Life evolves quickly — dreams grow, responsibilities increase, and financial security becomes more important than ever. SBI Life brings you Smart Lifetime Saver, a feature-rich Whole Life Insurance & Savings Product that ensures lifelong peace of mind with guaranteed returns, survival income, and protection till the age of 100.
Whether you want income for life, a solid maturity corpus, or long-term life cover, this plan empowers you to stay prepared for every milestone.
Why Choose SBI Life – Smart Lifetime Saver?
SBI Life – Smart Lifetime Saver is an Individual, Non-Linked, Participating (PAR), Whole Life Savings Insurance Plan designed to offer guaranteed income + bonus benefits + lifelong protection.
Key Benefits at a Glance
- Life insurance cover up to age 100 years
- Annual Survival Income for lifetime*
- Guaranteed & Non-Guaranteed Survival Income (Cash Bonus)
- Limited Premium Payment Option (10, 12, or 15 years)
- Flexible accumulation of income at attractive interest rates
- Optional Riders for enhanced protection
- Simple purchase process & reliable policy servicing
- Tax benefits under the Income Tax Act, 1961*
*Subject to declaration and terms.
*Tax benefits are subject to change as per prevailing tax laws.
Plan Highlights
1. Lifetime Security
Stay financially protected with life cover till you turn 100, ensuring long-term peace of mind for you and your loved ones.
2. Guaranteed Survival Income
Receive Guaranteed Survival Income every year starting from the end of the Premium Payment Term (PPT) — paid until maturity, surrender, or death, whichever occurs first.
3. Cash Bonus (Non-Guaranteed Survival Income)
From the end of the 7th policy year, you may receive additional Cash Bonus, if declared, boosting your recurring yearly income.
4. Flexibility to Accumulate Survival Income
You may defer & accumulate both Guaranteed and Non-Guaranteed incomes, earning RBI Repo Rate – 1% interest.
(Current applicable interest rate: 5.50% p.a., compounded annually for FY 2024–25)
5. Limited Pay Option
Pay premiums for only 10, 12, or 15 years and enjoy benefits for life.
6. Protection with Riders
Increase your policy security with optional riders. (Refer to rider brochure for complete details)
7. Guaranteed Maturity Benefit
At maturity, SBI Life pays:
- Guaranteed Sum Assured on Maturity (equal to Total Annualized Premiums Paid)
- Terminal Bonus, if declared
- Accumulated Survival Income, if any
8. Lifetime Reliability
- Guaranteed annual income
- Additional non-guaranteed bonuses
- Auto-cover period even if premiums stop (1–2 years depending on premiums paid)
Advantages You Get
Security
Protection through life cover till 100 years.
Flexibility
Accumulate or receive Survival Income based on your future goals.
Simplicity
Hassle-free purchase, quick issuance, and transparent benefits.
Reliability
Guaranteed income + cash bonus (if declared) + uninterrupted cover during auto-cover period.
Survival Income Details
1. Guaranteed Survival Income
Paid every year from the end of PPT until maturity, surrender, or death.
Formula: Guaranteed Income Rate × Basic Sum Assured
2. Non-Guaranteed Survival Income (Cash Bonus)
Paid annually from the end of the 7th year (if declared).
Formula: Cash Bonus Rate × Basic Sum Assured
3. Accumulation Option
Deferred survival income earns 5.50% p.a. (RBI Repo Rate – 1%)
Maturity Benefit
If the life assured survives till maturity:
You get:
- Guaranteed Sum Assured on Maturity
- Terminal Bonus, if declared
- Accumulated Survival Income, if any
Policy terminates after maturity payment.
Death Benefit
In case of death during the policy term, nominee receives the higher of:
A. (Sum Assured on Death + Guaranteed Survival Income + Interim Cash Bonus#, if declared + Terminal bonus, if declared)*
OR
B. 105% of total premiums paid (excluding taxes & extra premiums)
Plus, any accumulated survival income is paid additionally.
*Applicable for the year of death
#Interim bonus = Interim rate × Basic Sum Assured
Auto-Cover Period (When Premiums Stop)
- If 2–4 full years’ premiums paid: Auto cover for 1 year
- If 5+ years’ premiums paid: Auto cover for 2 years
Who Should Buy This Plan?
This plan is perfect for:
- Individuals seeking lifetime income + lifelong cover
- Families wanting long-term financial security
- Investors looking for guaranteed returns with bonus potential
- People planning early retirement with regular yearly income
- Anyone wanting a limited premium commitment, lifelong benefit
Who can buy?
Disclaimer: This page provides general information based on publicly available product details. Actual benefits, features, bonuses, and payouts depend on policy terms, conditions, declarations, and regulatory guidelines. Tax benefits are subject to change as per the Income Tax Act, 1961. Please read the official SBI Life policy brochure carefully or consult a certified insurance advisor before making any purchase decision.