SBI Life Money Back Plans

Life insurance policies come in many different variants and each variant is meant to fulfil a particular financial need. SBI Life, a leading private life insurance company, also offers all the variety of life insurance plans needed by individuals. Interested customers can find every type of insurance plan with SBI Life. Money back plans are a popular type of life insurance plan which is offered by SBI Life. Let’s understand what money back plans mean, their features and the plans offered by SBI Life in this
category –

What are money back plans?

Money back plans are traditional insurance plans which create a guaranteed saving. These plans are like endowment plans but they promise liquidity. The sum assured under money back plans is paid in instalments at periodic intervals during the term of the policy if the insured is alive. This payment of sum assured is called money back and the benefits are called survival benefits. On maturity, the remaining sum assured is paid. However, if the insured dies during the policy tenure, the full death benefit is paid irrespective of the money back benefits which have already been paid. Thus, money back plans promise liquidity during the policy tenure without compromising on the coverage.

Salient features of money back plans

Money back plans have the following salient features –

  • These plans are issued as traditional insurance plans with fixed death and maturity benefits
  • Bonus is declared under all money back plans and is paid on maturity or death
  • Money back plans usually come for tenures ranging from 10 years to 30 years
  • Premiums can be paid regularly, for a limited period or at once too
  • Money back benefits are paid only if the insured is alive at the pay-out period

Money back plans offered by SBI Life

SBI Life offers three kinds of money back insurance plans which are discussed below –

  • SBI Life – Smart Money Back Gold
    This plan is offered with a choice of four coverage tenures and the money back benefits depend on the tenure selected. Other features of the plan are as follows –

    • 110% of the sum assured is paid through money back benefits and maturity benefit
    • Premium discounts are allowed for choosing high coverage levels
    • Four optional riders are available with the plan
  • SBI Life – Smart Money Planner
    Under this plan premiums can be paid in one lump sum or for a limited tenure and the coverage continues throughout the policy duration. The benefits provided by the plan include the following –

    • There are four plan options to choose from
    • Money back benefits depend on the plan option selected and are paid annually in the last years of the policy term
  • SBI Life – Smart Income Protect
    This is an unconventional money back plan where money back benefits are paid after the completion of the plan tenure. The features of the plan are as follows –

    • When the plan matures, the aggregate bonus vested under the policy is paid to the policyholder
    • After maturity, 11% of the sum assured would be paid every year for 15 years
    • The policyholder can also receive the incomes in a lump sum. In that case, 110% of the sum assured would be paid along with a bonus.
    • Four additional riders are available any of which can be selected for having a wider coverage


In case of death, 100% of the sum assured would be payable irrespective of 60% of the sum assured which has already been paid as money back benefits.

The grace period is the additional period allowed for paying outstanding premiums after the premium due date.

If the premiums are unpaid even after the grace period, the money back benefits would be reduced in the proportion of the reduced paid-up sum assured.

Yes, the survival benefits which are paid do not attract any tax and are completely tax-free.

No, the rider benefit is paid in one lump sum when the contingency covered by the rider happens.

SBI Life Money Back Plans

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