SBI Life Smart Income Protect Plan

SBI Life Smart Income Protect is a participating savings plan which provides regular annual payouts after the policy term along with insurance cover during the policy term. Thus, it enables the policyholder to build a corpus form which payouts are made for meeting future requirements.

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17.3 Crore
Registered Consumer
55
Insurance Partners
7.7 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Key Features

  • It is a participating savings plan with regular premium payment option.
  • Regular annual payouts are guaranteed @ 11% of the Sum Assured
  • Reversionary bonuses and terminal bonus increase the corpus

Benefits

  • On maturity, vested bonuses and terminal bonus, if any, is paid to the policyholder in lump sum. After that, annual regular payouts @11% of the SA are paid over a period of 15 years.
  • Alternatively, the policyholder can choose to take the maturity benefit in lump sum where 110% of the Sum Assured and vested reversionary bonuses and terminal bonus is paid
  • On death of the policyholder within the payout period, future payouts will continue to be paid to the nominee
  • On death during the policy term, the nominee will get higher of the SA payable on death including bonuses or 105% of all premiums paid till date of death
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

Policy term 7 yrs. - 11 years

Policy term 12 yrs.& 15 yrs. – 8 yrs.

Policy term 7 yrs. – 58 years

Policy term – 12 yrs. – 53 years

Policy term – 15 yrs. – 50 years

Maturity Age (Last Birthday)

18 years

65 years

Policy Term (PT) in years

7 / 12 / 15

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on SA, term and age

Sum Assured

1,00,000

No limit

Policy Details

Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the SBI life policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * Basic premiums paid including the GSV of vested bonuses

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

  • Rebates are offered for Large Sum Assured ranges of 2 lakhs and above
  • There are riders available under the plan namely:
  • SBI Life - Accidental Death Benefit (ADB) Rider
  • SBI Life - Accidental Total and Permanent Disability (ATPD) Benefit Rider
  • SBI Life Criti-Care 13 Non- Linked Rider
  • SBI Life – Preferred Term Rider

Exclusions

  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

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Disclaimer: Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 1281 Reviews)

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SBI Life Traditional Plans Reviews & Ratings

4.6 / 5 (Based on 1281 Reviews)
(Showing Newest 10 reviews)
Ashish
Kuwait, November 08, 2026
★★★★★
Good Guidance from Policybazaar
Overall, I had a good experience and the team was supportive. Good comparing place.
Varun
Australia, November 08, 2026
★★★★★
Investment for Future Security
My goal was to buy a good investment plan for my child so that her future education is secured. I explained my requirement to policybazaar expert, and he got an exact plan that i was looking for. Thank you pb.
Neha
Canada, November 08, 2026
★★★★★
Helpful Customer Support
I was very confused and did not understand the terms and conditions of the policies. Policybazaar team was helpful and explained the details in a simple manner.
Rakesh
United Kingdom, November 07, 2026
★★★★★
Planning Investments in India
Wanted to buy an investment plan for my retirement when i come back to india. I found the guidance useful while comparing different investment options at policybazaar.
Siddharth
Saudi Arabia, November 07, 2026
★★★★★
Easy Process for NRIs
I completed my purchasing process from Dubai easily without visiting India. The online assistance was helpful and things went quite smoothly.
Varsha
UAE, November 07, 2026
★★★★★
Good Experience with Investment Plans
Bought Birla Sun Life Insurance Company Ltd Wealth Smart Plus from PB. they explained the features properly and helped me understand the details.
Aditya
United States, November 07, 2026
★★★★★
Investing from the USA
I was trying to explore investment options in India, and i live in the USA. Policybazaar team helped me understand the process and answered my queries. I bought an investment plan that i am happy with.
Nishant
New Zealand, November 05, 2026
★★★★★
Overall Service Experience
Good experience with pb. Process was little slow but i am happy with my plan
Devang
Australia, November 05, 2026
★★★★★
Support for First-Time NRI Investor
This was my first time buying investment plan from abroad and policybazaar helped me. Good policy they gave me
Ayesha
Canada, November 02, 2026
★★★★★
Reviewing Policy Terms
Kotak einvest plus is what i picked after almost a week of comparing plans policybazaars comparison tool actually helped a lot saved me time no regrets so far

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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