SBI Life Smart Money Back Plan
This plan has been withdrawn by the insurance company and is no longer available for sale.
SBI Life Smart Money Back Plan Review
SBI Life Smart Money Back Plan is a Participating Money Back Plan. It is a Traditional Plan with Bonus facility.
Key Features
This plan offers Guaranteed Survival Benefit of 110% to 125% of Sum Assured paid till maturity depending upon the variant chosen.
In this plan, there is Money Back options at pre-defined intervals as Survival Benefits.
- If the Life Insured dies within the Policy Tenure, the entire Sum Assured + Simple Reversionary Bonus &Terminal Bonus (if any) is paid to the nominee irrespective of Survival Benefits already paid.
- There is Rebate on Large Sum Assured in this plan
There are additional riders in this plan
- Accidental Death Benefit Rider
- Accidental Total Permanent Disability Rider
- Term Assurance Rider and
- Criti Care 13 Non-Linked Rider
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets the entire Sum Assured + Simple Reversionary Bonus &Terminal Bonus (if any) is paid to the nominee as Death Benefit irrespective of Survival Benefits already paid.
There is a specific amount of the Sum Assured that is paid at pre-defined intervals as a % of Basic Sum Assured
| Options |
Term /Year |
4 | 5 | 8 | 10 | 12 | 15 | 20 | 25 | Total |
| Option 1 | 12 | 20% | 25% | 65% + Vested Bonus | 110% + Bonus | |||||
| Option 2 | 15 | 20% | 25% | 70% + Vested Bonus | 115% + Bonus | |||||
| Option 3 | 20 | 10% | 20% | 30% | 60% + Vested Bonus | 120% + Bonus | ||||
| Option 4 | 25 | 10% | 10% | 15% | 30% | 60% + Vested Bonus | 125% + Bonus |
On survival till the end of the policy tenure, the policyholder gets a part of the Sum Assured as per schedule along with vested Bonus.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
There are 4 additional riders in this plan:
- Accidental Death Benefit Rider
- Accidental Total Permanent Disability Rider
- Term Assurance Rider and
- Criti Care 13 Non-Linked Rider
How it works
In this plan, premium needs to be paid throughout the policy tenure. This being a Money Back Plan, has a specified % of Sum Assured being paid back at pre-defined intervals. There are 4 variants to choose from whereby the amount of Sum Assured is defined and also the timelines.
Thus, for a Policy Tenure of 12 years, 20% of the Sum Assured is paid at the end of Year 4, 25% of the Sum Assured is paid at the end of Year 8 and the remaining 65% of the Sum Assured is paid at the end of Year 12 along with Vested Bonus. Thus, in this option, a total benefit of 110% of the Sum Assured is paid.
For a Policy Tenure of 15 years, 20% of the Sum Assured is paid at the end of Year 5, 25% of the Sum Assured is paid at the end of Year 10 and the remaining 70% of the Sum Assured is paid at the end of Year 15 along with Vested Bonus. Thus, in this option, a total benefit of 115% of the Sum Assured is paid.
For a Policy Tenure of 20 years, 10% of the Sum Assured is paid at the end of Year 5, 20% of the Sum Assured is paid at the end of Year 10, 30% of the Sum Assured is paid at the end of Year 15 and the remaining 60% of the Sum Assured is paid at the end of Year 20 along with Vested Bonus. Thus, in this option, a total benefit of 120% of the Sum Assured is paid.
For a Policy Tenure of 25 years, 10% of the Sum Assured is paid at the end of Year 5, 10% of the Sum Assured is paid at the end of Year 10, 15% of the Sum Assured is paid at the end of Year 15, 30% of the Sum Assured is paid at the end of Year 20 and the remaining 60% of the Sum Assured is paid at the end of Year 25 along with Vested Bonus. Thus, in this option, a total benefit of 125% of the Sum Assured is paid.
However, if the Life Insured dies within the Policy tenure, the entire Sum Assured along with vested Bonus is paid as Death Benefit to the nominee irrespective of the Survival Benefits paid.
There are 4 additional riders along with this plan.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 75,000 | No Limit |
| Policy Term (in years) | 12, 15, 20 | 25 |
| Premium Payment Term (in years) | Equal to PT | |
| Entry Age of Life Insured (in years) | 4 | 58 for PT=12 55 for PT=15 50 for PT= 20 45 for PT= 25 |
| Age at Maturity (in years) | 26 | 70 |
| Premium (in Rs.) | 4,500 | No Limit |
| Payment modes | Yearly / Half-yearly / Quarterly / Monthly | |
FAQs
You stop paying the premiumIf the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if 3 years premiums have been paid, then the policy gets converted to Paid Up Value and continues with reduced benefit.
You want to surrender the policySurrender Benefit is available after payment of at least 3 years’ premiums has been paid.
Guaranteed Surrender Value= 30% of all premium -1st year’s premium
You want a loan against your policyLoan facility is not available in this plan.
