SBI Life Smart Income Protect Plan 2024 Benefits, Features, Details, Reviews

SBI Life Smart Income Protect Plan – SBI Life Brilliant Pay Safeguard is a taking an interest reserve funds plan which gives standard yearly payouts after the strategy term alongside insurance cover during the contract term. As a result, it gives the policyholder the ability to create a corpus form in which payments are made to meet future needs. You can take advantage of the added benefit of insurance protection with this savings plan. The plan provides both one-time income and ongoing income throughout your life. It is a participating plan that requires regular premium payments over five, ten, or fifteen years. Over a predetermined time frame, the plan promises regular, guaranteed payouts on an annual basis.

If you’re considering retirement and are concerned about the risk of5 not having enough money saved, SBI Life Smart Income Protect Plan 2024 is the plan for you. This plan offers cover for all your basic needs, including income protection, life insurance, and Critical Illness cover. And since it’s from SBI Life, you can be sure that it offers high quality products at competitive prices. So why wait? Get in touch with us to find out more!

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SBI Life Smart Income Protect Plan 2024

SBI Life Insurance offers a non-linked, participating savings life insurance plan called the SBI Life Smart Income Protect Plan. During the policy term, the plan gives policyholders basic life coverage in addition to a regular income in the form of annual payouts. Individuals can select a policy term based on their requirements and convenience from the plan’s seven to fifteen-year policy terms. The policyholder would receive a guaranteed income that would assist in meeting any upcoming requirements or costs when the premium-paying term ended, and the annual payouts would begin for the same time period as the chosen policy term.

If you’re looking for a long-term financial security solution, then the SBI Life Smart Income Protect Plan might be the right option for you. This life insurance plan provides you with coverage for a range of important events, such as retirement, disability, and death. Plus, it has a low-cost structure that makes it easy to get started. So if you’re concerned about your future and want to make sure you have the protection you need, then read on to learn more about the SBI Life Smart Income Protect Plan.

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SBI Life Smart Income Protect Plan

SBI Life Smart Income Protect Plan 2024 Details

Name Of ArticleSBI Life Smart Income Protect Plan 2024
SBI Life Smart Income Protect Plan 2024Click Here
CategoryInsurance
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Who is the target audience for the SBI Life Smart Income Protect Plan?

If you’re looking for a long-term financial solution that will help you achieve peace of mind, then the SBI Life Smart Income Protect Plan may be the right plan for you. The plan is specifically designed to protect you and your family from financial difficulties in the event of an unexpected death or illness. Plus, it offers valuable life insurance coverage, which can help you and your loved ones in difficult times. Who is the target audience for the SBI Life Smart Income Protect Plan? Here’s a look at who should consider signing up for this important plan.

People who want to save money and earn money while also getting life insurance should look into the SBI Life Smart Income Protect plan. The following table lists the plan’s eligibility requirements:

ParameterEligibility
Entry agePolicy termMinimumMaximum
7 years11 years58 years
12 years8 years53 years
15 years8 years50 years
Maturity ageMinimum- 18 years Maximum- 65 years
Premium paying termSame as the policy term selected
Policy term7, 12 or 15 years

What is included and how much it costs in the Sum Assured and Premium Range?

Do you want to be sure that your insurance policy covers the full range of possible risks? If so, then you should consider using Sum Assured. Sum Assured offers comprehensive coverage, including property, car, health, and travel insurance. Plus, the premiums are surprisingly affordable – especially when compared to other insurance providers. In this article, we’ll outline what is included in the Sum Assured and Premium Range, and give you a price comparison. Ready to switch to Sum Assured? Let’s get started!

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Sum Assured:

The insurer’s guaranteed payout, minus any bonuses or add-ons, is referred to as the sum assured. The SBI Life Smart Income Protect plan guarantees a minimum sum of Rs. 1 lakh. Subject to underwriting, there is no upper limit.

