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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)

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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.

Claim Process

Know Claim Process of SBI Life Smart Income Protect 

Claim Process

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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