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SBI Life - Gaurav Jeevan Plan

The SBI Smart Money Back Gold Plan is a non-linked participating individual insurance product. Every person in his/her entire lifetime experiences treasured and special moments like wedding, childbirth, career achievements by the child, owning a dream house, etc. In order to enjoy these moments, the individual must be financially ready. Adequate amount of money must be available readily at specific intervals along with insurance cover. The SBI Smart Money Back Gold Plan allows you to plan for all the special moments of your life. It offers a wide range of policy terms and takes care of several financial obligations at the crucial junctures of life. Your nominee will receive the sum assured along with terminal bonus and simple reversionary bonus in the event of your unfortunate demise. These will be paid out even if the survival benefits have already been paid.

Eligibility – Who is the SBI Smart Money Back Gold Plan for?

In order to buy the SBI Smart Money Back Gold Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

Parameters Criteria for eligibility
Minimum age at entry for Option 1 (12 years) 15 years
Maximum age at entry for Option 1 (12 years) 55 years
Minimum age at entry for Option 2 (15 years) 15 years
Maximum age at entry for Option 2 (15 years) 55 years
Minimum age at entry for Option 3 (20 years) 14 years
Maximum age at entry for Option 3 (20 years) 50 years
Minimum age at entry for Option 4 (25 years) 14 years
Maximum age at entry for Option 4 (20 years) 45 years
Minimum age at maturity 27 years
Maximum age at maturity 70 years
Policy Term for Option 1 12 years
Policy Term for Option 2 15 years
Policy Term for Option 3 20 years
Policy Term for Option 4 25 years

Sum Assured and Premium Range – What you get and what it costs?

Sum Assured – It is the amount that is paid out to the nominee or family of the insured individual in the event of the assured's unfortunate demise, critical illness or permanent disability. The minimum sum assured in case of the SBI Smart Money Back Gold Plan is Rs.75,000. There is no maximum limit on the sum assured for the SBI Smart Money Back Gold Plan.

Minimum Sum Assured Rs.75,000
Maximum Sum Assured No limit

Premium – It is the amount that an individual pays at regular interval or at one go to keep his/her insurance policy active and running. The frequency that you can avail to pay your premiums for the SBI Smart Money Back Gold Plan are monthly, quarterly, half yearly and yearly.

Premium Payment Term Same as that of the policy
Premium Payment Frequency Monthly, quarterly, half yearly, yearly
Premium Frequency Loading for monthly payment 8.50% of the annual premium
Premium Frequency Loading for quarterly payment 26.00% of the annual premium
Premium Frequency Loading for half yearly payment 51.00% of the annual premium
Minimum premium to be paid for monthly Rs.400
Maximum premium to be paid for monthly No limit
Minimum premium to be paid for quarterly Rs.1,200
Maximum premium to be paid for quarterly No limit
Minimum premium to be paid for half yearly Rs.2,400
Maximum premium to be paid for half yearly No limit
Minimum premium to be paid for yearly Rs.4,500
Maximum premium to be paid for yearly No limit

Disclaimer – Premiums may vary depending upon factors like location, term of the plan, age, etc.

Plan Coverage – What the SBI Smart Money Back Gold Plan covers?

The SBI Smart Money Back Gold Plan is tailored to cater to your insurance requirements. The key highlights of the SBI Smart Money Back Gold Plan are as follows:

  • Survival Benefit of 110% of the total sum assured paid till the maturity.
  • Cash inflows that can take care of several financial obligations.
  • Money Back options that are designed to meet your needs.
  • Rebate on the large sum assured.
  • You may customise the coverage with a wide range of add-on benefits.

Survival benefits – The survival benefits can be availed by the assured individual at specific intervals during the term of the policy. When the assured receives the last survival benefit at the time of plan maturity, all the simple reversionary bonuses will also be paid out. These will help the assured to take care of different financial obligations at the important junctures in life.

Maturity benefit – The assured can avail maturity benefits after the term of the policy ends.

