SBI Life Insurance – Smart Income Protect





SBI Life – Smart Income Protect is a savings plan with added advantage of life cover and regular cash inflow at the time you need. It is a participating traditional plan where you continue to pay your regular premiums over a period of 5, 10 or 15 years. Thereafter your payout period starts, where you get guaranteed regular annual payouts over a period of 15 years, meeting your various financial obligations.


Key Features:

  • Plan that provides Insurance Cover and Regular Income.
  • Choose your policy term from 5, 10 or 15 years.
  • Guaranteed annual payouts* (conditions apply) of 11% of Sum Assured/Paid up Sum Assured over a period of 15 years after maturity. The first instalment will be paid at the end of first year during the payout period.
  • Vested Reversionary bonuses plus Terminal bonus, if any, will be paid as lump sum at the end of the policy term, at maturity.
  • Customize your coverage through the wide range of additional rider benefits – SBI Life – Accidental Death benefit rider (UIN: 111B015V01), SBI Life – Accidental Total & Permanent Disability benefit rider (UIN: 111B016V01), SBI Life – Criti Care 13 Non Linked Rider (UIN: 111B025V01), SBI Life – Preferred Term Rider (UIN 111B014V01).

 * Provided at Maturity, the policy is in force or paid-up.



On Maturity:

  • Maturity Benefit as lump sum: You get vested reversionary bonuses plus terminal bonus, if any, at maturity.
  • Maturity Benefit in Instalments: You will be paid yearly payouts equal to 11% of basic Sum Assured for next 15 years after maturity. This period of 15 years is your payout period. The first instalment will be paid at the end of first year during the payout period.


On Death:

  • In the unfortunate event of death of life assured during the policy term, the nominee will receive Basic sum assured plus vested reversionary bonuses plus terminal bonus, if any.
  • In case of death during the payout period, all future payouts will be paid to the nominee or legal heir in lump sum immediately.


Tax Benefits

  • Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
  • Tax deduction under Section 80(D) is available for premiums paid towards Criti Care 13 Non Linked Rider.
  • Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.



Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.




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