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SBI Life Smart Money Back Gold is a participating & traditional money-back insurance plan that offers cash inflow at regular intervals plus life cover through the entire policy term. With cash backs at regular intervals, the Smart Money Back Gold plan from SBI life helps to meet your various financial obligations.
With the life cover, this money back gold plan ensures the financial security of the family, in the event of your unfortunate death. Under this plan, you have the flexibility to choose from 4 different options.
Under the SBI life smart money back gold plan, your nominee is entitled to receive the death benefit. In the event of the death of the life assured during the term of the policy, the higher of 105% of all the premiums paid or sum assured on death plus vested simple reversionary bonuses plus terminal bonus is payable.
Sum Assured on death is higher of Basic Sum Assured or multiple of annualized premium. Multiple is 10 times when age at entry is less than 45 years and it is 7 times when age at entry is 45 years & above.
On survival of the life insured till maturity of the policy, Final survival benefit installment + Vested Simple Reversionary Bonus + Terminal Bonus is payable.
You can receive survival benefits at regular intervals during the term of the policy. All accrued simple reversionary bonuses will be paid with the last survival benefit payable at maturity.
|
Survival Benefit Installments (% of sum assured) |
||||
|
Plan Options |
Option 1 |
Option 2 |
Option 3 |
Option 4 |
|
End of Policy Term |
12 Years |
15 Years |
20 Years |
25 Years |
|
3 |
20% |
15% |
|
|
|
4 |
|
|
15% |
|
|
5 |
|
|
|
15% |
|
6 |
20% |
15% |
|
|
|
8 |
|
|
15% |
|
|
9 |
20% |
15% |
|
|
|
10 |
|
|
|
15% |
|
12 |
50% |
15% |
15% |
|
|
15 |
|
50% |
|
15% |
|
16 |
|
|
15% |
|
|
20 |
|
|
50% |
15% |
|
25 |
|
|
|
50% |
|
Total |
110% |
110% |
110% |
110% |
Simple Reversionary Bonus is declared as a percentage of the basic sum assured. Reversionary Bonus is declared on the basis of long term view of investment returns, expenses & other experience. When declared, it becomes guaranteed benefit under the plan. Future bonuses are non-guaranteed and it depends on future profits. Interim bonus is declared on the policies exiting during the financial year. A terminal bonus is paid at maturity, surrender, or death, whichever is earlier.
No loan facility is available under SBI Life Smart Money Back Gold plan.
This policy acquires Surrender Value after paying at least three full policy years’ premium. The Surrender Value payable is higher of Non-Guaranteed Special Surrender Value or Guaranteed Surrender Value.
Under this policy, you can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act, 1961.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 15 Years (option 1 & 2), 14 Years (option 3 & 4) | 55 Years (option 1 & 2), 50 Years (option 3), 45 Years (option 4) |
| Age at Maturity | 27 Years | 70 Years |
| Policy Tenure | 12 Years (option 1), 15 Years (option 2), 20 Years (option 3), 25 Years (option 4) | - |
| Premium Paying Term | Equal To Policy Tenure | - |
| Premium Paying Mode | Annually, Semi Annually, Quarterly & Monthly | - |
| Premium Amount | Rs 4500 (annually), Rs 2400 (semi Annally), Rs 1200 (quarterly), Rs 400 (monthly) | No Limit |
| Sum Assured | Rs 75,000 | No Limit (subject To Underwriting) |
| Freelook Period | 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
| Grace Period | 30 Days (15 Days For Monthly Mode) | - |
| Plan Type | Offline | - |
On payment of additional rider premium, following rider/s can be opted.
Raman at 35 years, wants to buy SBI Life - Smart Money Back Gold - option 3 to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, sum assured is Rs 10,00,000 with annual premium of Rs 64,180.
Scenario A: Raman Survives the Policy Term
If Mr. Raman survives till the maturity of the policy term, he receives Final survival benefit installment + Vested Simple Reversionary Bonus + Terminal Bonus.
Scenario B: Raman dies during the Term of the Policy
In the event of the demise of Mr. Raman during the policy term, the higher of 105% of all the premiums paid or sum assured on death plus vested simple reversionary bonuses plus terminal bonus is payable to the nominee.
Benefit Illustration:
Q: What is the benefit of SBI Smart Money Back Gold plan?
Ans: SBI Life smart money back is a traditional money back gold plan that pays you at the regular intervals that will help to meet your financial requirements at different stages in life. This smart money back policy also provides the life cover that ensures the financial security of your family.
Q: How smart money back gold plan works?
Ans: SBI smart money back policy offers survival benefits (as money back) at regular intervals starting from the end of the 3rd policy year and paid till end of the policy term. At maturity of the policy, final survival benefit instalment + Vested Simple Reversionary Bonus + Terminal Bonus is paid. On death of the policyholder, Sum Assured on death + Terminal bonus+ Vested Simple Reversionary Bonuses is paid to the nominee.
Q: Why should you buy SBI Life Smart Money Back Gold Plan?
Ans: SBI Life smart money back gold plan offers the comprehensive life cover that ensures financial security of your family, in your absence. It also pays the guaranteed sum assured as money back at regular intervals during the policy term and at maturity of the policy.
Q: How SBI Smart Money Back Gold Plan helps you to save the tax?
Ans: The premiums paid for SBI Smart Money Back Gold Plan are eligible for tax deduction under section 80C of the Income Tax Act, 1961. The benefits paid to the policyholder/nominee is also entitled to receive tax deduction under section 10(10D) of the Income Tax Act.
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