SBI Life smart income protect plan
SBI Life smart income protect plan is a participating non linked endowment plan which provides live coverage as well as saving to the policy holder after the policy term it provides a regular annual benefit it secures the family future and also secures the future of policyholder as savings.
Features of SBI Life smart income protect plan.
- It is a non participating traditional endowment plan that means, it is free from market risk.
- It is a regular premium paying policy plan that means the policyholder will have to pay the premium equal to the policy term.
- In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
- In case of policy holder made to death within the policy term. Then there is a provision of death benefit.
- There is discount on premium available on higher sum assured plans.
- The claim is provided as a lump sum or through the monthly installments.
Benefits provided under SBI Life smart income protect
- Death benefit
If the policy holder meet to death within the policy term. Then the nominee of the policy holder will get the death benefit. The death benefit provided is sum assured on death + simple reversionary bonus plus additional bonus if any or 105% off all the premium paid before death.
- Maturity benefit
If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount. The maturity sum amount is equal to basic sum assured + reversionary bonus + terminal bonus if any. After that 11% off sum assured repaired for 15 years as annual payouts.
There is alternative option for maturity benefit in that 110% of sum assured plus revisionary bonus and terminal bonus is paid to the policyholder as per his choice.
- Tax benefit
According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.
Eligibility condition for the SBI Life smart income protect.
- The minimum age for the entry of this plan for 7 years policy term is 11 years and the maximum age of entry for 7 years policy term is 58 years.
- The minimum age of entry for 12 year policy term and 15 years policy term is 8 years and the maximum age for entry for 12 years policy term is 53 years and for 15 years policy term is 50 years
- The minimum maturity is age 18 years and the maximum maturity is age 65 years
- The policy can be taken for the term of 7 years 12 years or 15 year.
- The premium paying term is equal to the policy term that means, if policyholder has got a policy of term 7 years then he will have to pay the premium for whole 7 years.
- The premium can be paid monthly, quarterly, half yearly or annually.
- Minimum sum that can be assured is rupees 1 lakh and there is no upper limit for the sum assured.
Documents required for SBI life smart income protect.
- Offline/Online filled application form.
- Age proof of policy buyer.
- Address proof.
- PAN card and Aadhar card for KYC document
- Accurate medical history
- Medical examination report if required.
Terms related to SBI Life smart income protect.
Additional Riders are available only for the higher sum assured that is more than 2 lacs, available riders are following:
- SBI Life accidental death benefit
- SBI Life accidental total and permanent disability
- SBI Life Critical Care
- SBI Life preferred term
Free look period
If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.
- Grace period
There is a provision of grace period for 15 days for the monthly premium payers as late premium and 30 days for other premium payment options as late premium.
- Revival of policy
If the premium is not paid within the grace period then the policy get lapsed in this case the policy can be revived within the period of 2 years from the last premium paid.
- Surrender of policy
Policy can be surrendered or terminated after the completion of 2 or 3 years of the policy term. Only after 2 or 3 years the policy will be able to get a surrender value.
- Loan benefit
There is facility of loan available according to this policy plan as per the terms and condition of the corporation.