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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Plans available only for people of Indian origin By continuing you agree to receive assistance and agree to our Privacy Policy, Terms of Use #For a 55 year on investment of 20Lacs
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15.8 Crore
Registered Consumer
53
Insurance Partners
7.16 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 does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 1222 Reviews)

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SBI Life Traditional Plans Reviews & Ratings

4.6 / 5 (Based on 1222 Reviews)
(Showing Newest 10 reviews)
Arvind
Aurangabad, October 11, 2026
★★★★★
Good For NRI Investment
Being an nri it was hard to find right plan but star union dai ichi life ewealth royale through policybazaar solved that problem whole process online didnt need to visit india even once
Kavita
Dehradun, October 11, 2026
★★★★★
Smooth Buying Experience
Canara hsbc life promise four wealth maximiser plan my brother suggested policybazaar and honestly the whole thing got done in two days flat executive was very patient with all my basic questions
Manoj
Amritsar, October 10, 2026
★★★★★
Trustworthy Service
Kotak mahindra life e invest plus been paying premium for six months now what i like is the app is easy to track fund value policybazaar helped me set it up initially
Neha
Jaipur, October 08, 2026
★★★★★
Investing Made Simple
Birla sun life wealth smart 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
Suresh
Raipur, October 08, 2026
★★★★★
Decent Plan Slow Process
bought Bajaj life smart wealth goal vii plan itself is fine but documentation took longer than i expected policybazaar customer care did follow up regularly though which i appreciate
Vikram
Hyderabad, September 07, 2026
★★★★★
Wealth Building Made Easy
ICICI prudential life signature seemed complicated at first but policybazaar rep broke it down in simple words now i understand where my money is going satisfied with this plan
Venkat
Siliguri, August 05, 2026
★★★★★
Smart Savings Smart Choice
Reliance Nippon Life Smart Savings Insurance Plan purchased through PolicyBazaar is a smart choice for long term savings. The plan features are comprehensive ensuring financial security. Kudos to PolicyBazaar for their impressive service.
Meera
Jamshedpur, August 04, 2026
★★★★★
Optimizing Wealth Optimizing Future
Opting for Kotak Mahindra Wealth Optimise through PolicyBazaar was a strategic choice. The plans features are exceptional providing a diverse range of investment options. PolicyBazaars service exceeded my expectations.
Prakash
Cuttack, August 03, 2026
★★★★★
Wealth Accumulation Simplified
SBI Life Smart Wealth Builder made easy by PolicyBazaar gives you easy way to make more money. The plan has strong stuff keeping your future safe. PolicyBazaar did very good service.
Shalini
Ranchi, August 02, 2026
★★★★★
PolicyBazaar Setting the Standard for Service
PolicyBazaars service set a high standard. Their teams knowledge and assistance in choosing the right ULIP plan were exemplary. A top notch experience overall.

˜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 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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