The SBI Life Money Back Plan is basically an individual non-linked participating insurance policy. Every single individual experiences treasured & special moments including wedding, 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.
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What Is SBI Life Money Back Plan?
The SBI Life 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 it pays attention to several financial responsibilities during an emergency.
The nominee receives the total sum assured accompanied by other terminal bonus as well as a simple reversionary advantage in the case of the policyholder’s unfortunate death.
These death benefits will be compensated even in case survival benefits have previously been paid.
SBI Life Money Back Plan: Key Features
- The SBI Life Money Back Plan is actually a contributing money back policy
- There are total 4 variants under the plan to pick your payment interval
- Under the policy, 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 it policyholder)
- In case the Life Insured i.e. the policyholder dies during the 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
- Accidental Complete Permanent Incapacity Rider is available too
Benefits of the SBI Life Money Back Plan:
There are a handful number of SBI life money back plan available. Let’s now check out some of the most effective benefits of the SBI Life Money Back Plan right below:
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SBI Life money back plans Insurance premiums funded up to INR 1,00,000 is allowed as the deduction from taxable income every year under the section 80C & the Maturity Earnings are completely tax free under the section 10(10)D, which is subject to fulfillment of the terms & conditions.
In the case of demise of the policyholder during the Policy Term then the nominee will get the total Sum Assured as well as Simple Reversionary Bonus and the Terminal Bonus (if there any) will be paid to its nominee as the Death Benefit regardless of the fact if the Survival Benefits was already paid or not.
On the survival of the policyholder till the completion of the policy term, the life insured will get a share of the Total Sum Assured according to the schedule accompanied by the vested Bonus.
In this case, there is an explicit sum of the total Sum Assured, which is funded at the pre-defined intermissions as the percentage of the Basic Total Sum Assured.
Exclusions In the Plan:
In the case of suicide at the beginning of the 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
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.
Either minimum 1-15 years or 3-14 years
Maximum entry age between 1-55 years or 3-50 years or 4-45 years
Minimum 27 years to a maximum of 70 years