SBI Life Smart Guaranteed Savings Plan | Fusion - WeRIndia

SBI Life – Smart Guaranteed Savings Plan is a traditional savings plan. It assures you guaranteed additions which are added at a simple rate of 5.5% or 6% to the cumulative basic premiums paid. This plan has dual benefits: one is savings and another is protection of life coverage.

The age of entry ranges from 18 years to 50 years and the maximum age at maturity is 65 years. The policy term is 15 years. Premium can be paid annually for a period of 7 years, yet the benefits are available throughout the policy term of 15 years. The minimum amount is Rs. 15,000 and the maximum premium amount is Rs. 75,000. The Sum Assured depends on the chosen premium.

Maturity benefits include the basic Sum Assured and guaranteed additions. In the event of death, the Sum Assured on death is paid along with guaranteed additions. This is generally higher than basic sum assured or 10 times of the annualized premium or 105% of total premium paid till the date of death. Tax benefits are available under sections 80C and 10 (10D) but has certain limitations. However, death proceeds are completely exempt from tax. Visit their website for full details.

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