Smart Money Back Gold Plan
- All About SBI Life Smart Money Back Gold
- Key Features & Benefits of The Plan
- Sample Illustration of The Plan
Your Family Depends on you! Ensure to give them a life you have dreamt of. With SBI Life Smart Money Back Gold, invest your money and get higher returns in the future.
SBI Life Smart Money Back Gold is a non-linked, participating life insurance savings plan. It offers an added advantage of life cover and cash inflow at regular intervals to deal with your financial requirements at important stages of life. With this policy, you can plan for all the special moments of your life, be it a wedding, having kids, their education, and much more. The plan comes out with a wide range of features that safeguards your family and meets financial needs at the same time.
Read along to explore more about the plan.
SBI Life Smart Money Back Gold is a savings cum protection plan that holds a bunch of effective features. They are specially designed to suit different milestones of your life. Let's discuss them in detail.
The plan comes out with the three money-back options that assist the insured in dealing with the different requirements at different stages of life.
The plan offers a regular payout of 15% of the basic sum assured. It even provides the flexibility to choose the policy term and the payout frequency.
The plan comes out with regular cash inflows to deal with financial obligations.
It offers the flexibility to choose the premium payment term- single, regular and limited premium payment.
In case of a relapsed policy, it can be reinstated to full coverage within 5 years from the due date of the first unpaid premium. You have to pay all outstanding premiums along with extra premiums, rider premiums, and a written request for revival to the insurance company.
The plan offers an attractive discount on opting for a high sum assured.
You are liable to receive tax benefits as per the Income Tax Act, 1961, however it may change from time to time.
The plan will offer a paid-up and/or surrender value only where the premiums (in the case of regular/limited premium) have been paid for at least 2 consecutive years.
Under SBI Life Money Back Gold, one can avail of the survivor benefits which will be a fixed percentage of the basic sum assured at regular intervals during the policy tenure.
Read various Policy term and frequency options of accompanying Moneyback payouts in the table given below:
| Survival Benefit Instalments/ Money Back Payout (% of Basic Sum Assured) | |||
| Plan Options | Option 1 | Option 2 | Option 3 |
| End of Policy Term | 15 years | 20 years | 25 years |
| 3 | 15% | ||
| 4 | 15% | ||
| 5 | 15% | ||
| 6 | 15% | ||
| 8 | 15% | ||
| 9 | 15% | ||
| 10 | 15% | ||
| 12 | 15% | 15% | 15% |
| 15 | 50% | ||
| 16 | 15% | ||
| 20 | 50% | 15% | |
| 25 | 50% | ||
| Total (% of Basic Sum Assured) | 110% | 110% | 110% |
**Last Updated on July, 2021
In case the policyholder survives till the end of the policy term, he/she will be paid the Final survival benefit instalment + Vested simple reversionary bonus, if declared + terminal bonus, if any.
In the unfortunate event of the insured's death during the policy term, the plan offers two death benefit options:
A = Sum Assured on death + Vested Simple Reversionary Bonuses if declared + Terminal Bonus if any. The sum assured on death will be the higher of either Basic Sum Assured or 11 times the annualized premium.
B = Minimum Death Benefit, which is equal to 105% of the total premiums received up to the date of death.
If the staff members of the company purchase this policy, they will be liable to avail themselves of the discounts on their premiums.
The plan allows its policyholders to participate in the profits of the company. A policyholder gets these profits in the form of a bonus.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
| Entry Age | Minimum: 14 years Maximum: Regular Premium: 45 years Limited & Single Premium: 55 years |
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| Maturity Age | 70 Years | ||
| Basic Sum Assured | Minimum: Rs. 2,00,000 (in multiples of`1,000) Maximum: No Limit |
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| Premium Frequency | Single/ Annually/ Half-Yearly/ Quarterly/ Monthly | ||
| Premium Payment Term | Option 1 | 15 years | |
| Option 2 | 20 years | ||
| Option 3 | 25 years | ||
**Last Updated on July, 2021
To get a clear picture of how this plan works, take a look at the below example where a man (30 years) is investing in SBI Life Money Back Gold. Now, let's have a look at how much amount he will get at the time of maturity under all three options.
| Chosen Sum Assured | Rs. 20,00,000 | ||
| Premium Payment Option | Regular | ||
| Plan Option | Option 1 | Option 2 | Option 3 |
| Policy Term (Years) | 15 | 20 | 25 |
| Premium Payment Term (years) | 8 | 10 | 12 |
| Premium Payable | 1,68,840 | 1,26,380 | 1,00,520 |
| Maturity Benefit | At assumed rate of returns @ 4% 27,52,000 or @ 8% 34,42,000 |
At assumed rate of returns @ 4% 28,90,000 or @ 8% 38,56,000 |
At assumed rate of returns @ 4% 30,05,000 or @ 8% 42,70,000 |
**Last Updated on July, 2021
Suicide Exclusion: Suicide is not liable to get the cover. In case the insured commits suicide (insane/sane) during the initial 1 year from the policy commencement date or date of reinstatement of the policy, 80% part of the premium will be payable to the beneficiary. After paying the value to the beneficiary, the contract will be terminated.
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Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
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