Vested reversionary bonuses plus terminal bonus, if any, paid as lump sum at maturity
Annual income of 11% of Basic Sum Assured over a period of 15 years after maturity
Policy term of 7, 12 or 15 years
Four rider options
Ensure your family’s financial needs are met
Regular annual income to meet your obligations, with an option to receive the same as a lump sum, at maturity
Choose the policy term based on your financial needs
Enhance your coverage through four rider options at an nominal cost
SBI Life - Preferred Term Rider
SBI Life - Accidental Death Benefit Rider
SBI Life - Accidental Total and Permanent Disability Benefit Rider
SBI Life - Criti Care 13 Non-Linked Rider
Avail tax benefits*
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.
Alternatively, you have an option to receive the maturity benefit as lump sum, which will be 110% of basic sum assured plus Vested Reversionary bonuses plus Terminal bonus, if any at maturity.
In the unfortunate event of death of life assured during the policy term, the nominee will receive higher of (A,B), where:
A. Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal bonus, if any.
Where Sum Assured on Death is higher of basic Sum Assured@ or guaranteed sum assured at maturity or a multiple of annualized premium@@; where multiple is:
Age at entry of Life Assured less than 45 years
Age at entry of Life Assured 45 years or more
12 or 15 years
B. 105% of all the premiums paid till the date of death.
@The absolute amount assured to be paid on death is the ‘basic Sum Assured’ and the guaranteed sum assured at maturity is 110% of the basic sum assured.
@@Annualised premium is the premium payable in a year, excluding service tax, cess, the underwriting extra premiums, loadings for modal premiums and rider premiums, if any.
In case of death during the payout period, all future payouts will continue to be paid to the nominee or legal heir.
For more details on risk factors, terms and conditions of SBI Life – Smart Income, read the following documents carefully.
*The maximum sum assured would be subject to board approved underwriting policy. The maximum premium would be based on the sum assured offered.
^ All the references to age are age as on last birthday.
# 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card) For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction
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**Assumed rates of returns @4% and @8% p. a. respectively, are only illustrative scenarios at these rates after considering all applicable charges. The bonus rates are assumed constant during the bonus accrual period, where as actual bonus could vary, depending on the investment experience of the Company. These are not guaranteed and they are not higher or lower limits of returns. Returns are dependent on a number of factors including future investment performance.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
For more details on riders, terms and conditions, please read rider brochure.
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. You may visit our website for further details here. Please consult your tax advisor for details.