Robinhood Insurance Broker Private Limited

Product Info

UIN

111N082V01

Status

Withdrawn

Launch Date

22/07/2011

Withdrawn Date

01/01/2014

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.

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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.
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

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Product Benefit

  • Maturity Benefit:
  1. At Maturity: Final survival benefit installment plus Vested Simple Reversionary Bonus plus Terminal Bonus, if any.
  2. Basic Sum Assured payable at the end of specified intervals during the policy term.
  • Survival Benefit:
  1. You will receive Guaranteed Survival Benefits at regular intervals during the policy term.
  2. 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

Claim Process

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

OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.

Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.

10
YEARS OF JOURNEY
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HAPPY CUSTOMERS
APP SUPPORT
500+
INSURANCE EXPERTS
7
CITIES
23
OFFICES

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Tab 2

2 burgers per month

burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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Get ₹. 50 Lakhs
on retirment by saving
₹. 3,900/ Month.

BUY NOW