SBI Life Insurance Company is one of the reputed insurance companies in India. The company was established in the year 2001 by coming together of State Bank of India, Indian multinational bank and BNP Paribas Cardif, global insurance player. With the widest bancassurance network and widespread presence of branch offices across the country, SBI Life Insurance Company has emerged as one of the strongest leaders in the Indian Insurance market. The company has also been awarded as ‘’Life Insurance Company of the Year. SBI Life Insurance Company offers a versatile range of insurance and savings products for group and individual customer segments. These products not just assure financial security but also helps you meet various long-term financial goals.
Endowment policies are life insurance policies which apart from providing life insurance coverage also gives you an opportunity to save for long-term goals. Endowment plans are designed in a way to help you save regularly for a specified period of time. During the tenure, if the life assured dies, lump sum assured would be paid to the beneficiary. In case, the life assured survives the policy period, he/she will be paid the maturity benefit at the end of the term. Endowment plans come in many variants. Money back plan is one such variant which pays back sum assured in regular intervals instead of paying the lump sum all at once. This can help you meet long-term needs based on life-stage.
SBI Life’s Smart Money Back Gold is a non-linked, with profit endowment assurance plan. This plan is specially crafted to save for key milestones of life such as wedding, children’s higher educations and many such life-stage moments. SBI Life’s Smart Money Back Gold pays back the sum assured at regular intervals along with providing life insurance coverage in the event of an untimely demise. The plan offers many attractive features.
|Survival Benefit paid||1st Installment of Survival Benefit Payment||2nd Installment of Survival Benefit Payment||3rd Installment of Survival Benefit Payment||4th Installment of Survival Benefit Payment||Maturity Benefit|
|Total Sum Assured (As a % of Basic SA)|| |
|Option 1-12 Year Policy||At the end of the 3rd Policy year, 20% of the Sum Assured||At the end of the 6th Policy year, 20% of the Sum Assured||At the end of the 9th Policy year, 20% of the Sum Assured||Not Applicable||At the end of the Policy Tenure of 12 years, 50% of the Sum Assured is paid and the policy terminates|
|Option 2-15 year Policy||At the end of the 3rd Policy year, 15% of the Sum Assured||At the end of the 6th Policy year, 15% of the Sum Assured||At the end of the 9th Policy year, 15% of the Sum Assured||At the end of the 12th Policy year, 15% of the Sum Assured||At the end of the Policy Tenure of 15 years, 50% of the Sum Assured is paid and the policy terminates|
|Option 3-20 year Policy||At the end of the 4th Policy year, 15% of the Sum Assured||At the end of the 8th Policy year, 15% of the Sum Assured||At the end of the 12th Policy year, 15% of the Sum Assured||At the end of the 16th Policy year, 15% of the Sum Assured||At the end of the Policy Tenure of 20 years, 50% of the Sum Assured is paid and the policy terminates|
|Option 4-25 year Policy||At the end of the 5th Policy year, 15% of the Sum Assured||At the end of the 10th Policy year, 15% of the Sum Assured||At the end of the 15th Policy year, 15% of the Sum Assured||At the end of the 20th Policy year, 15% of the Sum Assured||At the end of the Policy Tenure of 25 years, 50% of the Sum Assured is paid and the policy terminates|
Where, sum assured on death is higher of basic sum assured or a multiple of annualised premium.Details of multiples are mentioned below.
|Policy term||Age at entry < 45 years||Age at entry ≥ 45 years|
|12, 15, 20 or 25||10||7|
|Entry age |
Option 1 – 12 years
Option 2 – 15 years
Option 3 – 20 years
Option 4 – 25 years
|Maturity age||27 years||70 years|
|Policy Term |
|Premium paying term||Same as policy term|
|Premium payment frequency||Yearly/Half-yearly/Quarterly/Monthly (if the monthly mode is chosen, three months premium needs to be paid in advance. Renewal premium payment can be made only through ECS and standing instructions|
|Premium frequency loading||Half-yearly: 51% of the annual premium |
Quarterly: 26% of the annual premium
Monthly: 8.5% of the annual premium
|Premium range |
|Sum assured range ( in multiples of Rs. 1000)||Rs. 75,000||No limit|
Eligibility conditions for riders
|Riders||Entry age||Sum assured||Maturity age|
|SBI life – preferred term rider||18 years||65 years||Rs. 25,000||Rs. 50 lakhs||70 years|
|SBI life – accidental death benefit rider||18 years||65 years||Rs. 25,000||Rs. 50 lakhs||70 years|
|SBI life – accidental total & permanent disability benefit rider||18 years||65 years||Rs. 25,000||Rs. 50 lakhs||70 years|
|SBI life – Criticare 13 non-linked rider||18 years||55 years||Rs. 25,000||Rs. 20 lakhs||64 years|
SBI Life’s Smart Money Back Gold plan is suitable for every individual seeking for investment options to secure and save for special moments like children’s education, wedding etc.
SBI Life’s Smart Money Back Gold plan can be availed from 14 years of age to 55 years. However, stating savings at an early age gives you benefit of time and help you save for your long-term goals adequately.
If the premium payments are discontinued during the initial three years or the payment of premium is not made within the grace period of 30 days, policy will get lapsed and all the benefits will cease. However, lapsed policy can be revived within two years from the date of first unpaid premium. If the premium payment is discontinued after the policy acquires paid-up value, benefits will continue till maturity and the policy will be converted to ‘paid-up value policy’ with reduced benefits.
Policy acquires surrender value only if the premiums for the first three years are paid in full. When you surrender the policy, Higher of Guaranteed surrender value (GSV) or Special Surrender value is payable. If there are any vested bonuses, it will be added to GSV. GSV is the GSV factor multiplied by the basic premium fewer survival benefits paid.
Details of GSV factors are as below :
|Policy year||GSV factor|
No loan facility is available under SBI Life’s Smart Money Back Gold plan.
If the life assured commits suicide within a year from date of commencement of policy or from the date of policy revival, policy shall be void. However, 80% of total premiums paid as on the date of death intimation will be paid to beneficiary or nominee.
SBI Life’s Smart Money Back Gold plan offers financial protection at different stages of life. With various plan options suit diverse cash flow needs and additional riders to enhance the coverage, SBI Life’s Smart Money Back Gold plan is a tailor-made plan for financially securing your family’s future dreams.
Yes. The policy provides a discount in the form of a large sum assured rebates.Details are here below :
|Sum assured||Rebate per thousand sum assured|
|Rs. 0.75 ≤ SA||Nil|
|Rs. 2 lakhs ≤ SA||Rs.1|
|Rs. 3 lakhs ≤ SA||Rs.2|
|≥ Rs. 6 lakhs||Rs.3|
Here are the critical illnesses covered under the rider.
Other SBI Life Money Back Plans