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SBI Life Smart Income Protect
SBI Life Smart Income Protect




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Smart Income Protect Benefits

1 Loan And Benefits
1.1 Loan
59% Whole Life Insurance Plans Life insurance plans have it !
1.2 Surrender
94% Whole Life Insurance Plans Life insurance plans have it !
1.2.1 Surrender Value
Fund Value plus interest shall be paid
1.3 Benefits
1.3.1 Tax
98% Whole Life Insurance Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Applicable as per the Tax laws.
1.3.3 Service Tax
Applicable
1.3.4 Maturity
89% Whole Life Insurance Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Total premiums paid along with additional interest
1.3.6 Death
99% Whole Life Insurance Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Highest of sum assured or total premiums paid or 105% of total premiums paid or balance in fund value shall be paid
1.3.8 Annuity
No Whole Life Insurance Plans Life insurance plans has it !
1.4 Bonus
Reversionary Bonus, Terminal Bonus

Smart Income Protect Loan

Smart Income Protect loan is an amount that is borrowed from the insurance company which has to be returned with interest within fixed time. Policy loan, surrender value, bonus, benefits are included under SBI Life Smart Income Protect loan and benefits. SBI Life Smart Income Protect Terms and Conditions for policy loan are specified by the company. This insurance policy does not provide loan. If any insurance policy provides loan then this amount will be some percentage of surrender value.

Smart Income Protect Surrender

Smart Income Protect surrender value is an amount which you receive from the insurance company in case you want to terminate your policy before maturity. Usually for a regular premium policy, you can get surrender value if you have paid SBI Life Smart Income Protect Premium for three continuous years. Surrender value is also known as cash surrender value or cash value.

SBI Life Smart Income Protect Bonus

SBI Life Smart Income Protect bonus is an additional or extra sum given to a policyholder. When an insurance company makes profits then it shares the profits in the form of bonus with the life insured. Insurance policy bonus includes terminal bonus, reversionary bonus, interim bonus etc. Bonus, if available, can also be considered as one of the SBI Life Smart Income Protect benefits. Bonus provided under this plan: Reversionary Bonus and Terminal Bonus.

Reversionary bonus is the one that is based on performance of the insurance policy. You'll get terminal bonus upon termination i.e. maturity of the policy. Dates of terminal bonus are usually announced by the insurance company. If the maturity date of your policy lies within two terminal bonus dates then in its stead, you get an interim bonus.

Benefits Under Smart Income Protect

Benefits under Smart Income Protect include tax benefit, death benefit, maturity benefit and annuity benefit. Tax is applicable for this plan. Maturity can be availed under this policy. This insurance plan assures Death. Annuity is not applicable for this plan.

  • Tax benefit amount: Applicable as per the Tax laws.
  • Maturity benefit amount: Total premiums paid along with additional interest
  • Death benefit amount: Highest of sum assured or total premiums paid or 105% of total premiums paid or balance in fund value shall be paid

If SBI Life Smart Income Protect offers tax benefit, then the premiums you pay are eligible for deduction on tax returns and so is a part of the money you get on maturity of the policy. Maturity benefit is the amount of money you get at end of the policy term. Because of death benefit, family of the policy holder receives all the returns in the event of demise of the policy holder. With annuity benefit, you have an opportunity to secure your life financially after retirement. Annuity provides a regular source of income after retirement.

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