SBII Life Smart Money Back Gold Plan

SBI Life Smart Money Back Gold is a participating Money Back Plan which provides lump sum amount at regular intervals thereby meeting cash requirements at various stages of life. It also provides comprehensive coverage for protection purposes

Key Features

  • It is a participating plan with regular premium payment option
  • Customized Money back solutions under 4 plan options to suit individual needs
  • Total survival benefits paid @ 110% of the Sum Assured


  • On maturity, the last instalment of survival benefits along with accrued reversionary bonuses and terminal bonus is paid
  • On death of the policyholder , higher of the basic SA on death including vested bonuses and terminal  bonus, if any, or 105% of premiums paid till death is paid to the nominee
  • SA on death is expressed as 7 or 10 times the annual premium paid depending on the age of the policyholder
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:




Entry Age (Last Birthday)

Options 1 & 2 – 15 years

Options 3 & 4 – 14 years

Options 1 & 2 – 55 years

Option 3 – 50 years

Option 4 – 45 years

Maturity Age (Last Birthday)

27 years

70 years

Policy Term (PT) in years

12 / 15 / 20 / 25 years under options 1,2,3 & 4 respectively

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly


Yearly – 4500

Half-yearly – 2400

Quarterly – 1200

Monthly - 400

No limit

Sum Assured


No limit

Details About Premium

Annual premium in Rupees for a male aged 30 years

Plan Options

Option 1

Option 2

Policy term

12 years

15 years




Sum Assured



Survival Benefits

20% at the end of 4th year, 25% at the end of 8th year and 65% on Maturity

15% of SA paid at the end of 3,6,9,12 years and 50% on Maturity

Vested Bonuses @ 4%



Vested Bonuses @ 8%



Policy Details

  • Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses
  • Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.
  • GSV = GSV Factor * Basic premiums paid excluding survival benefits already paid including the GSV of accrued bonuses
  • SSV = Paid-up Value on maturity * SSV Factor
  • Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.


  • Loan is not available under the plan

Additional Features or Riders

  • Rebates for Large Sum Assured ranges of 2 lakhs and above
  • Option of 4 riders for a comprehensive coverage:
  • SBI Life- Accidental Death Benefit Rider
  • SBI Life – Accidental Total and Permanent Disability Benefit Rider
  • SBI Life – Preferred Term Rider
  • SBI Life – Criti-Care 13 Non-Linked Rider


  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.

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