SBI Life – Money Back is a traditional participating savings plan with added advantage of life cover and cash inflow at regular intervals. In order to meet your various financial obligations at crucial junctures, it offers a wide range of terms options with regular payments of Guaranteed Survival benefits made at different durations during the policy term.
The plan has a number of money back options specially suited to your needs.
The cover is available at competitive premium rates.
It has guaranteed cash inflows which can meet your various financial obligations.
In addition to normal death cover, the plan also provides you 4 additional covers
* For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT
How does it work?
SBI Life Money Back is a saving plan with added advantage of life cover and cash inflow at regular intervals. This plan is designed for individuals who want to plan for various financial obligations at specified times in life.
Term of the Plan
Guaranteed Survival Benefit payable
Cumulative Guaranteed Survival Benefit
The last 3 years on the term
110% of Basic Sum Assured
After every 3 years on the term
115% of Basic Sum Assured
After every 4 years on the term
120% of Basic Sum Assured
After every 5 years on the term
125% of Basic Sum Assured
In the unfortunate event of death during the term of the plan, the nominee will receive Sum Assured + Vested Bonuses, (accrued till the date of death),
No deductions are made from the claim amount for the Survival Benefits already paid. Exclusions applicable to the Basic Cover: Suicide within the first year
SBI Life Money Back Plan enjoys Tax benefit u/s 80C and 10(10D) of IT Act*
Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D*
*Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.