SBI Life Smart Money Back Gold Plan
SBI Life Smart Money Back Plan is a Participating Money Back Plan. It is a Traditional Plan with Bonus facility.
Key Features
- 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.
- Accidental Death Benefit Rider
- Accidental Total Permanent Disability Rider
- Term Assurance Rider and
- Criti Care 13 Non-Linked Rider
How it works
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
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.
Loan facility is not available in this plan.