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SBI Life Insurance, the leading new generation life insurer, has unveiled a guaranteed traditional savings plan. The plan offers tax-free regular income at the guaranteed rate of eleven percent of sum assured or paid sum assured for next fifteen years, after maturity. Catering to the risk-averse investors, Smart Income Protect offers life insurance cover, lump sum benefit at maturity and regular guaranteed payouts for fifteen years, after maturity. Mr. Atanu Sen, Managing Director and CEO, SBI Life, said “The plan caters to a sizeable Indian population which is comfortable with no-risk savings products that offer guaranteed returns. Our endeavor is to offer a wide range of smart and simple life insurance solutions enabling a choice corresponding to customers’ risk appetite.”  SBI Life’s Smart Income Protect caters to future needs like post retirement or child’s future expenses through its attractive feature of guaranteed annual payouts. Not only the policyholder receives a lump sum bonus at maturity but also guaranteed payout for fifteen years after the maturity. The lump sum bonus, at maturity, comprises Vested Reversionary Bonuses and Terminal Bonus, if any. In the event of a policyholder’s death, the sum assured is immediately payable  to policyholders’ nominee or legal heir as a lump sum, along with the bonuses.  Conveniently, based on required estimated income stream for future needs and premium paying capacity, customers can opt for a premium payment term of five, ten or fifteen years. Offering the possibility of enhancing protection, the plan is equipped with wide range of riders including Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider and Criti Care 13 non-linked rider. Here is an illustration that explains how SBI Life’s Smart Income Protect can help policyholder secure post retirement expense needs. A policyholder aged 40 years, invests Rs.38,680 in SBI Life’s Smart Income Protect each year for next fifteen years. At Maturity, he would receive a lump sum amount, of Rs.3,00,000 or Rs.1,68,000, projected at 10 percent or 6 percent respectively, as vested reversionary bonus, of. Further, he will continue to receive tax-free annual payouts of Rs.55,000 for fifteen years, after Maturity. Also, incase of an unfortunate event, during his premium payment term, his nominee or legal heir would receive a sum assured amount of Rs.5 Lacs.
Investors are advised to refer product brochure before concluding the sale.

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