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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:

Modes of Payment

  • Annual
  • Semi-annually
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

98.31

USPs of the Policy

  • Life benefits irrespective of number of survival benefits already paid
  • Survival benefit is 110% of sum assured
  • Four different policy terms available with different survival benefits
  • Four rider options available
  • Tax rebates on large sum assured

Bonus Rate

Vested simple reversionary bonuses and terminal bonus as applicable

Illustration

If a 30-year-old individual selects option 2, which entails policy term and premium paying term of 15 years with a sum assured of 10 lakhs, he will have to pay an annual premium of INR 84,630 or a monthly premium of INR 7,194.

 

If a 45-year-old individual selects option 4, which entails policy term of 25 years and premium paying term of 25 years with a sum assured of INR 10 lakhs, he will have to pay an annual premium of INR 54,700 or a monthly premium of INR 4,560.

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

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Bonus History

Company Name : SBI Life Insurance

Plan Name : Smart Money Back Gold UIN: 111N096V01

BonusYear RevBonus InterimBonus MinPPT MinPT
2016-17 2.50% 2.50% Regular Pay 12 (Plan-1)
2016-17 2.50% 2.50% Regular Pay 15 (Plan-2)
2016-17 2.50% 2.50% Regular Pay 20 (Plan-3)
2016-17 2.50% 2.50% Regular Pay 25 (Plan-4)

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

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.

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. It continues to offer 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.

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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.

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