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  • SBI Life - Smart Income Protect Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The SBI Life Smart Income Protect Plan is a non-linked, participating savings life insurance product offered by SBI Life Insurance. The plan provides policyholders with basic life coverage as well as a regular income in the form of annual pay-outs during the policy term. The plan has a choice of policy terms ranging from 7 to 15 years, enabling individuals to choose a policy term based on their needs and convenience. On completing the premium paying term, the annual pay-outs would begin for the same period as the policy term selected, thus assuring the policyholder of a guaranteed income that would help meet any future needs or expenses.

    In addition to regular coverage, policyholders can also choose to enhance their coverage with riders based on their needs.

    Eligibility- Who is the SBI Life Smart Income Protect Plan for?

    The SBI Life Smart Income Protect plan is an ideal plan for individuals who are looking at saving and earning an income while receiving life cover. The eligibility criteria for the plan is mentioned in the table below:

    Parameter Eligibility
    Entry age Policy term Minimum Maximum
    7 years 11 years 58 years
    12 years 8 years 53 years
    15 years 8 years 50 years
    Maturity age Minimum- 18 years Maximum- 65 years
    Premium paying term Same as the policy term selected
    Policy term 7, 12 or 15 years

    Sum Assured and Premium Range- What you get and what it costs?

    Sum Assured:

    The sum assured is the guaranteed amount that would be paid out by the insurer, excluding any bonuses or add-ons. The Sum assured under the SBI Life Smart Income Protect plan is a minimum of Rs.1 lakh. There is no upper limit, subject to underwriting.

    Premium:

    The premium is the amount payable as a charge for the insurance being provided. The SBI Life Smart Income Protect plan allows policyholders to choose their premium paying mode, which can be annually, half-yearly, quarterly or monthly, based on their convenience. The premium amount is calculated based on the policy term, the policyholder’s age, gender, the sum assured amount chosen etc.

    When calculating the amount to be paid through the premium paying modes, the modal factor is as displayed in the table below:

    Premium Modal factor (% of annual premium)
    Yearly 100%
    Half-yearly 51%
    Quarterly 26%
    Monthly 8.50%

    Plan Coverage - What the SBI Life Smart Income Protect Plan covers?

    The SBI Life Smart Income Protect plan coverage is as follows:

    • The individual first chooses the sum assured amount he/she wishes to receive at the end of the policy term.
    • The individual then chooses the policy term and premium paying mode from among the available options.
    • Based on the above, the premium amount payable would be calculated.
    • Following the end of the premium paying term, the annual income (payable at 11% of the sum assured amount) would be paid out for 15 years.
    • With regard to the death benefit, the higher of the following would be paid out:
      • Basic sum assured
      • Guaranteed sum assured on maturity
      • Multiple of the annualised premium, where the multiple would be as follows:
    Policy term Age at entry (less than 45 years) Age at entry (more than 45 years)
    7 years 5 5
    12/15 years 10 7

    The coverage under the plan is mentioned in the table below:

    Death benefit In the event of the death of the policyholder during the policy term while the policy is still in force, the dependents/nominees stand to receive the higher of the following:
    • Sum assured on death + vested simple reversionary bonus +termination bonus (if applicable)
    • 105% of all premiums paid till the date of death.
    Maturity benefit The following would be payable to the policyholder on maturity if the policy is still in force:
    • Vested reversionary bonus + terminal bonus (if applicable)
    • Yearly pay-outs equal to 11% of the basic sum assured amount for the next 15 years.
    Pay-outs can also be received in a lump sum if desired, in which case the sum assured at maturity would be 110% of the basic sum assured along with vested reversionary bonus and terminal bonus, if any.
    Vested Simply Reversionary Bonus The plan also provides a vested reversionary bonus, which is the total bonus amount accrued during the policy term. This amount would be added to the sum assured and will be paid out on death or maturity of the policy provided the policy is still in force.
    Terminal bonus A terminal bonus could be paid out at the along with the maturity benefit. The terminal bonus would be paid out in case of death or surrender of the policy as well.

    Riders/ Add-on Plans - Additional coverage under the SBI Life Smart Income Protect Plan:

    The SBI Life Smart Income Protect plan provides policyholders with basic life coverage in addition to the various benefits and features outlined above. If the policyholder wishes to enhance the protection provided under the plan, this can be done by purchasing a rider or an add-on plan. There are a list of riders that can be bought based on the specific needs of the policyholder. The rider premium would be added to the policy premium payable. The list of riders available along with this plan are listed below:

    SBI Life Accidental Death Benefit Rider: This rider pays a sum assured amount in the event of the policyholder’s accidental death. The rider sum assured is paid addition to the basic sum assured under the base policy. The minimum sum assured amount payable under the rider is Rs.25,000 while the maximum amount is Rs.50 lakh. The rider can be availed by policyholders between the ages of 18 and 60 years, with 65 years being the maturity.

    SBI Life Accidental Total & Permanent Disability Benefit Rider: Under this rider, the policyholder receives a sum assured amount in the event of him/her meeting with an accident that results in total permanent disability. The minimum amount sum assured under this rider is Rs.25,000 while the maximum amount is Rs.50 lakh. The rider can be availed by policyholders between the ages of 18 and 60 years, with the maturity age being 65 years.

