SBI Life's Smart Income Protect plan offers regular income at the guaranteed rate of 11% of sum assured or paid sum assured for next 15 years after maturity
Mumbai: Private insurer SBI Life Insurance has launched a guaranteed traditional savings plan, Smart Income Protect, offering a tax-free regular income, reports PTI.
Smart Income Protect offers regular income at the guaranteed rate of 11% of sum assured or paid sum assured for next 15 years after maturity, SBI Life Insurance said in a release issued here.
It also offers life insurance cover, lump sum benefit at maturity and regular guaranteed payouts for 15 years, after maturity.
In the event of a policyholder's death, the sum assured is immediately payable to the nominee or legal heir as a lump sum, along with the bonuses, it said.
"The plan caters to a sizable Indian population, which is comfortable with no-risk savings products that offer guaranteed returns," SBI Life Managing Director and CEO Atanu Sen said.
Minimum age of entry to the policy is 8 years and maximum is 60 years. The minimum maturity age for the plan is 18 years, while the maximum maturity age is 65 years.
SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Cardif, Euro Zone's leading Bank.