SBI Life - Smart Lifetime Saver
UIN: 111N136V02
Product Code: 2Z
Give your family an upgrade
with an income for lifetime.
As you progress in life, your dreams and responsibilities grow with you. So ensure that you always remain financially ready for what lies in store ahead, with SBI Life - Smart Lifetime Saver – a plan that offers you guaranteed returns and protection, for a lifetime.
Key Benefits :
- Life insurance cover till the age of 100 years
- Annual Survival Income* for lifetime
- Enhanced Protection through optional rider
*Survival Income is inclusive of Guaranteed Survival Income & Non-Guaranteed Survival Income (Cash Bonus), if declared. The Guaranteed Survival Income will be payable from the end of Premium Payment Term (PPT) and Non-Guaranteed Survival Income (Cash Bonus), if declared will be payable from the end of 7th Policy Year till Death / Maturity / Surrender whichever is earlier, provided all due premiums have been paid.
Highlights
SBI Life Smart Lifetime Saver
Ali, a 33-year-old working professional, has ensured his family’s financial independence. And if life goes as planned, he has the added benefit of knowing he can receive a 100% return of premiums.
Fill in the form field to see how you too can benefit from this plan.Name(Assured):
DOB(Assured):
Gender(Assured):
Male Female Third GenderDiscount:
Staff Non Staff
Sum Assured
Premium frequency
Premium amount
Premium Payment Term
Policy Term
Maturity Benefit
At assumed rate of returns** @ 4%or
@ 8%
Features
- Security: Life Cover till age 100.
- Guaranteed Survival Income# starting from the end of Premium Payment Term.
- Additional Non-Guaranteed Survival Income (Cash Bonus), if declared, starting from end of 7th policy year.
- Flexibility to accumulate Survival Incomes.
- Limited Premium Payment Term: Choice of 3 premium payment terms: 10, 12 & 15 years.
- Maturity Benefit: Lump sum maturity benefit is the Total Annualized Premiums## payable under the policy.
- Enhanced Protection through optional rider.
- Tax Benefits*: As per the prevailing norms under the Income Tax Act, 1961.
*You may be eligible for Income Tax benefits as per the applicable income tax laws in India, which are subject to change from time to time. You are advised to consult your tax advisor on applicable tax benefits under the policy.
#The Guaranteed Survival Income will vary with Premium Payment Terms and Annualized Premium bands.
##Annualized premium shall be the premium amount payable in a year , excluding taxes, underwriting extra premiums, rider premiums and loadings for modal premiums.
Advantages
Security
- Protection through a life cover till you reach 100 years of age.
Flexibility
- Plan according to your life goals with option to defer and accumulate the Guaranteed Survival Income and/ or Non-Guaranteed Survival Income (cash bonus), if declared.
Simplicity:
- Buy with ease with a simple application process and a hassle-free issuance.
Reliability
- Get Survival Incomes for a lifetime & uninterrupted Life Cover during auto-cover period
Survival Income:
- Guaranteed Survival Income:
- a) On survival of the life assured and provided all premiums which have fallen due are paid, this will be paid at the end of each policy year starting from the end of the premium payment term, till surrender, death or maturity, whichever is earlier.
- b) Guaranteed Survival Income is Guaranteed Income Rate multiplied by the Basic Sum Assured.
- Non-Guaranteed Survival Income (Cash Bonus):
- a) On survival of the life assured and provided all premiums which have fallen due are paid, in addition to the Guaranteed Survival Income, this will be paid at the end of each policy year starting from the end of the 7th policy year till surrender, death or maturity, whichever is earlier.
- b) Non-Guaranteed Survival income (Cash Bonus) will be equal to the Cash bonus rate, if declared, multiplied by the Basic Sum Assured.
Flexibility to accumulate the Survival Incomes:
An option to defer and accumulate the Guaranteed Survival Income and/or Non-Guaranteed Survival Income (Cash Bonus), if declared The accumulated deferred survival incomes along with applicable interest is payable as lumpsum to the policyholder on request at any point of time after the deferment of the survival income during the policy term, or on death of the Life Assured / surrender/ maturity, whichever is earlier.The applicable interest rate for accumulation of deferred Survival Income shall be the RBI Repo rate less 100 basis points as on 1st April of the financial year, in which the accumulated amount is payable. Currently, the Repo rate is 6.50% p.a. as at 1st April 2024 and hence the applicable interest rate for Financial year 2024-25 is 5.50% p.a., compounded annually.
Maturity Benefit :
On survival of the life assured till the end of policy term, the following is payable in lumpsum:
- a) Guaranteed Sum Assured on Maturity^ plus Terminal bonus, if declared.
- b) Additionally, accumulated deferred survival income, if any will be paid.
- c) On maturity of the policy, the policy will terminate and no further benefits will be payable.
^Guaranteed Sum Assured on Maturity is defined as the Total Annualized Premiums payable under the policy.
Death Benefit :
On Death of the life assured, during the policy term the following will be paid to the nominee or legal heir:- a) Higher of A or B, where:
- A. Sum Assured on Death; plus Guaranteed Survival Income*, if any; plus Interim Non-Guaranteed Survival Income # (Interim Cash Bonus), if declared; plus Terminal bonus, if declared.
- B. 105% of the Total Premiums Paid upto the date of death.
- b) Additionally, accumulated deferred survival income, if any will be paid.
*Guaranteed Survival Income and Interim Non-Guaranteed Survival Income is applicable for the year in which death occurs.
#Interim Non-Guaranteed Survival Income is equal to Interim Cash bonus rate, if declared, multiplied by the Basic Sum Assured.
Total Premiums paid means total of all the premiums paid under the base product , excluding any extra premium and taxes, if collected explicitly.
Sum Assured on Death is Death Benefit Multiple (DBM) multiplied by the Annualized Premium. DBM is based on age at entry of the life assured.
“Auto-Cover Period” under a Reduced paid-up policy shall be as follows:
- 1. If at least first two full policy years’ but less than five full policy years’ premiums have been paid and any subsequent premium is not duly paid: Auto Cover Period of one year from the due date of first unpaid premium shall be available.
- 2. If at least five full policy years’ premiums have been paid and any subsequent premium is not duly paid: Auto Cover Period of two years from the due date of first unpaid premium shall be available.
Rider Benefit: Refer to the rider brochure for more information.
For more details on risk factors, terms and conditions of SBI Life - Smart Lifetime Saver, read the following documents carefully.
##Annualized premium shall be the premium amount payable in a year , excluding taxes, underwriting extra premiums, rider premiums and loadings for modal premiums.
2Z/ver1/09/24/WEB/ENG
^^Tax Benefits:
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details click here here.