    SBI Life Criti Care 13 Non-Linked Rider: Under this rider, a benefit is paid out to the policyholder if he/she contracts one of the 13 diseases or illnesses listed under the rider and surviving for 30 days following the diagnosis. The minimum sum assured for this rider is Rs.25,000 and the maximum amount is Rs.20 lakh. The rider can be availed by policyholders between the ages of 18 to 55 years, with the maturity age being 64 years. The illnesses covered under this rider are as follows:

    • Cancer of specified severity
    • Open chest coronary bypass surgery
    • First heart attack of specified severity
    • Open heart valve replacement or repair
    • Kidney failure requiring regular dialysis
    • Major burns
    • Major organ or bone marrow transplant
    • Permanent paralysis
    • Stroke resulting in permanent symptoms
    • Aortic surgery
    • Coma of specified severity
    • Motor neurone disease
    • Multiple sclerosis with persisting symptoms.

    SBI Life Preferred Term Rider: This rider pays out a sum assured in addition to the one paid out by the base policy in the event of the death of the policyholder. The minimum sum assured under this rider is Rs.25,000 while the maximum is Rs.50 lakh. The rider can be availed by policyholders who are between the ages of 18 to 60 years, with the maturity age being 65 years.

    Exclusions - What the SBI Life Smart Income Protect plan doesn’t cover?

    The SBI Life Smart Income Protect plan offers policyholders a number of benefits and features as listed above. While the company will honour claims that fall under the purview of the policy, there are some exclusions in which case the company will not pay out any benefits. The exclusions under this policy are as follows:

    Suicide: In the event of the policyholder committing suicide within a period of 12 months from the date of policy issue or the policy being reinstated, the policy would be null and void and no claim would be paid. However, the nominee would receive 80% of the premium amount paid till date. In the case of suicide within a year of the policy being renewed, the nominee will receive either 80% of the premiums paid or the surrender value, whichever is higher.

    Other Key Features- Freelook Period, Surrender Value, Grace Period etc.

    Additional features and benefits are listed below:

    Free look period If the policyholder is not satisfied with any of the provisions of the policy after going through it, he/she can return the policy document along with the reason behind the same during the free look period without incurring any penalties. The free look period is 15 days from the receipt of the policy document and 30 days in case of distance marketing modes.
    Grace period If the policyholder is unable to pay the premium amount within the given deadline, a grace period of 30 days from the due date is provided in case of quarterly, half-yearly and annual premium payments. In the case of monthly payments, the grace period is 15 days.
    Nomination The policyholder can choose to nominate an individual or individuals to receive the policy benefits in the event of the policyholder’s death. This is to be done before the policy matures.
    Surrender value The policy acquires surrender value if: Premiums have been paid for at least 2 years for a 7 year term and at least 3 years for a 12 or 15 years term. The basic sum assured would reduce to reflect the number of premiums paid, known as the paid-up sum assured. The surrender value would be the Guaranteed Surrender Value (GSV) X number of premiums paid.
    Paid up value The paid up value would be the paid-up sum assured on maturity or death. The paid-up value on maturity would be 110% of the paid-up sum assured along with vested reversionary bonus and terminal bonus, if any. The paid-up value on death is the paid-up sum assured on death along with the vested reversionary bonus and the terminal bonus, if any.
    Policy revival The policy can be revived within two years from the date of the first unpaid premium. The policy can be revived if the following criteria are met:
    • All premiums are paid till date
    • The policyholder provides sufficient proof of insurability.
    Loans The policy does not have a loan facility.
    Rebates The policy offers rebates on high sum assured amounts.

    Tax Benefits - How you can save with the SBI Life Smart Income Protect Plan?

    The SBI Life Smart Income Protect plan offers policyholders a number of benefits and advantages. In addition to these, policyholders can also save on tax by investing in this policy. The tax benefits that policyholders can avail are mentioned below:

    • Under Section 80C of the Income Tax Act of 1961, policyholders stand to receive tax benefits on amounts paid towards a life insurance premium.
    • Under Section 10 (10D) of the Income Tax Act of 1961, policyholders can receive tax breaks on the benefits received under a life insurance policy.

    Other Benefits - How you can save with the SBI Life Smart Income Protect Plan?

    The SBI Life Smart Income Protect plan enables policyholders to ensure their dependents are taken care of in the event of an unforeseen circumstance. Additionally, the policy also provides a host of benefits and features that the policyholder can avail.

    SBI Life provides policyholders with a hassle-free claims processing procedure, with a step-by-step guide to filing a claim and tracking it. The company has also digitized its plans and policy information, making it easier for policyholders to access information relating to their policy and keep track of premium payments.

    Policyholders can also choose to pay their premiums online instead of visiting an SBI Life branch office or paying by cheque. Policyholders can use a number of online methods such as paying by credit or debit card, through NEFT, through netbanking or by setting up standing orders.

    In order to compute the amount of premium payable, policyholders can use the tax calculators provided by SBI Life on their website. Using these, an individual can ascertain the amount payable for a particular policy as well as the sum assured amount they stand to receive at maturity or at the time of the policyholder’s demise.

    Why you should buy the SBI Life Smart Income Protect Plan from SBI Life?

    SBI Life Insurance is a life insurance company set up by the State Bank of India (SBI) and BNP Paribas Cardif S.A. The company was set up in the year 2001 and has been providing life insurance solutions across spectrums, catering to individuals as well as organisations. Thanks to its intensive reach across the country courtesy its banking affiliate, the company is uniquely placed to cater to the insurance needs of all corners of the country.

    Offering life insurance products that encompass the diverse needs of various groups of people, SBI Life has carved a niche for itself in the insurance sector in the country.

    The company maintained a claim settlement ratio of 95.8% in the year 2015-16 and has received a number of accolades for their stellar service and performance.