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.

Eligibility Criteria of SBI Life Money Back Gold

Entry Age Minimum: 14 years
Maximum:
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
or
@ 8% 34,42,000
At assumed rate of returns
@ 4% 28,90,000
or
@ 8% 38,56,000
At assumed rate of returns
@ 4% 30,05,000
or
@ 8% 42,70,000

**Last Updated on July, 2021

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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.6/5 (8 Total Rating)

July 20, 2021

Raghu Kapoor

Jaipur

Honestly speaking, investing in the SBI ULIP plan was one of the best decisions of my life. After investing for 20 years, I received the maturity benefit. With that amount, I will be able to send my daughter abroad for her higher studies and save something for her marriage. In this time of inflation, saving for your future expenses is a must. and SBI will help you.

July 20, 2021

Vidhya Sharma

Chandigarh

One of the best companies to invest your money and secure your family s future. 5 years before I bought the SBI life insurance policy, that too with affordable premiums. Now I am at peace if something happens to me, my children will at least have a financially secured future.

July 19, 2021

Nayanav Wani

Mumbai

ULIP so far has been generating good returns. Happy with the investment and the constant support at SBI Life

July 19, 2021

Rohaan Daini

Chennai

Some very interesting options. I have invested in their pension plan and hoping to retire peacefully. The customer support has been phenomenal

July 19, 2021

Anita Goswami

Bengaluru

SBI Life term plan got me and my kids through a very hard time. Thanks to the entire team for the support

Last updated on 16-07-2021

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