SBI Life Smart Income Protect Policy Introduction
SBI Life Smart Income Protect Policy had launched a traditional savings plan that offers tax-free regular income at guaranteed rate of returns with added advantage of life cover and regular cash inflow at the time the policyholder need. SBI Life Smart Income Protect Policy is a participating traditional plan where you can continue to pay your regular premiums over a period of 7, 12 or 15 years. After completion of your policy term your payout period starts where you get guaranteed regular annual payouts meeting your various financial obligations. SBI Life Smart Income Protect Policy provides Insurance cover and regular income with guaranteed annual payouts of 11% of sum assured or paid up sum assured over a period of 15 years of payout period, after maturity.
Entry age of SBI Life Smart Income Protect Policy
Terms and Eligibility Conditions of SBI Life Smart Income Protect Policy
|Premium Frequency loading||
SBI Life Smart Income Protect Policy Rebates
Rebates on large sum assured are available under this policy
|Sum Assured(Rs.)||Rebate on regular annual premium for sum assured of Rs.1000|
|1,00,000 – less than 2,00,000||Nil|
|2,00,000- less than 5,00,000||2|
|5,00,000 and above||3|
Benefits of SBI Life Smart Income Protect Policy
Maturity Benefits: SBI Life Smart Income Protect policy offers you the following maturity benefits.
- Maturity benefits in Installments: After completion of policy term, the policyholder will receive the first installment payout at the end of first year during the payout period. The policyholder will receive yearly payouts equal to 11% of basic sum assured for next 15 years after maturity.
- Maturity benefits as lump sum amount: The policyholder can receive the maturity benefit as a lump sum amount. In this case the policyholder gets guaranteed sum assured at maturity which is 110% of basic sum assured + Vested Reversionary Bonuses + Terminal Bonus(if any) at maturity.
- Bonus Under this plan: The policyholder will receive the vested reversionary bonuses + terminal bonus (if any) on survival at the end of the policy term.
- Vested simple reversionary bonus is the total amount of bonus increment under the policy during policy term. The bonus will apply to the Basic sum assured. Terminal bonus(if any) will also be paid on death or surrender during the policy term or at maturity.
Death Benefits: If in case of unfortunate death of policyholder during the policy term, then nominee will receive a higher amount which is explained below
- Nominee will receive higher amount as death benefit is
- Sum Assured on death + Vested simple reversionary bonuses + terminal bonus(if any).
- 105% of all the premiums paid till the date of death.
Sum Assured on death means higher of basic Sum Assured or guaranteed sum assured at maturity or a multiple of annualized premium where multiple is:
|Policy Term||Age at entry of Life Assured less than 45 years||Age at entry of Life Assured 45 years or more|
|12 or 15 years||10||7|
The absolute amount assured to be paid on death is the ‘basic Sum Assured’ and the guaranteed sum assured at maturity is 110% of the basic sum assured.
Annualised premium is the premium payable in a year, excluding Service tax, cess, the underwriting extra premiums, loadings for modal premiums and rider premiums (if any).
In case of death during the payout period, all future payouts will continue to be paid to the nominee.
Rider Benefits: There are 4 types of rider options are available under this SBI Life Smart Income Protect policy. They are
- Accidental death benefit rider: In case of death due to an accident, the rider sum will be paid to the nominee in addition to basic sum assured.
- Accidental total and Permanent disability benefit rider: Under this SBI Life Smart Income Protect policy the rider provides protection against such disabilities.
- Criti care 13 Non-Linked rider: Under this SBI Life Smart Income Protect policy this Critical Illness rider option which covers 13 illnesses. For list of 13 illnesses which are covered under this policy refer FAQ’s which are given below.
- Preferred term rider: In unfortunate event of death the rider sum assured will be paid in addition to the basic sum assured.
Riders related forms and documents are attached below
SBI Life Accidental Death Benefit Rider
SBI Life Accidental Total Permanent Disability Benefit Rider
Criti Care 13 Non Linked Rider Sales Literature V03
SBI Life Smart Income Protect Policy Eligibility conditions for riders
|Riders||Sum assured (Rs.)||Entry age (Years)||Maximum maturity age (Years)|
|Accidental death benefit rider||Minimum – 25,000 Maximum – 50 lakhs||Minimum – 18 Maximum – 60||65|
|Accidental total and Permanent disability benefit rider||Minimum – 25,000 Maximum – 50 lakhs||Minimum – 18 Maximum – 60||65|
|Critical Illness Non-Linked rider||Minimum – 25,000 Maximum – 20 lakhs||Minimum – 18 Maximum – 55||64|
|Preferred term rider||Minimum – 25,000 Maximum – 50 lakhs||Minimum – 18 Maximum – 60||65|
SBI Life Smart Income Protect Policy Buying Procedure
Documents needed to apply for an SBI Life Smart Income Protect Policy
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Claim Procedure of SBI Life Smart Income Protect Policy
List of documents to be submitted during claim procedure.
