SBI Life Insurance today launched a traditional savings plan that offers tax-free regular income at guaranteed rate of returns.
This regular income will be at a rate of 11 per cent of the sum assured or paid sum assured for the next 15 years, after maturity, the company said in a statement.
Catering to the risk-averse investors, ‘smart income protect’ offers life insurance cover, lumpsum benefit at maturity and regular guaranteed payouts for 15 years, after maturity, the statement said.
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 lumpsum bonus at maturity but also guaranteed payout for 15 years after the maturity. The lumpsum 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 lumpsum, along with bonuses.
Beena.parmar@thehindu.co.in