SBI Life Smart IncomeShield Insurance Plan

Introduction

 

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SBI Life – Smart IncomeShield Insurance – A plan that gives you a advantage against eventualities of death, disability or critical illness by providing you with a income benefit, which can meet your and your family’s daily lifestyle finances.

SBI Life – Smart IncomeShield Insurance is a non-participating term insurance Policy.

Key Features:

 



Establishes a solid foundation for a lifetime of financial security, ability to continue to maintain the lifestyle for your family.
Customize your policy with various plan options :
Basic Plan – provides monthly income benefit in an event of death
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately.
Advantage Plan – provides monthly income benefit in an event of death or Critical illness or Total permanent disability, whichever occurs first.
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately
Flexibility to choose Monthly income benefit payout.
Benefit Option I : Regular monthly payouts for 5 years
Benefit Option II: Regular monthly payouts for 10 years
Benefit Option III: Regular monthly payouts for the outstanding policy term.
Additional Lump sum payment of 12 times the monthly income immediately on claim

Product Snapshot:

 

Plan option Basic Plan: Benefit payable in event of deathAdvantage Plan^ : Benefit payable in event of death / Total Permanent Disability (TPD) due to Accident or Sickness / Critical Illness, whichever is earlier
Age* at Entry Basic Plan: Min : 18 years; Max: 65 years
Advantage Plan:   Min: 18 years; Max: 60 years
Age* at Maturity Basic Plan : 70 years
Advantage Plan : 65 years
Policy Term Min: 5 years Max: 25 years
Payout Term Benefit Option I : 5 years
Benefit Option II: 10 years
Benefit Option III: Outstanding Policy Term
Monthly Income Benefit Basic Plan
Min: Rs 10,000 p.m.
Max: No Limit
Advantage Plan
Min: Rs. 10,000 p.m
Max: Rs. 50,000 p.m.
Premium Paying Term (PPT)
Regular premium (Same as policy term)
Limited Premium payment term[LPPT]
(Applicable only for Benefit Option III under both Basic Plan & Advantage Plan)
Sum Assured 12 x Monthly Income benefit  x Payout term
Premium Frequency Yearly / Half-yearly / Quarterly / Monthly#
^Under Advantage plan, premium rates & product terms are guaranteed for the first 5 years and are reviewable every 5 years thereafter. The rates if reviewed would apply to existing customers 5 years after inception and every 5 years thereafter and to new customers.* All references to age are as on last birthday
#For monthly modes, 3 months premium to be paid in advance and renewal payment is allowed only through ECS,Credit card,Direct Debit and SI-EFT

Limited Premium Payment Term (LPPT).

LPPT is offered only for Benefit Option III under both Basic Plan & Advantage Plan mentioned above. The Premium payment term will be as follows:

Policy Term 5 6 7 8 9 10 11
PPT 3 4 4 5 6 6 7
Policy Term 12 13 14 15 16 17 18
PPT 8 8 9 10 10 11 12
Policy Term 19 20 21 22 23 24 25
PPT 12 13 14 14 15 16 16

Benefits

 

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Death Benefit:
Basic Plan/Advantage Plan
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately.
Critical Illness or Total and Permanent Disability (TPD) Benefit:
Basic Plan: Not Applicable.
Advantage Plan
Monthly income benefit as opted will be paid for the payout term as chosen,
Additional benefit equal to 12 times the monthly income will be paid as lump sum immediately.
Maturity Benefit: No maturity benefits are payable.
Surrender Benefit: No Surrender Benefits are payable.
Paid Up benefit :
Paid-ups are not applicable for Benefit Options I and II
Paid-up value payable under Benefit Option III (Basic Plan & Advantage plan)
Tax Benefits
U/s 80C of the Income Tax Act 1961 on your premiums.
U/s 10(10D) of the Income Tax Act 1961 on your death proceeds under the policy.
Tax benefits as per prevailing norms under the Income Tax Act, 1961. Tax laws are subject to change in future.
For more details on risk factors, terms and conditions please read sales brochure carefully before conducting a sale. Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.

Premium Table for Female

Download (PDF, 82KB)

Premium Table for Male

Download (PDF, 101KB)

Brochure

Download (PDF, 496KB)

SBI Life Smart IncomeShield Insurance Plan
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