SBI Life Smart Money Back Gold

SBI Life Smart Money Back Gold is a participating traditional money-back insurance plan. The plan offers a life cover as well as periodic income for the insured. It is reliable for providing money at regular intervals and at crucial points in life.

Let’s understand this plan in brief before getting into its details:

How Does the Plan work?

An individual has to select the policy term. This has been divided into 4 options, with a specified minimum and maximum entry age.

• Option 1: Term of 12 years. Minimum age at entry is 15 years. Maximum age at entry is 55 years.
• Option 2: Term of 15 years. Minimum age at entry is 15 years. Maximum age at entry is 55 years.
• Option 3: Term of 20 years. Minimum age at entry is 14 years. Maximum age at entry is 50 years.
• Option 4: Term of 25 years. Minimum age at entry is 14 years. Maximum age at entry is 45 years.

The individual has to select a sum assured of minimum INR 75,000. The following are the minimum premiums according to the mode:

• Monthly – INR 400
• Quarterly – INR 1200
• Half-yearly – INR 2400
• Yearly – INR 4500

Maturity Benefits

The sum assured is 110% of the total premiums paid:

• In Option 1, survival benefits (money-back) is offered during the 3^rd (20%), 6^th (20%), 9^th (20%), and 12^th (50%) years
• In Option 2, survival benefits (money-back) is offered during the 3^rd (15%), 6^th (15%), 9^th (15%), 12^th (15%), and 15^th (50%) years
• In Option 3, survival benefits (money-back) is offered during the 4^th (15%), 8^th (15%), 12^th (15%), 16^th (15%), and 20^th (50%) years
• In Option 4, survival benefits (money-back) is offered during the 5^th (15%), 10^th (15%), 15^th (15%), 20^th (15%), and 15^th (15%) years

Death Benefits

The nominee chosen by the insured is eligible for the higher amount of the following in case of the untimely demise of the insured while the policy is active:

• 105% of all premiums paid
• Sum assured on death + vested simple reversionary bonuses + terminal bonus
  Here, sum assured on death is:
  • If age at entry of life assured is less than 45 years, 10 times annualized premium
  • If age at entry of life assured is 45 years or more, 7 times annualized premium

Riders

Four riders are available with this plan:

• SBI Life Preferred Term Rider
• SBI Life Accidental Death Benefit Rider
• SBI Life Accidental Total and Permanent Disability Benefit Rider
• SBI Life Criti Care 13 Non-Linked Rider

Why Should I Buy This Plan?

Here are further reasons to opt for the SBI Life Smart Money Back Gold plan:

• Four additional riders to provide financial benefits over and above base benefits
• Well-designed savings plan
• Tax benefits
• Rebates offered on large sum assured

Who Should Buy This Plan?

The plan is a perfect savings instrument that offers periodic guaranteed money-backs. Its functionality can be enhanced with the selection of riders, one of which even provides payment of sum assured on diagnosis of a critical illness.