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SBI Life Smart Money Back Gold Plan
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SBI Life Smart Money Back Plan
SBI Life Smart Money Back Plan is a Participating Money Back Plan. It is a Traditional Plan with Bonus facility.
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.
Key Features of SBI Life Smart Money Back Insurance Policy
It is a Participating Money Back Plan
There are 4 variants in this plan to choose the payment interval
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
COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS
Benefits you get from SBI Life Smart Money Back Insurance Plan
Death Benefit – 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
Survival Benefit— 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
Maturity Benefit – 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.
Income Tax Benefit - 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.
Eligibility conditions & other restrictions in SBI Life Smart Money Back Insurance Plan
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
Additional Features and Benefits of SBI Life Smart Money Back Plan
Riders – 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
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What happens if?
You stop paying the premium - If 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 policy – Surrender 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 policy – Loan facility is not available in this plan.
