SBI Life Insurance has launched, Smart Income Project, a guaranteed traditional savings plan that offers tax-free regular income at the rate of 11% of sum assured or paid sum assured for next 15 years, after maturity. It offers life insurance cover, lump sum benefit at maturity and regular guaranteed payouts for fifteen years, after maturity. The scheme caters to future needs like post retirement or child’s future expenses through its guaranteed annual payouts. Not only the policyholder receives a lump sum bonus at maturity but also guaranteed payout for fifteen years after the maturity. The lump sum bonus, at maturity, comprises Vested Reversionary Bonuses and Terminal Bonus, if any. In the event of a policyholder’s death, the sum assured is immediately payable to policyholders’ nominee or legal heir as a lump sum, along with the bonuses.