SBI Life-Smart Guaranteed Saving Plan: Best Way to Boost Your Savings
Life Insurances 188 views
Once you start working and earn some money the first thing your family members and friends suggested you is to start saving some money for your future. There are various saving options available in the market to save the money. You can save your money in FD, mutual funds, PPF account and in other saving plans. But, among these different types of saving plans life insurance policy offers you more benefits as compared to any of these plans. It not only offers you better return on your savings, but it also offers your better coverage and other benefits, which you will never get in any other plan. Life insurance offers you financial security and even after your sudden dismissal it offers financial security to your family and loved ones in your absence. This way they are financially secured and they can live the life in the same way without any financial worries in your absence. This is the best way to secure your life with life insurance and giving financial protection to your loved ones.
SBI Life smart guaranteed savings plan is a traditional non-participating individual saving plan that boost your savings with guaranteed additions. It offers you higher returns on your investment over the period of time. You can choose the maturity tenure as per your financial requirements. The policy offers you flexibility to pay the premiums on yearly, half-yearly, quarterly or monthly basis. The policy offers you better coverage and higher returns. It offers you full security and protection for tension free future. Below are some key features and benefits of the life smart guaranteed plan.
Key features & benefits of life insurance
- You will get guaranteed additions at the end of each policy. It depends upon the installment premium amount chosen.
- It is added at the simple rate of 5.5% or 6% and will apply to the cumulative basic premiums paid.
- Pay premium only for a limited period of 7 years and enjoy the benefits throughout the policy term of 15 years.
- You will get the insurance coverage, which will be based on the premium you have opted.
Maturity benefits: On the completion of the policy term, basic sum assured plus accrued guaranteed, additions will be paid.
Death benefits: In case of sudden death of the assured 'sum assured on death' along with accrued guaranteed additions will be given to the nominee. In this case the sum assured on the death is higher of assured or 10 times the annualised premium or 105% of total premiums paid as on the date of death.
Tax benefits: You can avail the tax benefits under section 80C of Income Tax Act. However, in case the premium paid during the financial year, exceed 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
Other important details
|Age to start investment||18 years||50 years|
|Maximum age at maturity||65 years|
|Policy term||15 years|
|Premium payment term||7 years|