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SBI Life Smart Money Back Gold Plan

The SBI Smart Money Back Gold Plan is a participating, non-linked insurance product for an individual. Every person in his/her entire lifetime achieves important milestones and has special moments like marriage, the birth of a child, owning a dream house, giving the opportunity to children for higher education in top university etc. In order to achieve these moments, an individual must be financially equipped. Sufficient amount of cash must be readily available for all those specific moments along with the security of an insurance cover. The SBI Smart Money Back Gold Plan helps you plan and reach for all the special goals of your life. It offers a wide range of plan options and takes care of several financial obligations at the important stages of life. Your nominee in the plan will receive the sum assured along with terminal bonus and simple reversionary bonus in the event of an eventuality. The death benefit will be paid out over and above the survival benefits, if already been paid in the duration of the policy.

Key Features of SBI Smart Money Back Gold Plan

  • Get full life cover benefit on the demise of the policyholder, irrespective of survival benefits already paid in the plan
  • Total Survival benefit equals 110% of sum assured paid till maturity in the plan
  • Total of four plan options with different policy term and survival benefits payable at specific durations in the plan
  • Option to further enhance coverage at an affordable cost with the availability of four-rider options
  • Policyholder choosing large sum assured will get attractive rebates
  • Tax deduction benefit on the premiums paid for the policy

Benefits of SBI Smart Money Back Gold Plan

On Survival

Before Maturity:

Survival benefits will be paid at regular intervals in the plan as per the plan option selected. The below table explains the fixed percentage of basic sum assured payable at the end of regular intervals during the term of the policy.

Policy optionsOption oneOption twoOption threeOption four
End of policy year/policy term12 Years15 Years20 Years25 Years
320%15%
415%
515%
620%15%
815%
920%15%
1015%
1250%15%15%
1550%15%
1615%
2050%15%
2550%

On Maturity:

On maturity of the plan, the policyholder will receive final survival benefit instalment + Vested Simple Reversionary Bonus + Terminal Bonus, if any.

On death of the policyholder

If the policyholder dies during the active term of the policy, then higher of A or B is to be paid to the beneficiary where

A = Sum Assured on death + Terminal bonus+ Vested Simple Reversionary Bonuses, if any.

Sum Assured on death is higher of basic Sum Assured or a multiple of annualised premium, where multiple is described in the table below:

Entry age of the policyholder is less than 45 yearsEntry age of the policyholder is 45 years or more
Multiple of annualised premium107

B = Minimum death benefit equal to 105% of all the premiums paid by the policyholder till the date of death.

Other Benefits

Optional Riders can be added to the base plan to enhance protection and value of the policy. Some of them are-

SBI Life Preferred Term Rider - The Preferred term rider sum assured will be payable over and above to basic death benefit to the beneficiary.

SBI Life Accidental Death Benefit Rider - In case of death due to an accident, the rider Sum assured is payable to the nominee over and above to the basic death benefit sum assured.

SBI Life Accidental Total and Permanent Disability Benefit Rider - The Accidental Total and Permanent Disability Benefit Rider Sum Assured will be paid if the policy holder is eligible for the Total & Permanent Disability Benefit, as defined in the policy document.

SBI Life Criti Care 13 Non-Linked Rider - The Criti Care 13 Non-Linked Rider sum assured would be paid if the policyholder gets diagnosed with any of the thirteen diseases. The critical illnesses covered are-

  • Multiple sclerosis with symptoms.
  • Surgery of Aorta.
  • Stroke leading to permanent symptoms.
  • Paralysis of the limbs.
  • Bone marrow transplant or major organ transplant.
  • Burns (major).
  • Kidney failure with the need of Dialysis.
  • open heart replacement Repair of heart valves or
  • First Heart attack of specified severity.
  • Open chest CABG.
  • Motor neurone disease with symptoms.
  • Coma of specified severity.
  • Cancer of certain severity

Who can Buy SBI Smart Money Back Gold Plan

In order to enrol in the SBI Smart Money Back Gold Plan, the customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she wants. These conditions are detailed in the table below:

