About SBI Saving Plans
SBI Life Insurance is a most trusted Private life insurance company which provides various life insurance covers for customer needs and provides protection to insured family even after death of policyholder. SBI awarded as Most Coveted Outlook money awards 2014 for “Best Private Life Insurance Provider“.
SBI Saving Plan had launched a traditional Saving 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. These Saving plans helps an individual to plan expenses such as child’s education, purchase of household requirements, property or any other such financial requirement as an individual can receive money payouts at regular interval of time. This Saving insurance provides Maturity benefits and Death benefits. SBI Saving account provides Additional death benefit rider cover options.
If the life assured commits suicide within one year from the risk commencement date then the policy will be void and no death benefit will be payable. However an amount equal to 80% of the premiums paid will be payable to the nominee in case of suicide within one year from the risk commencement date.
Benefits of SBI Saving Plans
- SBI Saving Plan provides Insurance Cover and Regular Income
- Provides Additional Accidental death benefit riders
- Tax Benefits are also available under Section 80C. For more information regarding Tax Benefits, visit www.taxqueries.in.
- Provides Maturity Benefit and Death Benefit
- Secures both children and parents life
- At the time of maturity, Vested bonuses + Terminal bonus(if any) will be paid as lump sum at the end of the policy term.
- After maturity, Guaranteed annual payouts of Basic Sum Assured or Paid up Sum Assured over some period.
- Provides Rebates on large Sum assured
- Survival Benefits of Sum Assured will be paid till maturity
- Provides Saving cover at low cost
- Provides flexibility to increase or decrease your chosen Sum assured
- Also has a flexibility to increase your chosen policy term.
SBI Saving Plans Example
Suppose a person aged 40 years had opted for SBI Saving account option for policy term of 15 years and the person buys a Saving insurance plan for Rs. 10,00,000. This SBI Saving plan provides both Maturity benefts and death benefits.
Maturity Benefits: The policyholder will receive yearly payouts equal to 11% of basic sum assured after maturity. The policyholder will receive the vested bonuses + terminal bonus (if any) on survival at the end of the policy term.
Death Benefits: Nominee will receive higher amount as death benefit is Sum Assured on death + Vested simple bonuses + terminal bonus(if any) and 105% of all the premiums paid till the date of death.
SBI Saving Plans
Various types of SBI Saving plans are available which are briefly explained below
SBI Life Smart Income Protect: SBI Life Smart Income Protect Policy is a participating traditional plan where you can continue to pay your regular premiums for specified period. After completion of your policy term your payout period starts where you get guaranteed regular annual payouts meeting your various financial obligations. This 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. For more details please refer below link
SBI Life Smart Guaranteed Saving policy: SBI Smart Guaranteed Saving policy is a Saving plan with Guaranteed maturity value and life cover throughout the policy term. In SBI Life Smart Guaranteed Saving plan buyers of the policy will get Guaranteed additions at the end of each policy year, depending upon on the cumulative instalment premium paid. In SBI Life Smart Guaranteed Saving plan Premium payment is limited to 7 years and enjoy the benefits including life cover throughout the policy term of 15 years. For more details please refer below link
SBI Life Smart Money Back Gold: SBI Life Smart Money Back Gold policy is a traditional participating money back plan with bonus facilities. SBI Smart Money Back Gold is a Saving plan with added advantage of life cover and cash inflow at regular intervals, meeting the policyholder various financial obligations at crucial junctures by its wide range of policy terms. In this SBI Smart money back gold policy premiums need to be paid till the end of the policy term. In case of unfortunate death of policyholder during the policy term, then nominee will receive the full Sum Assured + Simple Bonus & Terminal Bonus (if any), irrespective of Survival Benefits already paid. For more details please refer below link
SBI Life Shubh Nivesh: SBI Life Shubh Nivesh Policy is a traditional participating Endowment plan with bonus facilities. SBI Life Shubh Nivesh Policy provides two options one is Endowment option and other is Endowment with whole life coverage option. In SBI Life Shubh Nivesh Policy the policyholder have a flexibility to choose either single or regular premium payment. For more details please refer below link
SBI Life Saral Swadhan plus: SBI Life Saral Swadhan plus policy provides fixed life cover throughout the policy term along with the guaranteed maturity benefit. SBI Saral Swadhan plus policy provides protection at an affordable cost. SBI Life Saral Swadhan plus policy provides easy enrolment through simplified proposal form. For more details please refer below link
SBI Life Flexi Smart Plus: SBI Life Flexi Smart Plus Policy is participating endowment life insurance policy and helps the customers to save and invest their money in a guaranteed return investment opportunity along with some flexibility like premium holiday of 1 to 3 years during policy term etc. SBI Life Flexi Smart Plus Policy provides minimum bonus interest rate of 1.00% p.a. is guaranteed for the whole term and at the end of every financial year regular bonus interest rates will be declared. For more details please refer below link