UIN: 111N085V04 Product Code: 1B

SBI Life Smart Income Protect is a life insurance and savings plan where you receive regular income. It supports you in achieving your goals and taking care of your family’s financial needs, adapting to changes in your life along the way.

SBI Life Smart Income Protect – ELIGIBILITY CRITERIA

SBI Life – Smart Income Protect – Features

• Accidental Death Benefit Rider: Provides an additional sum assured in case of death due to an accident.
• Critical Illness Rider: Pays a lump sum amount upon diagnosis of specified critical illnesses covered under the rider.
• Waiver of Premium Rider: Waives off future premiums if the policyholder becomes permanently disabled or meets other specified criteria.

SBI Life – Smart Income Protect – Advantages

Security: Ensure your family’s financial needs are met

• This emphasizes that the SBI Life insurance plan is designed to provide financial security to your family in case of your absence. It ensures that your loved ones will receive a lump sum amount (sum assured) as per the policy terms, which can help cover their financial needs such as daily expenses, education costs, loans, or any other financial obligations.

Reliability: Regular annual income to meet your obligations, with an option to receive the same as a lump sum at maturity

• The plan offers the option of receiving regular annual income. This income can help you meet your financial obligations year by year. Alternatively, at the end of the policy term (maturity), you can choose to receive the accumulated amount as a lump sum. This flexibility allows you to manage your finances according to your needs and preferences.

Flexibility:

• Choose the policy term based on your financial needs:
• SBI Life – Smart Income Protect provides flexibility in selecting the duration of the policy. You can choose a policy term that aligns with your financial goals and future plans. Options typically include terms of 7, 12, or 15 years.
• Enhance your coverage through three rider options at a nominal cost:
• SBI Life – Preferred Term Rider: This rider provides additional life insurance coverage by offering a higher sum assured in case of the insured’s death during the policy term.
• SBI Life – Accidental Death Benefit Rider: This rider pays an additional sum assured to the nominee in case the insured’s death occurs due to an accident. It provides extra financial protection specifically for accidental deaths.
• SBI Life – Accidental Total and Permanent Disability Benefit Rider: In case of total and permanent disability due to an accident, this rider waives future premiums and provides a lump sum payment to support the insured and their family financially during a challenging time.

SBI Life – Smart Income Protect – Plan Benefits

On Maturity:

1. Vested Reversionary Bonuses plus Terminal Bonus, if any, at Maturity:

• SBI Life – Smart Income Protect participates in the profits of the insurance company. Throughout the policy term, reversionary bonuses are declared annually and accumulate. These bonuses, along with any terminal bonus, are paid out as a lump sum when the policy matures.

1. Yearly Payouts Equal to 11% of Basic Sum Assured for 15 Years after Maturity (Payout Period):

• After the maturity of the policy, the policyholder has the option to receive regular annual payouts. These payouts amount to 11% of the basic sum assured and continue for a period of 15 years. The first installment of this yearly income is paid at the end of the first year after maturity.

1. Option to Receive Maturity Benefit as Lump Sum: SBI Life Smart Income Protect

• Alternatively, the policyholder can choose to receive the maturity benefit as a lump sum. This lump sum includes:
  • Guaranteed sum assured at maturity: This is 110% of the basic sum assured.
  • Vested reversionary bonuses accumulated over the policy term.
  • Terminal bonus, if any, which is an additional one-time bonus paid at maturity.

On Death:

In the unfortunate event of the death of the insured person during the policy term, the nominee (beneficiary) receives a death benefit. The death benefit is calculated as the higher of two options (A or B):

A. Sum Assured on Death + Vested Reversionary Bonuses + Terminal Bonus, if any:

• Sum Assured on Death: This is the guaranteed sum assured at maturity, which is 110% of the basic sum assured.
• Vested reversionary bonuses accumulated until the date of death.
• Terminal bonus, if applicable.

B. Minimum Death Benefit:

• The minimum death benefit is equal to 105% of the total premiums paid up to the date of death. This total premium amount includes all premiums paid by the policyholder, excluding any extra premiums, rider premiums, and applicable taxes.

Additional Information: SBI Life Smart Income Protect

• Payout Continuation in Case of Death During the Payout Period: SBI Life Smart Income Protect
• If the insured person passes away during the 15-year payout period after maturity, the remaining annual payouts continue to be paid to the nominee or legal heir. This ensures that the financial support intended for the policyholder’s family continues uninterrupted.

SBI Life – Smart Income Protect – Important Downloads