Everything You Need To Know About SBI Life - Smart Money Back Gold Plan

SBI Smart Money Back Gold Plan is a money-back Plan which includes features like regular payouts. There are 4 variants to decide on from which the quantity of Sum Assured is defined and also the timelines. It is a money-back plan that requires participation. It also allows additional riders or add-ons. The variant you choose decides the percentage of sum assured, and the benefit of the sum assured. The terms of the four variants are 12, 15, 20, and 25 years. The benefit ranges from 110%-125% depending on the term you choose.

Smart Money Back Gold Plan Variants 

You can choose any of the 4 variants of the Smart Money Back Gold Plan basis your insurance and investment requirements - 

12 Years

For a Policy Tenure of 12 years, 20% of the Sum Assured is paid at in the last month of Year 4, 25% of the Sum Assured is paid in the last month of Year 8 and thus the remaining 65% of the Sum Assured is paid at the last stage of Year 12 in conjunction with Vested Bonus. Thus, if you select this feature, an entire benefit of 110% of the Sum Assured is paid.

15 Years

For a Policy Tenure of 15 years, 20% of the Sum Assured is paid in the last month stage of Year 5, 25% of the Sum Assured is paid at the top of Year 10 and also the remaining 70% of the Sum Assured is paid at the last stage of Year 15 along with Vested Bonus. Thus, with this feature, an entire benefit of 115% of the Sum Assured is paid.

20 Years

For a Policy Tenure of 20 years, 10% of the Sum Assured is paid at the last stage of Year 5, 20% of the Sum Assured is paid at the last month of Year 10, 30% of the Sum Assured is paid in the last month of Year 15 and thus the remaining 60% of the Sum Assured is paid eventually month of Year 20 alongside Vested Bonus. Thus, with this feature, an entire benefit of 120% of the Sum Assured is paid.

25 Years

For a Policy Tenure of 25 years, 10% of the Sum Assured is paid at the last stage of Year 5, 10% of the Sum Assured is paid at the top of Year 10, 15% of the Sum Assured is paid at the last month of Year 15, 30% of the Sum Assured is paid at the last month of Year 20 and therefore the remaining 60% of the Sum Assured is paid eventually month of Year 25 along with Vested Bonus. Thus, during this option, an entire benefit of 125% of the Sum Assured is paid.

However, if the life assured dies within the policy tenure, the whole Sum Assured in conjunction with the vested bonus is paid as a benefit to the nominee despite the Survival Benefits paid.

You may also like to read:- Tax Benefits In Money Back Insurance Plans 

Smart Money Back Gold Plan Features

The features of this plan are as follows - 

• It is a money-back plan that requires participating.
• You can choose from 4 different variants as per necessity depending on the payment interval.
• The survival benefit can vary from 110% to 125% of Sum assured paid till maturity. The percentage depends on which variant you choose to invest in.
• There are predefined money-back options in this plan, like survival benefit, etc.
• The entire Sum Assured + Simple Reversionary Bonus and Terminal Bonus (if any) is paid to the nominee If the Life Insured dies within the Policy Tenure, irrespective of Survival Benefits already paid
• Accidental Death Benefit Rider
• Accidental Total Permanent Disability Rider
• Term Assurance Rider and
• Crit Care 13 Non-Linked Rider

Also Read:- Term Insurance Plans Or Money Back Plans? Which Is Better?

Conclusion

In conclusion, SBI Life – Smart Money Back Gold is a money-back policy that requires participation. Simple reversionary bonuses are paid under the policy if the insurance company earns a profit and if the premiums are duly paid. Throughout the term of the policy,  this bonus is paid. Moreover, on maturity or on death, a terminal bonus may be paid.

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.