Smart Money Back Gold Plan
  • All About SBI Life Smart Money Back Gold
  • Key Features & Benefits of The Plan
  • Sample Illustration of The Plan
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SBI Life Smart Money Back Gold

Your Family Depends on you! Ensure to give them a life you have dreamt of. With SBI Life Smart Money Back Gold, invest your money and get higher returns in the future.

SBI Life Smart Money Back Gold is a non-linked, participating life insurance savings plan. It offers an added advantage of life cover and cash inflow at regular intervals to deal with your financial requirements at important stages of life. With this policy, you can plan for all the special moments of your life, be it a wedding, having kids, their education, and much more. The plan comes out with a wide range of features that safeguards your family and meets financial needs at the same time.

Read along to explore more about the plan.

Key Features of SBI Life Smart Money Back Gold Plan

SBI Life Smart Money Back Gold is a savings cum protection plan that holds a bunch of effective features. They are specially designed to suit different milestones of your life. Let's discuss them in detail.

  1. Three Money-back Options

    The plan comes out with the three money-back options that assist the insured in dealing with the different requirements at different stages of life.

  2. Regular Payout

    The plan offers a regular payout of 15% of the basic sum assured. It even provides the flexibility to choose the policy term and the payout frequency.

  3. Cash Inflows

    The plan comes out with regular cash inflows to deal with financial obligations.

  4. Convenience

    It offers the flexibility to choose the premium payment term- single, regular and limited premium payment.

  5. Renewability

    In case of a relapsed policy, it can be reinstated to full coverage within 5 years from the due date of the first unpaid premium. You have to pay all outstanding premiums along with extra premiums, rider premiums, and a written request for revival to the insurance company.

  6. Discount

    The plan offers an attractive discount on opting for a high sum assured.

  7. Tax Benefit

    You are liable to receive tax benefits as per the Income Tax Act, 1961, however it may change from time to time.

  8. Surrender Value

    The plan will offer a paid-up and/or surrender value only where the premiums (in the case of regular/limited premium) have been paid for at least 2 consecutive years.

Benefits of SBI Life Money Back Gold

  1. Survival Benefit

    Under SBI Life Money Back Gold, one can avail of the survivor benefits which will be a fixed percentage of the basic sum assured at regular intervals during the policy tenure.

    Read various Policy term and frequency options of accompanying Moneyback payouts in the table given below:

    Survival Benefit Instalments/ Money Back Payout (% of Basic Sum Assured)
    Plan Options Option 1 Option 2 Option 3
    End of Policy Term 15 years 20 years 25 years
    3 15%
    4 15%
    5 15%
    6 15%
    8 15%
    9 15%
    10 15%
    12 15% 15% 15%
    15 50%
    16 15%
    20 50% 15%
    25 50%
    Total (% of Basic Sum Assured) 110% 110% 110%

    **Last Updated on July, 2021

  2. Maturity Benefits

    In case the policyholder survives till the end of the policy term, he/she will be paid the Final survival benefit instalment + Vested simple reversionary bonus, if declared + terminal bonus, if any.

  3. Death Benefits

    In the unfortunate event of the insured's death during the policy term, the plan offers two death benefit options:

    • For Regular & Limited Payment Term, the nominee will get the higher of A or B as the death benefit, where:

      A = Sum Assured on death + Vested Simple Reversionary Bonuses if declared + Terminal Bonus if any. The sum assured on death will be the higher of either Basic Sum Assured or 11 times the annualized premium.

      B = Minimum Death Benefit, which is equal to 105% of the total premiums received up to the date of death.

    • For Single Premium Term, the nominee will get the Sum Assured on death+Vested Simple Reversionary Bonuses if declared +Terminal bonus if any. The sum assured on death will be the higher of either Basic Sum Assured or 1.25 times the single premium.
  4. Staff Discounts

    If the staff members of the company purchase this policy, they will be liable to avail themselves of the discounts on their premiums.

    • For Regular or Limited Premium: 3.5% p.a
    • For Single Premium: 2%
  5. Participation In Profits

    The plan allows its policyholders to participate in the profits of the company. A policyholder gets these profits in the form of a bonus.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

Eligibility Criteria of SBI Life Money Back Gold

Entry Age Minimum: 14 years
Regular Premium: 45 years
Limited & Single Premium: 55 years
Maturity Age 70 Years
Basic Sum Assured Minimum: Rs. 2,00,000 (in multiples of`1,000)
Maximum: No Limit
Premium Frequency Single/ Annually/ Half-Yearly/ Quarterly/ Monthly
Premium Payment Term Option 1 15 years
Option 2 20 years
Option 3 25 years

**Last Updated on July, 2021

Sample Premium Illustration

To get a clear picture of how this plan works, take a look at the below example where a man (30 years) is investing in SBI Life Money Back Gold. Now, let's have a look at how much amount he will get at the time of maturity under all three options.

Chosen Sum Assured Rs. 20,00,000
Premium Payment Option Regular
Plan Option Option 1 Option 2 Option 3
Policy Term (Years) 15 20 25
Premium Payment Term (years) 8 10 12
Premium Payable 1,68,840 1,26,380 1,00,520
Maturity Benefit At assumed rate of returns
@ 4% 27,52,000
@ 8% 34,42,000
At assumed rate of returns
@ 4% 28,90,000
@ 8% 38,56,000
At assumed rate of returns
@ 4% 30,05,000
@ 8% 42,70,000

**Last Updated on July, 2021


Suicide Exclusion: Suicide is not liable to get the cover. In case the insured commits suicide (insane/sane) during the initial 1 year from the policy commencement date or date of reinstatement of the policy, 80% part of the premium will be payable to the beneficiary. After paying the value to the beneficiary, the contract will be terminated.

SBI Smart Money Back Gold: FAQs

1. I want to revive my SBI Smart Money Back Gold Plan. Can I do that?

Yes, you can revive your policy within 5 consecutive years from the date of the first unpaid premium.

2. Can I avail loans under SBI Money Back Policy?

No loan facility is not available under SBI Life Smart Money Back Gold.

3. What Premium Payment Options are available under SBI Life Insurance Money Back Plan?

One can choose to pay their SBI Smart Money Back Gold premium as Single Premium, Limited Premium or Regular Premium.

4. I am not happy with my SBI Money Back Policy. I want to cancel my policy. How can I do that?

The company allows the policyholder to cancel their policy within 15 days, from the date of receipt of the policy document.

5. Am I eligible to avail Tax Benefits under SBI Life Smart Money Back Gold.

According to the applicable income tax regulations in India, which are subject to change from time to time, you may be entitled for Income Tax benefits/exemptions.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.

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