- *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
- **Returns guaranteed by the insurer
- *** Tax adjusted Returns - assuming 30% tax bracket
SBII Life Smart Money Back Gold Plan
Introduction/Overview
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
Benefits
- 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:
|
Minimum |
Maximum |
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 |
|
Premium |
Yearly – 4500 Half-yearly – 2400 Quarterly – 1200 Monthly - 400 |
No limit |
Sum Assured |
75,000 |
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 |
Premium |
53,325 |
42,815 |
Sum Assured |
500,000 |
500,000 |
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% |
131,100 |
163,875 |
Vested Bonuses @ 8% |
207,000 |
258,750 |
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.
Inclusions
- 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
Exclusions
- 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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