIMILAR PLANS
Bonus History
Company Name : SBI Life Insurance
Plan Name : Smart Income Protect
| BonusYear | RevBonus | InterimBonus | MinPPT | MinPT | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2014-15 | 2.75% | 2.75% | Regular Pay | 5 (Plan-1) | ||||||
| 2014-15 | 2.75% | 2.75% | Regular Pay | 10 (Plan-2) | ||||||
| 2014-15 | 2.75% | 2.75% | Regular Pay | 15 (Plan-3) | ||||||
| 2014-15 | 2.50% | 2.50% | Regular Pay | 7 (Plan-1) | ||||||
| 2014-15 | 2.50% | 2.50% | Regular Pay | 12 (Plan-2) | ||||||
| 2014-15 | 2.50% | 2.50% | Regular Pay | 15 (Plan-3) | ||||||
| 2015-16 | 3% | 3.00% | Regular Pay | 5 (Plan-1) | ||||||
| 2015-16 | 3% | 3.00% | Regular Pay | 10 (Plan-2) | ||||||
| 2015-16 | 3% | 3.00% | Regular Pay | 15 (Plan-3) | ||||||
| 2015-16 | 2.75% | 2.75% | Regular Pay | 7 (Plan-1) | ||||||
| 2015-16 | 2.75% | 2.75% | Regular Pay | 12 (Plan-2) | ||||||
| 2015-16 | 2.75% | 2.75% | Regular Pay | 15 (Plan-3) |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
Who should buy LIC ‘s SBI Smart Income plan?
- An individual who is looking out for a low risk investment that pays good bonus
- People planning for specific life goals like (big house, world trip, daughter’s marriage etc.)
Riders & Add On
The following rider is available under this plan:
- SBI Life - Accidental Death Benefit Rider: Under this rider option an additional lump sum benefit is paid to the nominee on unfortunate accidental death of the policyholder.
- SBI Life - Accidental Total and Permanent Disability Benefit Rider: If the policyholder becomes permanently disabled due to an accident a lump sum benefit will be paid to him.
- SBI Life - Criti Care 13 Non-Linked Benefit Rider: Under this rider a sum assured is payable on diagnosis of 13 critical illnesses, and survives for 30 days from the date of diagnosis.
- SBI Life - Preferred Term Rider: Under this rider option an additional lump sum benefit is paid to the nominee on unfortunate death of the policyholder.
Company Overview
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.
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