SBI Life – Smart Money Back Gold
Plan your future with confidence and receive money when you need it most. SBI Life – Smart Money Back Gold offers life cover and regular payouts to meet key life milestones.
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 |
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Maturity Age |
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Sum Assured |
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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 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:
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:
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 |
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Premium paying term | Same as policy term | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premium payment frequency | Yearly, half yearly, quarterly and monthly | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payout period |
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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 |
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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
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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.
Kankana Mukherjee is an engineer and has over 4.5 of experience in content writing. Combining the expertise in financial content writing achieved in her 2 years association with BankBazaar, and a knack for clear and engaging content, Kankana simplifies complex financial concepts and offers practical insights to help readers make informed decisions and achieve financial success.
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