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 optionBasic 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 EntryBasic Plan: Min : 18 years; Max: 65 years Advantage Plan:   Min: 18 years; Max: 60 years
Age* at MaturityBasic Plan : 70 years Advantage Plan : 65 years
Policy TermMin: 5 years Max: 25 years
Payout TermBenefit Option I : 5 years Benefit Option II: 10 years Benefit Option III: Outstanding Policy Term
Monthly Income BenefitBasic Plan Min: Rs 10,000 p.m. Max: No LimitAdvantage 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 Assured12 x Monthly Income benefit  x Payout term
Premium FrequencyYearly / 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 Term567891011
PPT3445667
Policy Term12131415161718
PPT88910101112
Policy Term19202122232425
PPT12131414151616

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

[gview file="http://sbilifeinsurance.helpof.com/wp-content/uploads/2013/03/Smart_IncomeShield_Insurance_Premium_Tables_Female.pdf" save="1"]

Premium Table for Male

[gview file="http://sbilifeinsurance.helpof.com/wp-content/uploads/2013/03/Smart_IncomeShield_Insurance_Premium_Tables_Male.pdf" save="1"]

Brochure

[gview file="http://sbilifeinsurance.helpof.com/wp-content/uploads/2013/03/smart_income_shield_english.pdf" save="1"]

This article was updated on November 26, 2023