SBI Life – Smart Money Back Gold

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.

What are Endowment plans?

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

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.

Features of SBI Life’s Smart Money Back Gold

Money back option to tailored meet your financial needs at crucial stages of life.
Survival benefit of 110% of sum assured paid till maturity
Fixed cash inflows to meet various long-term needs
Large sum assured rebate
Additional optional riders-SBI Life-Accidental Death Benefit Rider, SBI Life-Accidental Total & Permanent Disability Benefit Rider and SBI Life-Preferred Term Rider

Benefits of SBI Life’s Smart Money Back Gold

Survival Benefit and Maturity Benefit: Survival benefit is 110% of sum assured paid at regular intervals. The last instalment will also include vested simple reversionary bonuses and terminal bonus if any. Here is a chart showing survival benefits paid at regular intervals.

Survival Benefit paid	1^st Installment of Survival Benefit Payment	2^nd Installment of Survival Benefit Payment	3^rd Installment of Survival Benefit Payment	4^th Installment of Survival Benefit Payment	Maturity Benefit
Total Sum Assured (As a % of Basic SA)	110%	110%	110%	110%	110%
Option 1-12 Year Policy	At the end of the 3^rd Policy year, 20% of the Sum Assured	At the end of the 6^th Policy year, 20% of the Sum Assured	At the end of the 9^th 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 3^rd Policy year, 15% of the Sum Assured	At the end of the 6^th Policy year, 15% of the Sum Assured	At the end of the 9^th Policy year, 15% of the Sum Assured	At the end of the 12^th 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 4^th Policy year, 15% of the Sum Assured	At the end of the 8^th Policy year, 15% of the Sum Assured	At the end of the 12^th Policy year, 15% of the Sum Assured	At the end of the 16^th 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 5^th Policy year, 15% of the Sum Assured	At the end of the 10^th Policy year, 15% of the Sum Assured	At the end of the 15^th Policy year, 15% of the Sum Assured	At the end of the 20^th 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

Death benefit: In the event of the untimely demise of the policyholder, the higher of the below is paid as a death benefit to the beneficiary.
- Sum assured on death + vested simple reversionary bonuses + terminal bonuses, if any.
- Minimum death benefit which is equal to 105% of total premiums paid.

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

Customization benefit: The policy can be customized to enhance the coverage by opting for additional riders available.
- SBI life – preferred term rider
- SBI life – accidental death benefit rider
- SBI life – accidental total & permanent disability benefit rider
- SBI life – Criticare 13 non-linked rider
Tax benefit: Premiums paid for SBI Life’s Smart Money Back Gold plan qualifies for tax deduction under Section 80C of the Income Tax Act, 1961. The benefits paid out are also tax-free under Section 10 (10D) of the IT Act.

Eligibility Criteria for SBI Life’s Smart Money Back Gold

Eligibility conditions	Minimum	Maximum
Entry age Option 1 – 12 years Option 2 – 15 years Option 3 – 20 years Option 4 – 25 years	15 years 15 years 14 years 14 years	55 years 55 years 50 years 45 years
Maturity age	27 years	70 years
Policy Term Option 1 Option 2 Option 3 Option 4	12 years 15 years 20 years 25 years
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 Yearly Half-yearly Quarterly Monthly	Rs.4,500 Rs. 2,400 Rs. 1,200 Rs. 400	No Limit
Sum assured range ( in multiples of Rs. 1000)	Rs. 75,000	No limit

Eligibility conditions for riders

Riders	Entry age		Sum assured		Maturity age
Riders	Minimum	Maximum	Minimum	Maximum	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

Who should buy SBI Life’s Smart Money Back Gold plan?

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.

When should you buy SBI Life’s Smart Money Back Gold plan?

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.

Documents required for buying SBI Life’s Smart Money Back Gold plan

PAN card is mandatory
Identity proof: PAN card/Passport/Driving license/Voter ID card etc.
Proof of address: Aadhaar card/ Bank account statement/ telephone bill/ electricity bill, etc.
Income proof: IT returns/ salary slip/ employer’s certificate etc.
Age proof: Birth certificate/PAN card/Passport/ school certificate etc.

Discontinuance of premium in SBI Life’s Smart Money Back Gold plan

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.

Surrender of SBI Life’s Smart Money Back Gold plan

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
1	0%
2	0%
3	30%
4-7	50%
8-10	55%
11-15	60%
16-20	65%
21 Onwards	70%

Loan facility in SBI Life’s Smart Money Back Gold plan

No loan facility is available under SBI Life’s Smart Money Back Gold plan.

Exclusions in 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.

Conclusion

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.

FAQ’s

Can I avail any discounts on opting for a large sum assured?

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

What are the critical illnesses covered under SBI Life’s Criticare 13 non-linked rider?

Here are the critical illnesses covered under the rider.

Cancer of specified severity
Coronary artery bypass surgery
First heart attack of specified severity
Open heart replacement
Kidney failures requiring regular dialysis
Major Burns
Major organ/ bone marrow transplant
Permanent paralysis of limbs
Stroke resulting in permanent symptoms
Surgery of aorta
Coma of specified severity
Motor neurons disease with permanent symptoms
Multiple sclerosis with persisting symptoms

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Invictus Insurance Broking Services Private Limited.
IRDAI License No. 487,
Direct Broker (Life & General),
Valid upto : 02/04/2023 (Renewable)
Principal Officer: Vilas Gandre,
+91-9833248023

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G 02, Ground Floor, Prime Corporate Park, Sahar Village, Andheri (East), Mumbai – 400099
CIN No. U66000MH2013PTC249565
1800 266 0101
support@turtlemint.com

Invictus Insurance Broking Services Private Limited
IRDAI License No. 487,
Direct Broker (Life & General),
Valid upto : 02/04/2020
Principal Officer: Vilas Gandre,
+91-9833248023

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Insurance is the subject matter of the solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure carefully before concluding sale.

SBI Life – Smart Money Back Gold