SBI Life Insurance Company, a well-reputed insurer in the Indian insurance domain is formed by coming together of two global leaders in the financial domain, State Bank of India and BNP Paribas Cardif. State bank of India holds 62.1% of the total capital and BNP Paribas Cardif holds 22% of the total capital of the company. SBI Life Insurance Company offers a comprehensive range of products that are suitable for both individual and group customer segments. With product diversity, customer service quality and efficient system in place for processing, SBI Life Insurance Company has emerged as one of the best insurance companies.
An endowment insurance policy is a dual benefit plan that offers both insurance and investment opportunity. For the regular savings that you make in the form of premium for a specified period of time, the policy promises to pay back either the death benefit or the survival/maturity benefit, whichever is earlier. Endowment policies come in many variants such as traditional with profit plans, unit linked endowment plans, non-profit endowment plans and money back plans etc. Endowment policies help you to be financially prepared for uncertainties and as well as for the long-term goals.
SBI Life’s Smart Income Protect is a non-linked participating saving cum insurance plan. The plan is designed to offer double benefit of life protection and regular income over a period of 15 years. There are various attractive features offered by the plan that helps you avail the income at regular intervals along with having comprehensive protection.
|Policy term||Entry age < 45 years||Entry age ≥ 45 years|
|Entry age |
Policy term – 7 years
Policy term – 12 years
Policy term – 15 years
|Maturity age||18 years||65 years|
|Policy Term||7/12/15 years|
|Premium payment frequency||Yearly/Half-yearly/Quarterly/Monthly|
|Premium frequency loading||Half-yearly: 51% of the annual premium |
Quarterly: 26% of the annual premium
Monthly: 8.5% of the annual premium
|Sum assured range ( in multiples of Rs. 1000)||Rs. 1,00,000||No limit|
|Payout period||15 years|
|Riders||Entry age||Maturity age||Sum assured|
|SBI Life- accidental death benefit rider||18 years||60 years||65 years||Rs. 25000||Rs. 50 lakhs|
|SBI life – accidental total & permanent disability benefit rider||18 years||60 years||65 years||Rs. 25000||Rs. 50 lakhs|
|SBI Life – Criti care 13 non-linked rider||18 years||55 years||64 years||Rs. 25000||Rs. 20 lakhs|
|SBI Life – Preferred term rider||18 years||60 years||65 years||Rs. 25000||Rs. 50 lakhs|
SBI Life’s Smart Income Protect plan is suitable for individual seeking for investment options that can provide financial support at regular intervals to meet special requirement of life. Individuals looking for income yielding investments with life insurance component can consider SBI Life’s Smart Income Protect plan to shield their family along with saving for the future.
It is wise to invest in SBI Life’s Smart Income Protect plan at an early life so that you can save enough with time for rainy days in future. As the plan also gives life protection, being insured at an early life gives you peace of mind.
The policy acquires paid-up value or surrender value when you make a premium payment for the first two years (policy term-7 years) and three years (policy term 12& 15 years). The sum assured for such policies will be reduced proportionately.
When you surrender a policy, higher of guaranteed sum assured or special sum assured will be paid.
|Policy year||% of the basic premiums paid|
|Policy term 7 years||Policy term 7 years||Policy term 7 years|
Guaranteed sum assured is GSV factor multiplied by basic premiums paid. Find below are the details of GSV factors
No loan facility is available under SBI Life’s Smart Income Protect plan.
If the life assured, whether sane or insane, commits suicide within one year from the date of commencement of policy or from date of revival of policy, policy will become null and void. All benefits offered under the plan will cease. However, 80% of total premium paid as on the date of death intimation will be payable to beneficiary/nominee provided policy is in-force.
SBI Life’s Smart Income Protect plan is a smooth way to plan for future income needs and various financial obligations. Along with providing life insurance coverage, SBI Life’s Smart Income Protect plan also offers you customisation facility with four types of optional additional riders that can enhance your benefits.
Discount is available in the form of a rebate on the sum assured. Details are mentioned here :
|Sum assured||Rebate on the sum assured per Rs.1000|
|Rs. 1 lakh ≤ sum assured < Rs. 2 lakhs||Nil|
|Rs. 2 lakh ≤ sum assured < Rs. 5 lakhs||2|
|Sum assured ≥ Rs. 5 lakhs||3|
There are 13 critical illnesses covered under SBI Life’s Criti care 13 non-linked rider.
Yes. SBI life’s Smart Income Protect plan can be cancelled within free look period. There is 15 days (for policies bought offline) and 30 days (for policies bought through distance marketing) free look period given under SBI Life’s Smart Income Protect plan. Within this period, you can cancel your policy if you are not satisfied with its terms and conditions. However, it’s important to state the reason for cancellation.
Yes. If you miss a premium payment within stipulated due date for payment, the same can be paid within grace period given. The grace period given is 30 days from the day of the due date for yearly premium payment mode plans and 15 days from the day of the due date for monthly premium payment mode plans. The policy will remain in force during the grace period.
Other SBI Life Money Back Plans