sbi life insurance
SBI Life Smart Money Back Gold Policy

SBI Life Smart Money Back Gold Plan

SBI Life Smart Money Back Gold is an individual and life insurance savings product that can help you meet your various financial obligations at critical junctures thanks to its broad range of policy terms. The plan offers added advantage of life cover and cash inflow at regular intervals. Throughout the policy period, regular Survival Benefit payments are given at various intervals. The plan provides the insured with both a life insurance policy and a regular income. It is trustworthy for giving money on time and at critical junctures in life.

In the terrible event of your passing at any point during the Policy Term, your nominee or beneficiary would be entitled to the Sum Assured on Death in addition to any declared Simple Reversionary Bonuses and Terminal Bonuses (if any), regardless of any already paid Survival Benefits.

Read on to know more about Smart Money Back Gold’s eligibility, key features and benefits, exclusions, premium calculation, and more.

Eligibility Criteria

Here is the eligibility criteria for SBI Smart Money Back Gold.

Age at Entry

Minimum Age- 14 Years

Maximum Age for Regular Premium- 45 Years

Maximum Age for:

Limited Premium & Single Premium: 55 years

Age at MaturityMax.: 70 years

Basic Sum Assured (INR)

(In multiples of `1,000)

Min: Rs. 2,00,000

Max.: No Limit

Premium Payment OptionSingle Premium / Limited Premium / Regular Premium
Premium FrequencySingle / Annually / Half-Yearly / Quarterly / Monthly
Premium Frequency Loading

· Half-Yearly: 51.00% of annual premium

· Quarterly: 26.00% of annual premium

· Monthly: 8.50% of annual premium

What Are The Important Features & Benefits of Smart Life Money Back Gold Plan?

Listed below are the potential features and benefits of Smart Money Back Gold Plan.

  1. Death Benefit

Term of Regular & Limited Premium Payment: Should you pass away unfortunately during the insurance’s term, providing the policy is still in effect:

A: The nominee receives the greater of A or B, where A is the sum assured at death plus any vested simple reversionary bonuses that have been declared and any terminal bonuses.

B = Minimum death benefit, which is equal to 105% of the total premiums received up to the date of death, is used when the sum promised on death is greater than the Basic Sum Assured or 11 times the yearly premium.

For Single Premium: Assuming the insurance is still in effect and untimely death occurs during the policy term:

Sum Assured on Death plus any Terminal Bonus and any Vested Simple Reversionary Bonuses that have been announced. when the Basic Sum Assured or 1.25 times the single premium is more than the Sum Assured on Death.

  1. Grace Period

For premium payments made annually, semi-annually, or quarterly, the insurance offers policyholders a grace period of 30 days from the due date, and a grace period of 15 days for premium payments made monthly. If the premium is not paid even at the end of the grace period, the policy will merely lapse. During the grace period, the insurance will remain in effect.

  1. Revival

Additionally, you can choose to reinstate a lapsed policy within five years after the initial unpaid premium, provided you can provide the firm with the appropriate proof of insurability as needed from time to time. The interest will be assessed at a rate that the corporation will occasionally declare.

  1. Free Look Period

You have the option to review the policy’s terms and conditions within 15 days of receiving the policy document for non-electronic policies and policies obtained through any channel other than distance marketing, and within 30 days for electronic policies and policies obtained through a distance marketing channel, and if you disagree with any of those terms and conditions, you may return the policy while providing the details of your disagreement.

  1. Tax Benefits

According to the relevant income tax regulations in India, which are subject to change from time to time, you could qualify for income tax benefits or exemptions.

What’s Excluded Under Smart Life Money Back Gold?

The nominee or beneficiary of the policyholder is entitled to at least 80% of the total premiums paid up to the date of death or the surrender value available as on the date of death, whichever is higher, provided the policy is in force, if the Life Assured commits suicide within 12 months of the date of commencement of risk under the policy or the date of revival of the policy, as applicable. The contract will end once the benefit, if applicable, has been paid.

How Does the Smart Money Back Gold Plan Work?

Let’s take an example to understand!

Mitesh used this money-back plan to help him enroll his daughter in school and go for that international holiday, and is assured that his family’s financial future is secure with SBI Smart Money Back Gold Plan. He discovered this plan after receiving numerous recommendations from friends and conducting internet research, and he thought it was a wise investment.

Policy TermPremium Payment TermPremium FrequencySum AssuredPremiumMaturity Benefit
20 years20 YearsHalf-YearlyRs. 5,00,000Rs. 16,369 Half-Yearly

Maturity Benefit Exclaim At an assumed rate of returns

@ 4%- Rs. 7,11,000

@8%- Rs.9,52,500

Frequently Asked Questions

SBI Smart Money Back Gold premiums can be paid as Single Premiums, Limited Premiums, or Regular Premiums.

There is no loan facility offered by SBI Life Smart Money Back Gold.

SBI Smart Money Back Gold premiums can be paid as Single Premiums, Limited Premiums, or Regular Premiums.

There is no loan facility offered by SBI Life Smart Money Back Gold.