• 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.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

    SBI Life – Smart Money Back Gold Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the State Bank of India life and the premium is around 50000 Rupees per annum. I need to pay it for the tenure of 5 years of time and the return value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
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