Premium:

The fee for the insurance that is provided is the amount that is paid in the form of the premium. Policyholders with the SBI Life Smart Income Protect plan can choose their preferred mode of premium payment, which can be annually, semiannually, quarterly, or monthly. The policy term, age, gender, selected sum assured, and other factors all play a role in determining the premium amount.

The modal factor, as shown in the table below, is used to determine the premium-paying mode payment amount:

PremiumModal factor (% of annual premium)
Yearly100%
Half-yearly51%
Quarterly26%
Monthly8.50%

Coverage of the Plan: What is included in the SBI Life Smart Income Protect Plan?

If you’re looking for comprehensive life insurance coverage, the SBI Life Smart Income Protect Plan is the perfect option for you. This comprehensive plan offers a wide range of protection options, including cancer coverage and accidental death benefits. Plus, there are no annual premiums required, so you can keep your costs low and stay flexible with your coverage. In this post, we’ll take a look at everything included in the plan, and explain how it can benefit you.

The following are the benefits of the SBI Life Smart Income Protect policy:

  • The sum assured amount that the individual wishes to receive at the end of the policy term is first selected by the individual.
  • The individual then selects from the available options the policy term and mode of premium payment.
  • The amount of the due premium would be calculated using the information presented above.
  • The annual income, which would be paid out for 15 years at a rate of 11% of the sum assured, would be paid out after the premium-paying term had ended.
  • The death benefit would be paid out in the amount that is higher of the following:
  • Guaranteed sum assured on maturity Basic sum assured Multiple of the annualized premium, where the multiple would be:
Policy termAge at entry (less than 45 years)Age at entry (more than 45 years)
7 years55
12/15 years107

The coverage under the plan is mentioned in the table below:

The dependents or nominees stand to receive the greater of the following in the event of the policyholder’s death while the policy is still in effect:

  • Sum assured upon death, together with a vested simple reversionary bonus and, if applicable, a termination bonus, 105% of all premiums paid up to the date of death.

If the policy is still in effect, the following amounts would be paid to the policyholder at maturity:

  • The vested reversionary bonus and the terminal bonus, if any, will be paid out annually for the next 15 years at a rate of 11% of the basic sum assured.

If desired, payouts can also be made in one lump sum. In this case, the sum assured at maturity would be one hundred percent of the basic sum assured, plus any vested reversionary bonus and terminal bonus.

Death benefit
Maturity benefit
Vested Simply Reversionary BonusAdditionally, the plan provides a vested reversionary bonus, which is the sum of all bonuses earned during the policy’s term. If the policy is still in effect, this amount would be added to the sum assured and distributed upon death or policy maturity.
Terminal bonusAlong with the maturity benefit, a terminal bonus could be paid out at.In the event of the policyholder’s death or surrender, the terminal bonus would also be paid out.

Riders/ Add-on Plans – Additional coverage under the SBI Life Smart Income Protect Plan:

A rider or an add-on plan can be purchased by the policyholder to increase the level of protection provided by the plan. Based on the policyholder’s specific requirements, a list of riders can be purchased. The following is a list of the riders that are available with this plan:

SBI Life Accidental Death Benefit Rider:

In the event of an accidental death of the policyholder, this rider will pay a sum assured. Under the base policy, the rider sum assured is paid in addition to the basic sum assured. The rider allows for a maximum payout of Rs. 50 lakh and a minimum assured amount of Rs. 25,000.

SBI Life Accidental Total & Permanent Disability Benefit Rider:

In the event of an accident that results in total and permanent disability, the policyholder receives a sum assured under this rider.

SBI Life Criti Care 13 Non-Linked Rider:

This rider guarantees a minimum of Rs. 25,000 and a maximum of Rs. 20 lakh. Policyholders between the ages of 18 and 55 can use the rider, with a maturity age of 64 years. The following diseases are covered by this rider:

SBI Life Preferred Term Rider:

In the event of the policyholder’s death, this rider will pay out a sum assured in addition to the amount paid out by the base policy. This rider guarantees a minimum of Rs. 25,000 and a maximum of Rs. 50 lakh. Policyholders aged 18 to 60, with a maturity age of 65, are eligible to take advantage of the rider.

