Private insurer SBI Life Insurance today launched a guaranteed traditional savings plan, Smart Income Protect, offering a tax-free regular income.
Smart Income Protect offers regular income at the guaranteed rate of 11 percent 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.