Smart Lifetime Saver

What this product is

A whole-life participating savings plan that pays a guaranteed yearly income for life once premiums stop, plus possible bonuses, with cover continuing up to age 100.

You might need this if…

• You might need this if you want an income stream that starts after a fixed premium-paying period and continues for the rest of your life, not just for a set number of years.
• You might need this if you want life cover to stay in force well into old age (up to age 100) rather than ending at a typical 20-30 year term.
• You might need this if you want to build a policy for a child (entry from 30 days old) that keeps paying out across their lifetime.
• You might need this if you'd rather compound your payouts than draw them immediately - the plan lets you defer and accumulate the survival income with interest.
• You might need this if you want a participating (with-bonus) product where returns can rise with the insurer's performance, on top of a guaranteed floor.

How it actually works

• Choose a premium payment term of 10, 12, or 15 years, minimum annualized premium ₹30,000, with basic sum assured set at least 10x the annualized premium.
• After the premium-paying term ends, you receive a Guaranteed Survival Income every year for life, calculated as a percentage (roughly 1-3.5% depending on term and premium band) of the basic sum assured, stepping down in later decades.
• From policy year 7 onward, a non-guaranteed annual Cash Bonus may also be declared and paid alongside the guaranteed income.
• Death benefit is the higher of (Sum Assured on Death + accrued income/bonuses) or 105% of premiums paid; Sum Assured on Death is a multiple of annualized premium (11x-15x depending on entry age).
• At maturity (age 100), you get the Guaranteed Sum Assured on Maturity (equal to total premiums payable) plus any terminal bonus.
• Optional Accident Benefit Rider adds accidental death cover (up to ₹2 crore) or accidental partial permanent disability cover (up to ₹1.5 crore).

Worked example

The tiers

Worth knowing before you decide

• Illustrated 4%/8% return figures are not guaranteed; actual bonus depends on the insurer's investment performance.
• Guaranteed income rates step down after year PPT+30 and again after PPT+60, so income shrinks in very old age even though it continues for life.
• Surrender value only kicks in after one full year's premium, and full Guaranteed Surrender Value needs 2 consecutive years paid; early exit generally returns less than premiums paid.
• Suicide within 12 months of start or revival limits the payout to 80% of premiums paid rather than the full death benefit.

Official source

⌟ Official product brochure

Learn about this category

Read the full traditional life insurance explainer → · See all traditional savings products →