Exclusions – What the SBI Life Smart Income Protect plan doesn’t cover?

The SBI Life Smart Income Protect plan provides policyholders with the aforementioned benefits and features. There are some situations in which the company will not pay benefits, but the majority of claims that are covered by the policy will be honored. The following are excluded from this policy:

Details About Premium

Annual premium in Rupees for a policy tern of 12 years

Age

30 years

40 years

50 years

Sum Assured

  100,000

200,000

200,000

Premium

19,014

19,244

19,938

Freelook Period, Surrender Value, Grace Period, and other important features

The following is a list of additional benefits and features:

The policyholder provides sufficient proof of insurability. All premiums have been paid up to this point.

Free look periodDuring the free look period, the policyholder is free to return the document along with the reason for their dissatisfaction with any of the policy’s provisions without incurring any penalties.
Grace periodIn the case of quarterly, semiannual, and annual premium payments, the policyholder has a grace period of thirty days from the due date if they are unable to pay the amount of the premium.
NominationThe policyholder has the option of naming one or more people to receive the benefits of the policy in the event of their death.
Surrender valueIf the following conditions are met, the policy’s surrender value increases: For a 7-year term, premiums have been paid for at least two years, and for a 12- or 15-year term, premiums have been paid for at least three years.
Paid up valueThe paid-up sum assured upon maturity or death would be the paid-up value.On maturity, the paid-up value would be 110% of the paid-up amount assured, including any vested reversionary bonus and terminal bonus.
Policy revival
LoansThe policy does not have a loan facility.
RebatesThe policy offers rebates on high sum assured amounts.

Benefits from taxes: How can the SBI Life Smart Income Protect Plan help you save money?

There are a lot of advantages that policyholders can take advantage of with the SBI Life Smart Income Protect plan.By investing in this policy, policyholders can also save money on taxes.

  • Life insurance premium payments can be tax-deductible for policyholders under the Income Tax Act of 1961’s Section 80C.
  • Life insurance policy benefits can qualify policyholders for tax breaks under Section 10 (10D) of the Income Tax Act of 1961.

Eligibility Criteria for SBI Life Smart Income Protect Plan

Listed below are the minimum and maximum entry age for the Plan

Age at entryMinimum Age – 8 years

Maximum Age – 60 years

Minimum Age at Maturity

Maximum Age at Maturity

18 years

65 years

Other Benefits: How the SBI Life Smart Income Protect Plan Can Help You Save Money?

Looking to save money on your premiums? Check out the SBI Life Smart Income Protect Plan! This plan can help you save money on your premiums by providing a higher level of coverage than other plans. Plus, it offers a number of other benefits that can make it a good choice for you. So if you’re looking for a way to save money on your premiums, the SBI Life Smart Income Protect Plan may be the right option for you. Read on to learn more about all the benefits that this plan offers!

SBI Life gives policyholders a problem free cases handling method, with a bit by bit manual for recording a case and following it. Additionally, the company has digitized its plans and policy data, making it simpler for policyholders to access their policy data and track premium payments.

You can also choose to pay their premiums online rather than in person or by check at an SBI Life branch office. Policyholders can pay online using a variety of options, such as NEFT, net banking, standing orders, or credit or debit cards. Policyholders can use the tax calculators offered by SBI Life on their website to calculate the amount of premium that must be paid. A person can use these to determine the amount due on a particular policy and the sum assured they stand to receive at maturity or when the policyholder dies.

Why you ought to purchase the SBI Life Brilliant Pay Safeguard Plan from SBI Life?

SBI Life Insurance is a life insurance company that was established in 2001 by the State Bank of India (SBI) and BNP Paribas Cardif S.A. The company has been providing life insurance solutions across a variety of spheres, catering to both individuals and businesses. The company is uniquely positioned to meet the insurance requirements of all parts of the country because of its extensive nationwide reach through its banking affiliate.

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