SBI Life-a subsidiary of India's largest lender, State bank of India launched a traditional savings plan ‘Smart income Protect' that offers tax-free regular income at guaranteed rate of returns.
The regular income will be at the rate of 11 per cent of the sum assured for the next 15 years, company said in the statement.
Smart Income Protect offers life insurance cover, lumpsum benefit at maturity and regular guaranteed payouts for 15 years, after maturity.
SBI Life's smart income protect will be catering to the future needs like child's future expenses or post retirement plans with guaranteed annual payouts.
The policyholder would get regular payout for 15 years after the maturity and also a lumpsum bonus at maturity. In case of death of the policyholder, the assured amount would be immediately payable to the nominee or legal heir along with the bonus amount.