SBI Life Smart Money Back Plan

SBI Life – Smart Money Back is a savings plan with added advantage of Life Cover and cash inflow at regular intervals. It is participating traditional money back plan, meeting your various financial obligations at crucial junctures by its wide range of Policy Terms. Regular payments of Survival Benefits are made at different durations during the Policy Term. In the unfortunate event of death at any time within the Policy Term, your nominee would receive the full Sum Assured plus Simple Reversionary Bonus & Terminal Bonus (if any), irrespective of Survival Benefits already paid.

Key Features

  • Money Back options specially tailored to suit your requirements
  • Guaranteed fixed cash inflows which can meet your various financial obligations
  • Rebate on Large Sum Assured

Benefits

  • Maturity benefit
On survival of the life assured at the end of policy term, sum assured and vested bonus if any will be provided and the policy is terminated.
  • Death benefit
In the unfortunate event of death during the Policy Term, your Nominee will receive Basic Sum Assured plus Vested Reversionary Bonuses plus Terminal Bonus, if any and the policy is terminated.
  • Tax benefit
Life Insurance premiums paid up to Rs. 1, 00,000 are allowed as a deduction from the taxable income each year under section 80C. The Death Benefit is also Tax Free.

Add-ons

  • Rider benefit
  • SBI Life - Accidental Death Benefit (ADB) Rider
  • SBI Life - Accidental Total & Permanent Disability
  • SBI Life - Criti Care Non – Linked Benefit Rider
  • SBI Life - Preferred Term Rider
  • Am I eligible?

    PARAMETER MINIMUM MAXIMUM
    ENTRY AGE 14 58
    POLICY TERM 12 25
    AGE OF MATURITY 26 70
    SUM ASSURED 75,000 NO LIMIT
    PREMIUM PAYEMENT TERM SAME AS POLICY TERM
    PAYMENT TERMS ANNUAL, HALF-YEARLY, QUARTERLY, MONTHLY

    What if?

    • I am unable to pay on time
    If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. The policy can be reinstated within 3 years from the date of discontinuance after paying all the unpaid premiums.
    • I stop the payment
    If premium are paid up for at least three years, then it is converted to paid up Value else policy will cease.
    • I wish to take a loan
    Loan will not be available under this policy.

    Exclusions

    • If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this policy or the date of any revival/reinstatement of this policy, the policy will become null and void. No benefit will be paid under such circumstances except on an ex-gratia basis at the discretion of the Company.