- Duly filled claim form
- Original policy document
- Original death certificates
Documents to be submitted for claim procedure are attached below,
SBI Life Smart income Protect policy claim forms
SBI Life Smart Income Protect Policy Customer care
If any doubts regarding this SBI Life Smart Income Protect policy, call toll free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to email@example.com.
SBI Life Smart Income Protect Policy Premium Calculator
Details required for calculating premium Under SBI Life Smart Income Protect Policy are
Policy term :
Premium frequency :
Sum Assured :
Type of Rider :
SBI Life Smart Income Protect Policy Example
Ravi kiran decided to take SBI Life Smart Income Protect Policy, his following details are given below:
Age : 35 years(last birthday)
Policy term : 7 years
Premium Frequency : Yearly mode
Sum assured : Rs.50,00,000
Type of rider
- Preferred term rider – Policy term 7 years and sum assured is Rs.2,00,000
- Accidental death benefit rider – Policy term 7 years and sum assured is Rs.2,00,000
- Accidental total and Permanent disability benefit rider – Policy term 7 years and sum assured is Rs.2,00,000
- Criti care 13 Non-Linked rider – Policy term 7 years and sum assured is Rs.50,000
Now, total premiums he has to pay on base product and riders are tabulated below
|Type of cover||Policy term(Years)||Sum Assured(Rs.)||Premium(Rs.)|
|Basic cover||7||50 lakhs||8,31,500|
|Preferred term rider||7||2 lakhs||456|
|Accidental death benefit rider||7||2 lakhs||100|
|Accidental total and Permanent disability benefit rider||7||2 lakhs||80|
|Criti care 13 Non-Linked rider||7||50,000||113|
- Total Yearly Installment base Premium he has to pay without tax is Rs. 8,32,249
- Service tax for yearly is Rs. 25717.
- Total Yearly Installment base Premium he has to pay with tax is Rs. 8,57,966.
Additional Information of SBI Life Smart Income Protect Policy
Loan Facilities: No loan facilities are available under this policy.
Policy revival: You may reinstate your lapsed policy within 2 years from the date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Free look period: If you are not satisfied with this policy, you can return the policy within 15 days of receiving the policy contract. Your premiums will be refunded by deducting some charges of stamp duty and medical expenses incurred (if any).
Paid up value: The policy acquires paid up value only if the premiums are paid for at least 2 full years for 7 years policy term and 3 full years for 12 and 15 years policy term.
- Maturity benefit under a paid up policy: Vested reversionary bonuses and terminal bonus(if any) will be paid at the end of policy term. Under this policy, 11% of paid up sum assured on maturity will be paid at the end of each year during the payout period.
- Death benefit under a paid up policy: If in case of unfortunate death during the policy term, then Paid up value on death = Paid up sum assured on death + Vested reversionary bonuses and terminal bonus(if any)
Surrender value: The policy acquires surrender value only if the premiums are paid for at least 2 full years for 7 years policy term and 3 full years for 12 and 15 years policy term. You may terminate policy before maturity by surrendering the policy during the policy term for a surrender value.
- Guaranteed surrender value(GSV) : The GSV in case of regular premium policies will be equal to GSV factors multiplied by the basic premiums paid. Basic premium is equal to total premium excluding Service tax and cess. Surrender value of vested bonuses if any is also added to GSV. Surrender value of bonus is calculated by multiplying the vested bonus with factors based on outstanding term to maturity.
GSV factors for various policy durations are given below:
|Policy Year||Policy term of 7 years(As % of basic premium paid)||Policy term of 12 years (As % of basic premium paid)||Policy term of 15 years(As % of basic premium paid)|
|13-15||Not applicable||Not applicable||65%|
- Special Surrender value (SSV): SSV will be expressed as a discounted value of the paid up value of the policy. The Special surrender value will be arrived at by multiplying PUV with SSS factors.
For monthly mode 3 months premium have to be paid in advance.
For Monthly salary saving scheme(SSS), 2 months premium to be paid in advance and renewal premium payment is allowed only through salary deduction.
Sum Assured should be minimum 10 times the annualised premium.
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then the policy will become null and void and no claim will be paid. However, 80% of premium for what the policyholder had paid will returned to his/her assignees or nominees.
FAQ’s of SBI Life Smart Income Protect Policy
What is modal premium?
Modal premium is the premium that is payable on a premium due date. The frequency or mode of payment can be annual, half-yearly, quarterly, or monthly.
Who is assignee?
An assignee is the party to whom all or certain rights are transferred under an absolute or conditional assignment. This assignment is essentially a transfer of legal rights under a life insurance policy. If it is absolute, all the rights are passed to the assignee. If it is conditional, only some of the ownership rights are passed to the assignee (usually for a temporary period). The person who transfers the rights under the policy is called the assignor.
What are the 13 illnesses covered under Criti care 13 Non-Linked rider benefit?
The following illnesses covered under this policy are
- Coronary Artery Bypass Surgery
- Heart Attack
- Heart Valve Surgery
- Kidney Failure
- Major Burns
- Major Organ Transplant
- Surgery of Aorta
- Motor Neuron Disease
- Multiple Sclerosis
SBI Life Smart Income Protect Policy forms and documents
SBI smart income protect brochure english ver1