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.
|
|
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 |
Annual premium in Rupees for a policy tern of 12 years
|
Age |
30 years |
40 years |
50 years |
|
Sum Assured |
200,000 |
200,000 |
200,000 |
|
Premium |
19,014 |
19,244 |
19,938 |
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 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.
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.
