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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
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Minimum |
Maximum |
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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 |
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Maturity Age (Last Birthday) |
27 years |
70 years |
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Policy Term (PT) in years |
12 / 15 / 20 / 25 years under options 1,2,3 & 4 respectively |
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Premium Paying Term (PPT) in years |
Equal to policy term |
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Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
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Premium |
Yearly – 4500 Half-yearly – 2400 Quarterly – 1200 Monthly - 400 |
No limit |
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Sum Assured |
75,000 |
No limit |
Annual premium in Rupees for a male aged 30 years
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Plan Options |
Option 1 |
Option 2 |
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Policy term |
12 years |
15 years |
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Premium |
53,325 |
42,815 |
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Sum Assured |
500,000 |
500,000 |
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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 |
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Vested Bonuses @ 4% |
131,100 |
163,875 |
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Vested Bonuses @ 8% |
207,000 |
258,750 |
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.
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.
*The information provided on this website/page is only for information sake. Policybazaar does not in any form or manner endorse the information so provided on the website and strives to provide factual and unbiased information to customers to assist in making informed insurance choices.
