SBI Life Smart Money Back
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Smart Money Back Insurance is a savings plan which offers added advantage of life cover and cash inflow at regular intervals. It is a traditional, participating, money back plan, which helps you achieve your various financial obligations at crucial junctures by its wide range of policy terms. Regular payments of Survival Benefits are made at different durations, during the policy term.
Product Description
- Money Back option specially tailored to suit your requirements.
- Fixed cash inflows which can meet your various financial obligations.
- Rebate on Large Sum Assured.
- Survival Benefit of 110% to 125% of Sum Assured Paid till maturity.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Money back plans with bonus facility.
- Offers Guaranteed payouts at pre-decided policy years as percentage of Sum Assured plus the accumulated bonus along with the last money back installment.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Entry Age | |||||
| Plan Option | Min. Entry age | Max. Entry age | |||
| Option 1 - Term 12 years | 15 Years | 55 Years | |||
| Option 2 - Term 15 years | 15 Years | 55 Years | |||
| Option 3 - Term 20 years | 14 Years | 50 Years | |||
| Option 4 - Term 25 years | 14 Years | 45 Years | |||
| Max age of Maturity | 70 Years | ||||
| Premium Amounts | Frequency | Minimum | |||
| Yearly | Rs. 4,500 | ||||
| Half yearly | Rs. 2,400 | ||||
| Quarterly | Rs. 1,200 | ||||
| Monthly | Rs. 400 | ||||
| Maximum | No Limit | ||||
| Notes: *For monthly mode: 3 monthly premiums to be paid in advance and renewal premium payment is allowed only through ECS,Credit card,Direct debit and EFT. |
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| Sum Assured | Minimum | Rs.75,000 (x 1,000/-) | |||
| Maximum | No Limit | ||||
| Terms | |||||
| Policy Term | Option 1 | 12 years | |||
| Option 2 | 15 years | ||||
| Option 3 | 20 years | ||||
| Option 4 | 25 years | ||||
| Premium Paying Term | Same as policy term | ||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
- At Maturity: Final survival benefit installment plus Vested Simple Reversionary Bonus plus Terminal Bonus, if any.
- Basic Sum Assured payable at the end of specified intervals during the policy term.
- Survival Benefit:
- You will receive Guaranteed Survival Benefits at regular intervals during the policy term.
- Simple Reversionary Bonus will be paid with the last Survival Benefit declared during the policy term.
- Death benefit:
Base sum assured plus Simple Reversionary Bonus (accrued till the date of death) and Terminal Bonus, if any
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Rebates | ||||||
| Sum Assured | Rebates per Rs 1,000/- Sum Assured | |||||
| Rs 0.75 Lac ≤ SA < Rs 1.50 Lac | Nil | |||||
| Rs 1.50 Lac ≤ SA < Rs 3.00 Lac | Rs. 3.00 | |||||
| Rs 3.00 Lac ≤ SA < Rs 6.00 Lac | Rs. 5.00 | |||||
| ≥ Rs 6.00 Lac | Rs. 6.00 | |||||
| Surrender Value | Surrender Value will be expressed as a discounted value of the paid up value of the Policy | |||||
| The higher of the Non-Guaranteed SSV and GSV will be paid | ||||||
| No Surrender Value is payable on the Riders | ||||||
| Paid- Up Value | Will be payable on Maturity or earlier death of the Life Assured | |||||
| Notes: *At least 3 years full premium paid, the policy will acquires a surrender value / Paid-up Value | ||||||
| Survival Benefit Instalments (% of Basic Sum Assured ) | ||||||
| Options | Option 1 | Option 2 | Option 3 | Option 4 | ||
| Term/ Year End (Years) | 12 | 15 | 20 | 25 | ||
| 4 | 20% | |||||
| 5 | 20% | 10% | 10% | |||
| 8 | 25% | |||||
| 10 | 25% | 20% | 10% | |||
| 12 | 65% Vested Bonus | |||||
| 15 | 110% | 70% Vested Bonus | 30% | 15% | ||
| 20 | 120% | 60% + Vested Bonus | 30% | |||
| 25 | 120% | 60% + Vested Bonus | ||||
| Total (% of Basic Sum Assured) | 125% | |||||
Add-ons
- SBI Life - Preferred Term Rider:
The Preferred Term rider Sum Assured is payable in addition to normal death benefit.
- SBI Life - Accidental Death Benefit Rider:
In case death due to an accident, the rider Sum Assured is payable in addition to normal death benefit.
- SBI Life - Accidental Total and Permanent Disability Benefit Rider:
The rider Sum Assured will be paid on the Life Assured being found eligible for the Total & Permanent Disability Benefit as defined in the policy document.
- SBI Life - Criti Care 13 Non-Linked Rider:
The rider sum assured would be payable on the life assured being diagnosed with any of the thirteen diseases.
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Income tax benefits are available under Section 80C and Section 10(D) of Income Tax Act, 1961.
Claim Process
Know Claim Process of SBI Life Smart Money Back Plan
Company Overview
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.
BENEFITS OF BUYING FROM ONEINSURE
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