Benefits of SBI Money Back Plan
Published On Sep 07, 2021 10:00 AM By InsuranceDekho
Table of Contents
SBI Money Back Plan is a participating Money Back Plan that pays out a lump sum at regular periods to satisfy monetary needs at various phases of life. It also offers full coverage for protection. Every individual experiences significant milestones and unique events throughout his or her life, such as marriage, the birth of a child, buying a dream home, providing children with the chance to pursue further education at a prestigious institution, and so on. Individuals must be financially prepared to reach these moments. The SBI Money Back Plan assists you in planning and achieving all of your life's unique goals. It provides a wide range of plan alternatives and handles a variety of financial responsibilities at critical times of life. In the case of an event, your nominee in the plan will receive the sum insured as well as a terminal bonus and a simple reversionary bonus. The death benefit will be paid in addition to any survival benefits that have already been paid out throughout the policy's term.
Benefits you get from SBI Money Back Insurance Plan
SBI Money Back Plan provides the following benefits to its investors -
1. Death Benefit
If the Life Insured dies during the Policy Tenure, the nominee receives the whole Sum Assured + Simple Reversionary Bonus And Terminal Bonus (if applicable) as Death Benefit, regardless of Survival Benefits already paid.
2. Survival Benefit
A specific amount of the Sum Assured is paid at predefined intervals as a percentage of the Basic Sum Assured
3. Maturity Benefit
If the policyholder survives until the end of the policy tenure, he or she receives a portion of the Sum Assured as per schedule along with a vested Bonus.
Also read - What Is A Money Back Policy And Why Do You Need It?
4. Income Tax Benefit
Life insurance premiums are deductible from taxable income each year under section 80C and the Maturity Clause. Proceeds are tax-free under section 10(10)D if certain criteria are met.
The option to add riders to increase the value of the base package. This plan includes four more riders:
The Accidental Death Benefit Rider, the Accidental Total Permanent Disability Rider, the Term Assurance Rider, and the Cri Care 13 Non-Linked Rider are all optional riders.
6. Profits Participation
The policy will be entitled to a share of the profits generated by the company's "with profits" life insurance operation. In the form of a Bonus, it receives a portion of the earnings generated by this firm. Simple reversionary bonuses would be expressed as a percentage rate and would apply to the Basic Sum Assured about the Basic Policy Benefit (not riders). The Reversionary Bonus is determined based on our long-term assessment of investment returns, expenditures, mortality, and other factors.
Every person has significant and valued events in his or her life, such as a wedding, the birth of a kid, a child's professional accomplishments and marriage, or even buying a dream house. To appreciate and enjoy these unique occasions, one must be financially prepared. What you'll need is enough money, available at regular periods, as well as Life Insurance coverage to cover these unexpected life events. At SBILife, we stand by you through all of our requirements, at various phases of life, by providing you with the assistance you require.
You may also like to read - Understanding the Working of Money Back Policy
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.