The SBI Life Smart Money Back Plan is basically an individual non-linked participating insurance policy. Every single individual experiences treasured & special moments including weddings, career achievements, childbirth, owning the dream house, and so many more in his/her lifetime. So as to enjoy those moments, the person has to be ready financially.
What Is SBI Life Smart Money Back Plan Or SBI Life Smart Money Back Gold Plan?
Table of Contents
The SBI Life Smart Money Back Plan such as SBI Smart Money Back Gold Plan permits its customer to plan all the exceptional moments in their life. Such a plan gives a lot of policy terms as well as pays attention to several financial responsibilities during an emergency.
The nominee receives the total sum assured accompanied by other terminal bonuses as well as a simple reversionary advantage in the case of the policyholder’s unfortunate death.
NOTE:
These death benefits will be compensated even in case survival benefits have previously been paid.
Brief Policy Details
SBI Life insurance Money Back Plan offers lump sum assured amount at regular intervals thus meeting cash necessities at various crucial points of life. It similarly provides complete coverage for protection determinations. So, let’s now check out its policy term below…
Free Look Period:
In case you won’t be satisfied with the participating money-back insurance plan coverage, and its terms & conditions, you’ve got the opportunity to cancel the insurance plan within 15 days of acceptance of the documents for the insurance plan, if there hasn’t been any claim. This is called the free look period.
Grace Period:
There is 15 days grace period permissible for the premium payment in once-a-month mode and a grace period of 30 days in other premium payment modes. In case the premiums paid fails within the grace period, the plan will lapse
Surrender Benefit or Policy Termination:
The policyholder is permissible to surrender the plan and get the Surrender Value from there. The Surrender Value will be more than the SSV (Special Surrender Value) or the GSV (Guaranteed Surrender Value).
Guaranteed Surrender Value means Basic premiums paid without survival benefits previously paid together with the GSV of accumulated bonuses
Special Surrender Value means premiums paid Value on maturity
SBI Life Smart Money Back Plan: Key Features
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- The SBI Life Smart Money Back Plan or SBI smart money back gold plan is actually a contributing money back policy
- There are total 4 variants under the plan to pick your payment interval
- Under the SBI Life smart money back gold plan, there is a Money Back alternative at the pre-defined intermissions as the Survival Benefits
- This plan provides Assured Survival Benefits between 110%-125% of the total Sum Assured funded till the maturity (reliant upon the option chosen by its policyholder)
- In case the Life Insured i.e. the policyholder dies during the SBI smart money back gold Policy Term then the total Sum Assured as well as Simple Reversionary Bonus and Terminal Bonus (in case there are any) will be paid to its nominee regardless of the fact if the Survival Benefits are already rewarded
- Death Benefit on Accidental Rider is also available in the SBI Life smart money back gold plan
- Accidental Complete Permanent Incapacity Rider is available too
Benefits of SBI Life Smart Money Back Plan:
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There are a handful number of SBI life Smart Money Back plans available. Let’s now check out some of the most effective benefits of the SBI Life Smart Money Back Plan or SBI Life smart money back gold plan right below:
Tax Benefits
SBI Smart Money Gold plans Insurance premiums funded up to INR 1,00,000 are allowed as the deduction from taxable income (tax benefit) every year under section 80C & the Maturity Earnings are completely tax-free under section 10(10)D, which is subject to fulfillment of the terms & conditions.
Death Benefit
In the case of demise of the policyholder during the SBI Life smart money back gold Policy Term then the nominee will get the total Sum Assured on death as well as vested Simple Reversionary Bonus and the Terminal Bonus (if there any) will be paid to the nominee as the Death Benefit regardless of the fact if the Survival Benefits was already paid or not.
Maturity Benefit
On the survival of the policyholder till the completion of the SBI Life smart money back gold policy term, the life insured will get a share of the Basic Sum Assured according to the schedule accompanied by the vested Bonus.
Survival Benefit
In the case of survival benefit, there is an explicit sum of the Basic Sum Assured, which is funded at the pre-defined intermissions as the percentage of the Basic Total Sum Assured. Getting the survival benefit is great.
Exclusions In the Plan:
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In the case of suicide at the beginning of the plan SBI Life smart money back gold policy term i.e. within 12 months of the policy inception then only 80% of the premiums funded will be returned to its nominee.
However, in the case of suicide committed within just 12 months of the renewal then more than 80% of the premiums funded or developed Surrender Value will be compensated
Documents Required
The policyholder, at first, has to fill an Application form with his or her accurate medicinal history accompanied by his or her address proof as well as other KYC (Know Your Customer) official papers.
Medical inspection may be compulsory in some circumstances, depending on the total sum assured as well as the age of the individual.
Additional Benefits and Key Features of SBI Life Smart Money Back Gold Plan
There are Riders under such a plan of SBI Life insurance company. These are as follows…
- SBI Life Accidental Death Benefit Rider
- SBI Life Accidental Total Permanent Disability Rider
- SBI Life Term Assurance Rider
- SBI Life Criti Care 13 Non-Linked Rider
- SBI Life Preferred Term Rider
- SBI Life accidental total and permanent disability benefit rider
Eligibility Criteria:
Entry Age of SBI Life Plan
Either minimum 1-15 years of entry age or 3-14 years
Maximum entry age between 1-55 years or 3-50 years or 4-45 years
Maturity Age SBI Life Plan
Minimum 27 years to a maximum of 70 years
FAQ:
Q. What is the benefit of SBI money back policy?
A. A money back plan provides a percentage of the sum insured at regular intervals, rather than a lump sum at the end of the policy term. The plan provides regular payment which will be 15% of the basic sum insured.
Q. What is SBI Life money back plan?
A. SBI Life- Smart Money Planner is a personal, non-linked, and participating life insurance savings plan that offers life insurance cover and an added benefit of guaranteed cash flow at regular intervals.
Q. Can I surrender SBI Life money back policy?
A. Policyholder is given the chance to surrender the SBI Life Money Back policy and get the Surrender Value. In this case, the Surrender Value will be higher than the Special Surrender Value or the Guaranteed Surrender Value.
Q. Which money back policy is best?
A. There are several money-back plans out there and answering this question is quite tough. As it depends on individual needs. Check and compare different money-back policies to find out which suits you the best and which will be the best money plan for you.
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