It is a traditional plan where you continue to pay your regular premiums over a period of 5, 10 or 15 years. Thereafter your payout period starts, where you get guaranteed regular annual payouts over a period of 15 years, meeting your various financial obligations.
- SBI Smart Income Protect plan provides Insurance Cover and Regular Income.
- Can choose your policy term from 5, 10 or 15 years
- This plan comes with guaranteed annual payouts* (conditions apply) of 11% of Sum Assured/Paid up Sum Assured over a period of 15 years after maturity. The first instalment will be paid at the end of first year during the payout period.
- Vested Reversionary bonuses plus Terminal bonus, if any, will be paid as lump sum at the end of the policy term, at maturity.
Maturity Benefit as lump sum: You get vested reversionary bonuses plus terminal bonus, if any, at maturity.
Maturity Benefit in Instalments: You will be paid yearly payouts equal to 11% of basic Sum Assured for next 15 years after maturity. This period of 15 years is your payout period. The first instalment will be paid at the end of first year during the payout period.
In the unfortunate event of death of life assured during the policy term, the nominee will receive Basic sum assured plus vested reversionary bonuses plus terminal bonus, if any.
In case of death during the payout period, all future payouts will be paid to the nominee or legal heir in lump sum immediately.
Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
Tax deduction under Section 80(D) is available for premiums paid towards Criti Care 13 Non Linked Rider.
Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.
*Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.
For more information see Smart Income Protect Plan brochure.