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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.
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 – 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.
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 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.
The riders that are available under the SBI Smart Money Back Gold Plan are mentioned below:
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 |
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.
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. |
The insured individual can enjoy tax benefits that are applicable under the prevailing tax laws.
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.
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