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SBI Life – Smart Money Back Gold

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Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Overview

The Smart Money Back Gold plan from SBI Life is a savings cum term insurance plan with cash inflows at regular intervals. It is a traditional participating money back plan which aims to meet your financial requirements at crucial points through a wide range of life insurance policy terms. Regular survival benefits are made available as well as comprehensive death benefits in the unfortunate case of the policyholder’s/life insured’s death during policy term.

Eligibility Conditions of SBI Life – Smart Money Back Gold

Entry Age

Policy Term options

12 years

15 years

20 years

25 years

Minimum age

15 years

15 years

14 years

14 years

Maximum age

55 years

55 years

50 years

45 years

Maturity Age

  • Minimum – 27 years

  • Maximum – 70 years

Sum Assured

  • Minimum – Rs.75,000 (x 1,000)

Key Features of SBI Life – Smart Money Back Gold

Type

Traditional Participating Money Back Insurance Plan

Coverage

Participation Bonus – The policy is eligible for a share of profits coming out of ‘participating life insurance business’ as Terminal Bonus and Simple Reversionary Bonus.

Death Benefit – In the unfortunate event of death of life insured during policy term, respective beneficiaries will receive the higher of:

  • Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any. OR

  • Annualized premium multiplied by a factor of 10 (if life assured is less than 45 years) or 7 (if life assured is 45 years or more) + Vested Simple Reversionary Bonuses + Terminal bonus, if any.

Survival Benefit – Survival Benefit Instalments will be paid out as a fixed percentage of Basic Sum Assured at fixed intervals during the policy term as per the table below:

End of policy year

Policy term option

     
 

12 years

15 years

20 years

25 years

3

20%

15%

-

-

4

-

-

15%

-

5

-

-

-

15%

6

20%

15%

-

-

7

-

-

-

-

8

-

-

15%

-

9

20%

15%

-

-

10

-

-

-

15%

12

50%

15%

15%

-

15

Policy matured

50%

-

15%

16

 

Policy matured

15%

 

20

   

50%

15%

25

   

Policy matured

50%

Maturity Benefit – If the life assured survives the policy term, he/she will be eligible for the final instalment of Survival Benefit + Vested Simple Reversionary Bonus + Terminal Bonus, if any.

Basis

Individual

Policy term

  • 12 years

  • 15 years

  • 20 years

  • 25 years

Premium paying term

Same as policy term

Premium payment frequency

Yearly, half yearly, quarterly and monthly

Payout period

  • End of 3rd policy year till maturity (12 years maturity)

  • End of 3rd policy year till maturity (15 years maturity)

  • End of 4th policy year till maturity (20 years maturity)

  • End of 5th policy year till maturity (25 years maturity)

Renewability

Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums as well as extra premium, rider premiums and a written request for revival to the insurer.

Loans

Not available against this plan

Grace period

  • 30 days for yearly, half yearly and quarterly premium payment plans

  • 15 days for monthly premium plans

Free Look Period

15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. 30 days free look period is offered if the policy has been purchased through distance marketing channels. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

Advantages of SBI Life – Smart Money Back Gold

Tax Benefits

Tax benefits are available as per relevant sections under the Income Tax Act, 1961. You should consult your tax advisor for more details.

Riders

Ability to add riders as per individual preferences

  • Accidental Death Benefit Rider
  • Accidental Death & Permanent Disability Benefit Rider
  • Preferred Term Rider
  • Criti Care 13 Non Linked Rider

Benefits of SBI Life Smart Money Back Gold Plan

  • Customized money back options tailored to customers’ requirements.
  • Regular cash inflows for meeting financial obligations.
  • Regular survival benefit payout till maturity of plan.
  • Large sum assured will attract rebates.
  • Option to add riders to get more value out of the base plan.

Riders

  • SBI Life – Accidental Death Benefit Rider: The rider offers additional coverage in the event of the life insured’s untimely demise due to accident within 120 days of the accident taking place. The total cover for all individual policies combined is limited to Rs.50 lakhs.
  • SBI Life – Accidental Total & Permanent Disability Benefit Rider: Additional coverage can be availed which will be paid out in case of the insured’s total and permanent disability due to an accident during the rider policy term.
  • SBI Life – Preferred Term Rider: This rider provides additional coverage in case of the insured’s untimely demise during the policy term.
  • SBI Life – Criti Care 13 Non Linked Rider: The rider provides additional sum assured in case the insured is diagnosed with a critical illness including cancer, open heart replacement, first heart attack, major burns, surgery of aorta, permanent paralysis of limbs, coma, and other severe ailments as covered by the SBI life insurance policy document.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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