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Home > Savings Plans > SBI Life - Smart Money Back Gold

SBI Life - Smart Money Back Gold
(UIN : 111N096V02)

(Product Code : 1N)
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Introduction
Key Features
Product Snapshot
Benefits
Rider
 

Introduction:

 
SBI Life - Smart Money Back Gold is a savings plan with added advantage of life cover and cash inflow at regular intervals. It is a participating traditional money back insurance plan, meeting your various financial obligations at crucial junctures through its wide range of policy terms. Regular payments of Survival benefits are made at different intervals during the policy term. In the event of an unfortunate death any time during the Policy Term, your nominee would receive the full Sum Assured plus Simple Reversionary Bonus and Terminal Bonus (if any), irrespective of Survival Benefits already paid.
 
 
Key Features:
   
Money Back options specially tailored to suit your requirements
 
Fixed cash inflows which can meet your various financial obligations
 
Survival Benefit of 110% of Sum Assured paid till maturity
 
Rebates on Large Sum Assured
 
Customize your coverage through the wide range of additional rider benefits - SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02), SBI Life - Accidental Total and Permanent Disability Benefit Rider (UIN 111B016V02) , SBI Life - Preferred Term Rider (UIN: 111B014V02) and SBI Life - Criti Care 13 Non-Linked Rider (UIN: 111B025V02)
 
Given below are the charts with various term options and accompanying Survival Payments:
 
Survival Benefit Installments (% of Basic Sum Assured)
Plan Options Option 1 Option 2 Option 3 Option 4
End of Policy year / Policy term 12 15 20 25
3 20% 15%    
4     15%
5   15%
6 20% 15%  
8     15%
9 20% 15%  
10     15%
12 50% 15% 15%  
15   50%   15%
16     15%  
20     50% 15%
25       50%

Total (% of Basic Sum Assured)

110% 110% 110% 110%
Accrued Simple Reversionary Bonus is payable along with the last Survival Benefit Payment. Terminal Bonus (if any) will also be paid along with the last Survival Benefit Payment.
 
 
Product Snapshot:
 
Age^ at Entry
Plan Options Option 1 - Term 12 years Option 2 - Term 15 years Option 3 - Term 20 years Option 4 - Term 25 years
Min. entry age 15 years 15 years 14 years 14 years
Max.
entry age
55 years 55 years 50 years 45 years
Age^ at Maturity Min: 27 years Max: 70 years (67 years for option 1)
Sum Assured Min: Rs.75,000 (x 1,000/-) Max: No Limit*
Policy Term
Option 1 Option 2 Option 3 Option 4
12 years 15 years 20 years 25 years
Premium Paying Term Same as policy term
Premium Frequency Yearly / Half-yearly / Quarterly / Monthly#
Premium Min. Max.
Yearly - Rs. 4,500 No Limit
Half yearly - Rs. 2,400 No Limit
Quarterly - Rs. 1,200 No Limit
Monthly# - Rs. 400 No Limit
Premium Frequency Loading Half-Yearly: 51.00% of annual premium
Quarterly: 26.00% of annual premium
Monthly: 8.50% of annual premium
^All the references to age are age as on last birthday.
*The maximum sum assured would be subject to board approved underwriting policy. The maximum premium would be based on the sum assured offered.

# For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card) For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction
 
 
Benefits:
 
On Survival:
 
Before Maturity: The survival benefit installments expressed as a fixed percentage of Basic Sum Assured payable at the end of specified intervals during the policy term, as explained above.
 
 
At Maturity: Final survival benefit installment + Vested Simple Reversionary Bonus + Terminal Bonus, if any.
 
On Death:
 
In the unfortunate event of death during the term of the plan, provided the policy is in-force:
 
 
Higher of A or B is paid to the nominee, where:
A = Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal bonus, if any.

Sum Assured on death is higher of Basic Sum Assured or a multiple of annualised premium; where multiple is:
 
   
  Age at entry of Life Assured less than 45 years Age at entry of Life Assured 45 years or more
Multiple of annualized premium 10 7
    B = Minimum death benefit which is equal to 105% of all the premiums paid.
 
Other Benefits

Additional cover through four set of riders: -
SBI Life - Preferred Term Rider (UIN:111B014V02): The Preferred Term rider Sum Assured is payable in addition to normal death benefit
 
SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02): In case death due to an accident, the rider Sum Assured is payable in addition to normal death benefit
 
SBI Life - Accidental Total and Permanent Disability Benefit Rider (UIN 111B016V02) The rider Sum Assured will be paid on the Life Assured being found eligible for the Total & Permanent Disability Benefit as defined in the policy document.
 
SBI Life - Criti Care 13 Non-Linked Rider (UIN: 111B025V02): The rider sum assured would be payable on the life assured being diagnosed with any of the thirteen diseases. For details on illnesses covered, please refer the rider brochure.
 
Tax Benefits:
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.
 
 
Rider Brochures:
SBI Life - Preferred Term Rider (UIN: 111B014V02)
SBI Life - Accidental Death Benefit (ADB) Rider (UIN: 111B015V02)
SBI Life - Accidental Total and Permanent Disability Benefit Rider (UIN 111B016V02)
SBI Life - Criti Care 13 Non-Linked Rider (UIN: 111B025V02)

These are only the brief features of the plan .For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. For more details on Riders, terms and conditions please read rider brochure.

1N.ver.01-07/16 WEB ENG

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
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