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(An Individual, Non- linked, Participating Life Insurance Savings Product)

(UIN: 111N085V04)

SBI Life - Smart Income Protect product is designed to provide the life cover and regular cash inflow at the time you need. It is a participating traditional plan where you pay regular premiums over a period of 7, 12 or 15 years. Thereafter your payout period starts, where you get guaranteed regular annual payouts over a period of 15 years, meeting your various financial obligations.

key attractions

Dual Benefits

Get Life cover and Regular Income

Guaranteed Annual Payouts*

11% of Basic Sum Assured/ Paid up Sum assured on maturity over a period of 15 years of payout period, after maturity

Flexible Policy Terms

Choose between 7, 12 or 15 years as per your need


*This does not amount to paying return on the policy at the stated percentage

Age^ at Entry

Policy term (years)












Age^ at Maturity

Min: 18 years

Max: 65 years

Basic Sum Assured

Min: Rs.1,00,000/- (× 1,000/-)

Max: No Limit&

Payout Period

15 years

Payout Frequency


&The maximum sum assured would be subject to board approved underwriting policy. The maximum premium would be based on the sum assured offered.
^All the references to age are age as on last birthday.


On Maturity for inforce policies:

You get Vested Reversionary Bonuses plus Terminal Bonus, if declared, at maturity.
You will be paid yearly payouts equal to 11% of basic Sum Assured for next 15 years after maturity. This period of 15 years is your payout period. The first installment will be paid at the end of first year during the payout period.

Alternatively, you have an option to receive maturity benefit in a lump sum. The maturity benefit in this case would be guaranteed sum assured at maturity which is 110% of basic sum assured plus vested reversionary bonuses plus terminal bonus, if declared


On Death for inforce policies:
In the unfortunate event of death of life assured during the policy term, the nominee will receive higher of (A,B), where:

A = Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal bonus, if declared.
where Sum Assured on Death is higher of Guaranteed sum assured at maturity@@ or 10 times of annualized premium@

B = Minimum death benefit which is equal to 105% of the total premiums received upto the date of death.
Where Total premiums received/paid means total of all the premiums received, excluding any extra premium, any rider premium and applicable taxes.

@Annualized premium shall be the premium amount payable in a year chosen by the policyholder, excluding applicable taxes, rider premiums, the underwriting extra premiums and loadings for modal premiums, if any.
@@The Guaranteed sum assured at maturity is 110% of basic sum assured


Tax Benefits:
You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details. Please consult your tax advisor for details.

Payment Options

  • Premium Payment Term: Same as Policy Term

  • Policy Term: 7/12/15 years

  • Payment Mode: Yearly/Half-yearly/Quarterly/Monthly#

#upto 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card)

For Monthly Salary Saving Scheme (SSS),upto 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction

How Does It Work?



^^^Maturity Benefit figures are for illustrative purposes & for healthy life. Please note that the above mentioned assumed rates of returns @4% and @8% p.a. respectively, are only illustrative scenarios at these rates after considering all applicable charges.

The bonus rates are assumed constant during the bonus accrual period, whereas actual bonus could vary, depending on the investment experience of the Company. These are not guaranteed and they are not higher or lower limits of returns. Returns are dependent on a number of factors including future investment performance. For more information, please request for your policy specific benefit illustration


Yes Bank Limited is a Composite Corporate Insurance Agent of Max Life Insurance Company Limited (IRDAI Regd. No. 104), Reliance General Insurance Company Limited (IRDAI Regd. No. 103), HDFC Life Insurance Company Limited (IRDAI Registration No. 101), SBI Life Insurance Company Limited (IRDAI Registration. No. 111), SBI General Insurance Company Limited (IRDAI Registration Number 144) and ICICI Lombard General Insurance Company Limited, (IRDAI Registration No. 115). Yes Bank Corporate Agent license no. CA0125 issued by Insurance Regulatory & Development Authority of India (IRDAI), and does not underwrite the risk or acts as an insurer. Yes Bank Limited Registered Office: YES BANK LIMITED, YES BANK House, Off Western Express Highway, Santacruz East, Mumbai – 400055.CIN L65190MH2003PLC143249

The Life Insurance Products are offered and underwritten by SBI Life Insurance Company Limited having IRDAI Registration No. 111, CIN: L99999MH2000PLC129113 having its registered office at Natraj, M V Road & Western Express Highway Junction, Andheri (East), Mumbai-400069

SBI Life-Smart Income Protect, an individual, non-linked, participating, life insurance savings product are obligations only of SBI Life Insurance Company Limited. They are not Bank deposits or obligations of or guaranteed by YES Bank Limited. All claims under the policy will be solely decided upon by SBI Life Insurance Company Limited. YES Bank holds no warranty and do not make any representation about the insurance, the quality of claims processing and shall not be responsible for claims, recovery of claims, or for processing of or clearing of claims, in any manner whatsoever.

The purchase of any insurance product by YES Bank Customers is purely voluntary and is not linked to availment of any other facility from YES Bank. For more details on risk factors, benefits, waiting period, exclusions, coverage, terms and conditions please read the sales brochure carefully before concluding the sale.

Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license.

Tax benefits on the Insurance Product are subject to the conditions and limits mentioned in the Income Tax Act 1961 as amended from time to time. Customer is advised to take an independent view from tax consultant.

All guaranteed benefits are payable only when all premiums are paid when due.

For any queries with respect to Insurance Policies bought through YES Bank, kindly contact us at our Toll Free No:18001200, Email ID _yestouch@yesbank.in_, Website: SBI Life Toll Free Number: 1800 267 9090 (Between 9.00 am to 9.00 pm) I Website: I SMS: 'CELEBRATE' to 56161 Email:


IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

For more details on YES Bank copyright & disclaimer and Privacy Policy, please visit our website

1B.YES.ver.02-06-21 WEB ENG

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Documents Required

  • Commission Disclosure
  • SBI Life Smart Income Protect - Brochure
  • SBI Life Smart Income Protect - Premium Chart
  • SBI Life - Accidental Death Benefit Rider
  • SBI Life Shubh Nivesh - Accidental Total & Permanent Disability Benefit Rider
  • SBI Life Smart Income Protect - Preferred Term Rider
  • SBI Life Smart Income Protect - Single Pager
  • SBI Life Smart Income Protect - Standard Disclaimer