SBI Life Smart Money Back Gold
SBI Life Smart Money Back Gold
  • Financial Protection
  • Affordable Premiums
  • Tax Benefits Under 80C
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SBI Life Smart Money Back Gold

SBI Life Smart Money Back Gold is a non-linked, participating and life insurance saving plan that provides regular cash inflows. The plan comes out with the dual benefit of life cover and regular income to deal with your financial requirements at important stages of life. With SBI Smart Money Back Gold Plan, you can plan for all the special moments of your life that include wedding, kids, his/her education and much more. It comes out with a wide range of features which safeguards your family and meets financial needs at the same time.

SBI Life Smart Money Back Gold: Eligibility

Entry age14 years - 55 years
Policy term 12 years - 25 years
Maturity age27 years - 70 years
Premium payment frequencyYearly, half-yearly, quarterly and monthly
Grace period15 to 30 days

Key Features

SBI Life Smart Money Back Gold is a saving 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.

Three Money-back Options:

The plan comes out with the three money-back options that assist the insured in dealing with the requirements.

Regular Payout:

The plan offers a regular payout of 5% of the basic sum assured. It even provides the flexibility to choose the policy term and the payout frequency as well.

Participation Bonus:

The policy is liable for a share of profits coming out of ‘participating business’ in the form of simple reversionary bonus and terminal bonus.

Cash Inflows:

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

Convenience:

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

Death Benefit:

Under the same, the nominee will get the required sum assured along with simple reversionary and terminal bonus in case of your unfortunate demise. He/she will receive the same even if the survival benefits have already been paid. It will provide vested simple reversionary bonuses + basic sum insured + terminal bonus (if any) or annualized premium + vested simple reversionary bonuses + terminal bonus to the beneficiary.

Survival Benefit:

Under this plan, you will receive survivor benefits which will be a fixed percentage of the basic sum assured at regular intervals during the policy tenure.

Maturity Benefit:

In case the insured survives the policy tenure, he/she will be liable to receive the final instalment of terminal bonus + survival benefit + vested simple reversionary bonus (if any).

Renewability:

In case of a relapsed policy, it can be reinstated to full coverage within 24 months from the due date of first unpaid premium. You have to pay all outstanding premiums along with extra premium, rider premiums and a written request for revival to the insurance company.

Discount:

The plan is offering an amazing discount on opting for a high sum assured.

Tax Benefit:

You are liable to receive tax benefits as per the Income Tax Act, 1961 & are subject to change from time to time.

Surrender Value:

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

Additional Covers

To provide extra coverage or to enhance the basic cover, there are a few additional covers that you can opt for. They might charge a few extra pennies but they can be very useful. Below is the list of such helpful covers.

  • SBI Life Preferred Term Rider: In case of a situation where the policyholder dies, this rider will provide the additional sum assured along with the basic one.
  • SBI Life Accidental Total and Permanent Disability Benefit Rider: The plan will take care of the insured in case of an accident that leads to permanent disability.
  • SBI Life Accidental Death Benefit: In the case where the insured dies because of an unfortunate accident, this rider will offer the required additional death benefit along with the basic one
  • SBI Life Criti Care 13 Non-linked Rider: If the insured is diagnosed with a critical illness (listed ones), rider sum assured will be paid. The insured must survive for a period of 30 days from the diagnosis date.

Why You Should Opt For SBI Life Smart Money Back Gold?

SBI Life Smart Money Back Gold is one of the suitable options when it comes to investing in saving cum protection plan. This is the ideal choice of the customers who are looking out for cash inflows at regular intervals to deal with different types of financial obligations. It is an affordable option with so many features and benefits which are hard enough to get under a single plan. Plus, the presence of optional covers enhances the value of this plan. If you are looking for dual benefits and comprehensive protection, this plan is perfect for you.

Major Exclusions

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 Life Smart Money Back Policy: FAQs

SBI Life Smart Money Back Gold allows you to surrender. It is important to check the surrender value. Your policy should be active for a specified tenure as per the policy norms (depending on the entry age) and you should have paid a minimum number of premiums.

As you reach the maturity time under your plan, the SBI team will inform you about the form and required documents to be submitted to proceed further with the maturity process. In case you haven’t heard from the company, you can visit their office along with the required form and documents. Once you submitted all required documents, the payment will be sent directly to your bank account, or either by cheque as chosen by you.

If you lose your SBI Life Smart Money Back Gold policy, you can apply for duplicate documents easily. Under the same, you have to pay the document preparation charges and also sign an indemnity. If the value of the plan is high, you may also be asked to submit a surety along with the indemnity.

A nomination is an act that authorizes another person to receive the policy amount in case of the insured's death. Whereas under “Assignment” policyholder is allowed to transfer the right, title and interest to another person. An assignment can be created by an endorsement on the policy document or as a separate agreement.

SBI has made the entire process faster and quicker. The nominee will receive the death claim within 1 month. Whereas in a situation, the claim investigations are prescribed, this period can be increased up to 6 months.

The cost of investing in the SBI Life Smart Money Back Gold (premium amount) can be lower if you:

  • Invest in SBI Life Smart Money Back Gold at an early age, while the risk is lower.
  • Get yourself insured for a long tenure.
  • Choose to pay the premium annually, thereby receiving discounts (if any).
  • Buy riders at a nominal price for comprehensive coverage.

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Last updated on 20-02-2020