Private Insurer SBI Life Insurance has 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 per cent of the sum assured or paid sum assured for the next 15 years after maturity. It also offers life insurance cover, lump sum benefit at maturity and regular guaranteed payouts for 15 years after maturity.
In the event of policy holders death, the sum assured will immediately be paid to the nominee or legal heir as a lump sum, along with the bonuses. The minimum age of entry for the policy is eight years and maximum is 60 years.