Death benefit – Death benefit can be availed upon unfortunate demise of the assured person. The money will be paid to the nominee of the assured. Terminal Bonus and Simple Reversionary Bonus will be paid at this time too.

Riders/Add-on plans – Additional coverage under the SBI Smart Money Back Gold Plan:

The riders that are available under the SBI Smart Money Back Gold Plan are mentioned below:

  • SBI Life Preferred Term Rider – In case of an unfortunate event where the assured dies, the rider sum assured is also paid along with the basic sum assured.
  • SBI Life Accidental Total and Permanent Disability Benefit Rider – In case of an accident leading to permanent disability, this particular rider takes care of the disability.
  • SBI Life Accidental Death Benefit – In an event where the assured dies due to an unfortunate accident, this rider sum will be paid along with the basic sum assured.
  • SBI Life Criti Care 13 Non-linked Rider – In case the assured person is diagnosed with the following diseases, rider sum assured will be paid. The assured individual must survive for a period of 30 days from the diagnosis date.
    • Multiple sclerosis with symptoms.
    • Motor neurone disease with symptoms.
    • Coma of specified severity.
    • Aorta surgery.
    • Stroke leading to permanent symptoms.
    • Paralysis of limbs.
    • Bone marrow transplant or major organ transplant.
    • Burns (major).
    • Kidney failure with the need of Dialysis.
    • Repair of heart valves or open heart replacement.
    • Heart attack of specified severity.
    • Open chest CABG.
    • Cancer.
SBI Life Preferred Term Rider
Minimum Sum Assured Rs.25,000
Maximum Sum Assured Rs.50 lakh
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Age at maturity 70 years
SBI Life Accidental Total and Permanent Disability Benefit Rider
Minimum Sum Assured Rs.25,000
Maximum Sum Assured Rs.50 lakh
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Age at maturity 70 years
SBI Life Accidental Death Benefit
Minimum Sum Assured Rs.25,000
Maximum Sum Assured Rs.50 lakh
Minimum Entry Age 18 years
Maximum Entry Age 65 years
Maximum Age at maturity 70 years
SBI Life Criti Care 13 Non-linked Rider
Minimum Sum Assured Rs.25,000
Maximum Sum Assured Rs.20 lakh
Minimum Entry Age 18 years
Maximum Entry Age 55 years
Maximum Age at maturity 64 years

Exclusions – What the SBI Smart Money Back Gold Plan does not cover?

Suicide Exclusion - In case the life assured commits suicide, whether insane or sane, within a period of one year from the from the date of commencement of the policy or date of reinstatement of the policy, 80% of the premium will be paid out.

Other Key Features of SBI Smart Money Back Gold Plan:

Grace period A grace period of 30 days can be availed by the insured for clearing the premium payment for quarterly, half yearly and yearly modes. In case of monthly premium payment mode, a grace period of 15 days can be availed by the insured individual.
Free look period In case you do not like the terms and conditions of the SBI Smart Shield Plan, you can return the policy within a period of 15 days. However, you must state your objections and the reasons for it. Free look period of 30 days can be availed in case of Distance Marketing.
Revival Revival of the policy is allowed, in case it got lapsed. The revival of the policy must be done within a period of two years from the date of first unpaid premium.

Tax Benefits – How you can save with the SBI Smart Money Back Gold Plan?

The insured individual can enjoy tax benefits that are applicable under the prevailing tax laws.

Why you should buy the SBI Smart Money Back Gold Plan from SBI?

State Bank of India is one of the leading financial institutions across the country. The products and services offered by SBI Life Insurance come with a lot of innovation and flexibility. The insurance solutions offered by them is tailored to meet all your insurance needs. The SBI Smart Money Back Gold Plan allows you to plan for all the special moments of your life. If offers a wide range of policy terms and takes care of several financial obligations at the crucial junctures of life. Your nominee will receive the sum assured along with terminal bonus and simple reversionary bonus in the event of your unfortunate demise.