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SBI Life Smart Savings Plan

SBI Life Smart Saving Plan offered by SBI Life is an Individual, Non-linked, Participating Life Insurance Savings Product. You get two plan options in this insurance plan – Endowment Option and Endowment Option with inbuilt Accidental Death and Total Permanent Disability Benefit.

Endowment Option

This option offers the benefits of wealth creation through simple reversionary bonuses and life cover throughout the policy term.
On maturity of the policy you get the Basic Sum Assured along with vested Simple Reversionary and Terminal Bonuses.

Endowment Option with in-built Accidental Death and Total Permanent Disability (AD & TPD) Benefit.

In addition to the benefits mentioned under Endowment Option, this option offers you benefits in case of accidental death or accidental total permanent disability of the Life Assured during the policy term.

This insurance provides you with an inbuilt Accidental Death and Total Permanent Disability benefit along with providing you life cover. In this, you have to pay the premium in the form of limited premium payment option, that is, you can take advantage of this insurance plan after paying the premium for a period of time. In this, you are also provided with the facility of premium waiver in case of total and permanent disability due to accident.

Features Of SBI Life Smart Savings Plan

Features of SBI Life Smart Savings Plan are as follows-

You get this insurance plan with 2 plan options – Endowment Option and Endowment Option with in-built Accidental Death and Total Permanent Disability (AD & TPD) Benefit. You can choose any one as per your requirement.
In this, bonus is provided to you during the policy term.
In this insurance plan, you get an inbuilt Accidental Death and Total Permanent Disability benefit.
In this you are also provided with the benefit of inbuilt premium waiver benefit (in case of total and permanent disability due to accident).
In this, you get the option to choose any premium paying term out of 4 premium paying terms (6, 7, 10 and 15 years).
You get this plan for a policy term of 12 to 25 years.
Tax benefits are available as per the norms prevalent under the Income Tax Act, 1961.

Benefits Of SBI Life Smart Savings Plan

The benefits of SBI Life Smart Bachat Plan are as follows-

Maturity Benefit:

Maturity benefit is provided under both the plans if the life assured survives till the end of the policy term. In this you are provided with the following benefits-

(i) Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus

Death Benefit:

The following benefits are provided to the nominee by the insured in case of accidental death of the insured during the policy term-

(i) Sum Assured on Death (10 times annualized premium) + Vested Simple Reversionary Bonuses + Terminal Bonus

(ii) 105% of the total premiums received up to the date of death

Tax Benefits:

You can also get tax benefits in SBI Life Smart Saving Plan. In this, you are provided tax exemption on the premium paid under section 80C of the Income Tax Act 1961. You are eligible for tax exemption under Section 10 (10D) of the Income Tax Act 1961 on the maturity benefit received.

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