Smart Value Income Plan
A traditional savings plan that pays out recurring cash bonuses (or lets them accumulate) on top of a guaranteed minimum maturity value, alongside built-in life cover.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
What this product is
A traditional savings plan that pays out recurring cash bonuses (or lets them accumulate) on top of a guaranteed minimum maturity value, alongside built-in life cover.
You might need this if…
- You want predictable cash bonus payouts (annual/half-yearly/quarterly/monthly) rather than one lump sum at the end
- You'd rather let bonuses accumulate and compound at a benchmark-linked rate than take them as cash, if you don't need the money right away
- You want a policy loan option available if you hit a cash crunch, rather than being forced into a full surrender
- You want the option to pause premiums during a spell of income loss without immediately losing death cover
How it actually works
- Entry age 30 days to 65 years; minimum premium around ₹24,000/year
- Choose Limited Pay (5-12 yr premium term, 20-50 yr policy term), Regular Pay (10-30 yrs, premium term = policy term), or Single Pay (10-50 yr term)
- Pick Cash Bonus (take declared bonuses as cash, or park them in a sub-wallet earning a set rate) or Accumulating Cash Bonus (bonuses compound at a benchmark-linked rate) at outset
- Death benefit is Sum Assured on Death plus accrued bonuses, with a guaranteed floor of 105% of total premiums paid
- Maturity benefit is a Sum Assured on Maturity (a multiple of total premiums payable) plus accrued bonuses
- Policy loans are available after year 1 (up to 80% of surrender value); a premium-postponement feature helps during unemployment/income loss
Worked example
For a 30-year-old paying ₹1,00,000/year for 8 years in a 40-year policy, the brochure's illustration shows a guaranteed maturity benefit of about ₹12.5 lakh, with the non-guaranteed cash-bonus components pushing the total higher under illustrative 4% and 8% assumed-return scenarios - and considerably higher still if bonuses are left to accumulate for the full term (these are illustrations, not promises).
Worth knowing before you decide
- Illustrated 4% and 8% return scenarios are not upper/lower limits of what you might actually get - bonuses are declared yearly and can be zero in a bad year
- Early surrender usually returns less than total premiums paid; a reduced paid-up status kicks in if you stop paying after year 1
- Revival after lapse is allowed for up to 5 years but comes with interest charges and fresh medical underwriting
- Paying half-yearly/quarterly/monthly instead of annually adds a modal loading, effectively raising the total outlay
Official source
Learn about this category
Read the full traditional life insurance explainer → · See all traditional savings products →