Everything you need to know about SBI Life- Smart Money Back Gold

SBI Smart Money Back Gold Plan is a money back plan with periodical payments and other benefits. There are four options to choose from when determining the amount of Sum Assured and the timeframes. It's a get your money back scheme that necessitates involvement. It also enables the installation of extra riders or add-ons. The proportion of the sum insured and the benefit of the sum assured is determined by the variation you select. The four options have periods of 12, 15, 20, and 25 years. Depending on the duration you pick, the benefit ranges from 110 percent to 125 percent.

Variants of the Smart Money Back Gold Plan

Based on your insurance and investing needs, you may pick from one of four Smart Money Back Gold Plan variations -

• 12 years 

For a Policy Tenure of 12 years, 20% of the Sum Assured is paid in the last month of Year 4, 25% in the last month of Year 8, and the remaining 65% in the last month of Year 12 in combination with Vested Bonus. As a result, if you choose this option, you will receive a full benefit of 110 percent of the Sum Assured.

• 15-year

For a 15-year Policy Tenure, 20% of the Sum Assured is paid in the final month of Year 5, 25% of the Sum Assured is paid at the top of Year 10, and the remaining 70% of the Sum Assured is paid together with Vested Bonus in the last month of Year 15. As a result, this feature plays a total benefit of 115 percent of the Sum Assured.

• 20 years

For a 20-year Policy Tenure, 10% of the Sum Assured is paid at the end of Year 5, 20% of the Sum Assured is paid in the last month of Year 10, 30% of the Sum Assured is paid in the last month of Year 15, and the remaining 60% of the Sum Assured is paid alongside Vested Bonus in the last month of Year 20. As a result of this feature, a total benefit of 120 percent of the Sum Assured is paid out.

• 25 years

For a Policy Tenure of 25 years, 10% of the Sum Assured is paid at the end of Year 5, 10% of the Sum Assured is paid at the beginning of Year 10, 15% of the Sum Assured is paid at the end of Year 15, 30% of the Sum Assured is paid at the end of Year 20, and the remaining 60% of the Sum Assured is paid in the last month of Year 25, along with Vested Bonus. As a result, a whole benefit of 125 percent of the Sum Assured is paid during this option. If the life insured dies during the policy term, the whole Sum Assured, including the vested bonus, is paid to the nominee as a benefit, irrespective of whether the Survival Benefits are given.

Features of the Smart Money Back Gold Plan

The following are the features of this strategy:

• It's a money back scheme that necessitates participation.
• Depending on the payment period, you may pick from four distinct versions.
• The survivor benefit might range between 110 and 125 percent of the Sum Assured paid till maturity. The proportion varies depending on the investment option you select.
• This plan includes predefined money back alternatives such as survivor benefits and so forth.
• If the Life Insured dies during the Policy Tenure, the whole Sum Assured plus Simple Reversionary Bonus and Terminal Bonus (if any) is paid to the nominee, regardless of any Survival Benefits already paid.
• Rider for Accidental Death Benefits
• The rider with a Total Permanent Disability as a result of an accident
• Rider for Term Assurance and
• Non-Linked Rider (Crit Care 13)

Conclusion

Finally, SBI Life – Smart Money Back Gold is a participation-based money back policy. If the insurance business makes a profit and the premiums are paid on time, simple reversionary bonuses are paid out. This incentive is paid throughout the duration of the insurance. Furthermore, a terminal bonus may be paid at maturity or death.

Also read: Popular Money Back Insurance Plans in 2021

Eligibility Requirements To Purchase A Money Back Plan

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.