ParametersCriteria for eligibility
Minimum entry age for Option 1 (12 years)15 years
Maximum entry age for Option 1 (12 years)55 years
Minimum entry age for Option 2 (15 years)15 years
Maximum entry age for Option 2 (15 years)55 years
Minimum entry age for Option 3 (20 years)14 years
Maximum entry age for Option 3 (20 years)50 years
Minimum entry age for Option 4 (25 years)14 years
Maximum entry age for Option 4 (20 years)45 years
Minimum maturity age 27 years
Maximum maturity age70 years
Policy Term for Option 112 years
Policy Term for Option 215 years
Policy Term for Option 320 years
Policy Term for Option 425 years

Product Specifications SBI Smart Money Back Gold Plan

MinimumMaximum
Policy term in years12,15,20 and 25 under option 1, 2,3 and 4
Premium paying termEqual to the policy term
Premium paying modeMonthly, quarterly, half yearly and yearly
PremiumMonthly INR 400, quarterly INR 1200, half yearly INR 2400 and yearly INR 4500No limit
Sum assuredINR 75,000No limit

Eligibility Criteria for SBI Smart Money Back Gold Plan

MinimumMaximum
Age of entry (last birthday)
  • 15 years for option 1 and 2
  • 14 years for option 3 and 4
  • 55 years for option 1 and 2
  • 50 years for option 3
  • 45 years for option 4
Age at maturity (last birthday)27 years70 years

What does the SBI Smart Money Back Gold Plan cover?

The SBI Smart Money Back Gold Plan is designed to look after your insurance requirements and long term goals. The key features of the SBI Smart Money Back Gold Plan are as follows:

  • Survival Benefits are paid at regular intervals to fulfil short term and long term goals periodically.
  • Regular cash inflows to take care of financial obligations or emergency fund.
  • Rebate is given to the policyholder on choosing a large sum assured.
  • Option to customise the coverage with a wide range of riders to enhance protection and value of the plan.
  • Full death benefit is paid to the nominee if the policyholder dies anytime during the policy term, irrespective of regular payment paid at any time in the duration of the policy.

Premiums of SBI Smart Money Back Gold Plan

The SBI Money Back Gold Plan gives the customer the flexibility to choose from 4 premium paying mode. The premium paying modes are monthly, quarterly, half-yearly and yearly. The premium in the plan needs to be paid for the entire policy duration.

SBI Life Smart Money Back Gold Policy Details

Grace period - The policyholder will get 30 days of grace period in quarterly, half-yearly and yearly premium paying modes for paying the premium and keeping the policy in force. The grace period reduces to 15 days in case of monthly premium paying mode. After the grace period, the policy will lapse if the premium due is still not paid.

Free look period - The policy comes with a free look period of 15 days and 30 days if it was purchased through distant marketing. If the policyholder is not happy with the terms and conditions after buying, he/she can return the policy back to the insurer citing the reasons for cancellation. The insurer will pay back the proportionate premium after deducting charges mentioned in the terms and conditions of the policy document.

Policy revival - The policy can be revived after it is lapsed for non-payment of premium. The revival period is of 2 years if done within the date of the last unpaid premium.

Inclusion

Surrender value - The policy will accumulate a surrender value only if the premiums in the plan are paid for full 3 years. The policy can be terminated before the maturity period by surrendering it back to the insurer. On the surrender of the policy, higher of non-guaranteed GSV and SSV will be paid to the policyholder.

Loan - Loan facility option is not available in this money back plan.

Exclusion

Suicide Exclusion - If the policyholder whether sane or insane commits suicide, within a duration of one year from the date of commencement of the policy or date of revival of the policy, only 80% of the premium will be paid out to the nominee. The life insurer will reject the death benefit claim in this case.

FAQ's of SBI Life Smart Money Back Gold Plan

What happens if the policyholder stops paying the premium?

If the policyholder stops paying the premium, the policy will lapse and no claim or maturity benefits will be payable as per the policy schedule.

How can you save tax with the SBI Smart Money Back Gold Plan?

The premiums paid in the SBI Smart Money Back Gold Plan are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

Why should you buy the SBI Smart Money Back Gold Plan from SBI Life?

SBI Life is one of the leading life insurers in the country. It is a joint venture between one of the largest banks in India SBI (State Bank of India) and leading global insurance company BNP Paribas life. SBI Life offers good customer experience and the money back plan on offer gives comprehensive life insurance coverage along with guaranteed sum assured to reach key milestones at regular intervals and on the maturity of the policy.

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