SBI Life Smart Money Back Gold Policy Introduction
SBI Life Smart Money Back Gold policy is a traditional participating money back plan with bonus facility. SBI Life Smart Money Back Gold is a savings plan with added advantage of life cover and cash inflow at regular intervals, meeting your various financial obligations at crucial junctures by its wide range of policy terms. In this SBI Life Smart money back gold policy premiums need to be paid till the end of the policy term. In this policy there are 4 various options to choose interval options. This SBI Life Smart Money Back Gold plan provides Survival Benefit of 110% of Sum Assured paid till maturity. Under this SBI Life Smart Money Back Gold plan rebates are provided on large sum assured. If in case of unfortunate death of policyholder during the policy term, then nominee will receive the full Sum Assured + Simple Reversionary Bonus & Terminal Bonus (if any), irrespective of Survival Benefits already paid.
Entry age of SBI Life Smart Money Back Gold Policy
|Plan Options||Policy Term||Minimum Entry Age||Maximum Entry Age|
|Option 1||12 Years||15 Years||55 Years|
|Option 2||15 Years||15 Years||55 Years|
|Option 3||20 Years||14 Years||50 Years|
|Option 4||25 Years||14 Years||45 Years|
Terms and Eligibility conditions of SBI Life Smart Money Back Gold Policy
|Sum assured (Multiples of 1000)||
|Premium paying term||
|Premium (for Yearly)||
|Premium (for Half – Yearly)||
|Premium (for Quarterly)||
|Premium (for Monthly)||
|Premium Frequency loading||
SBI Life Smart Money Back Gold Policy Rebates
Large sum assured rebates are available on base premium. Following rebates for different sum assured are tabulated below.
|Sum assured (Rs.)||Rebates (Per 1000 Sum assured)|
|75,000 – less than 2 lakhs||Nil|
|2 lakhs – less than 3 lakhs||Rs.1.00|
|3 lakhs – less than 6 lakhs||Rs.2.00|
|6 lakhs and above||Rs.3.00|
Benefits of SBI Life Smart Money Back Gold Policy
Maturity benefits: On survival till the end of the policy term, then policyholder gets Final survival benefit installment + Vested simple reversionary bonus + Terminal bonus, if any.
Survival benefits: The survival benefit installments expressed as a fixed percentage of basic sum assured payable at the end of specified durations during the policy term. In detail about survival benefits are tabulated below.
Survival Benefits Installments (% of Basic Sum assured)
|Plan option||Option 1||Option 2||Option 3||Option 4|
|End of policy Year / Policy term||12||15||20||25|
|Total (% of basic sum assured)||110%||110%||110%||110%|
Death Benefits: If in case of unfortunate death of policyholder during the policy term provided the policy is in force, then nominee will receive a higher amount which is explained below
- Nominee will receive higher amount as death benefit is
- Sum Assured on death + Vested simple reversionary bonuses + terminal bonus(if any).
- 105% of all the premiums paid till the date of death.
Sum Assured on death means higher of basic Sum Assured or guaranteed sum assured at maturity or a multiple of annualized premium where multiple is:
|Policy Term||Age at entry of Life Assured less than 45 years||Age at entry of Life Assured 45 years or more|
|12, 15, 20 or 25 years||10||7|
Rider Benefits : Under this SBI Life Smart Money Back Gold Plan 4 riders are available. The Rider sum assured cannot be more than the Basic sum assured. More than one rider option can be selected under this plan.
- Preferred term rider: If in case of unfortunate death of the policyholder, the rider sum assured becomes payable in addition to basic sum assured.
- Accidental death benefit rider: In case of death of policyholder due to an accident, the rider sum assured becomes payable in addition to basic sum assured.
- Accidental total and permanent disability rider: This rider provides protection against such disabilities.
- Criti care 13 Non linked rider: This rider option covers 13 diseases and surviving 30 days from date of diagnosis. For following 13 illnesses which are covered under this policy refer FAQ’s which are given below.
SBI Life Smart Money Back Gold Policy Eligibility conditions for riders
|Type of rider||Entry age (Years)||Sum assured (Rs.)||Maximum maturity age (Years)|
|Preferred term rider||Minimum – 18 maximum – 65||Minimum – 25,000 maximum – 50 lakhs||70|
|Accidental death benefit rider||Minimum – 18 maximum – 65||Minimum – 25,000 maximum – 50 lakhs||70|
|Accidental total and permanent disability rider||Minimum – 18 maximum – 65||Minimum – 25,000 maximum – 50 lakhs||70|
|Criti care 13 Non linked rider||Minimum – 18 maximum – 55||Minimum – 25,000 maximum – 20 lakhs||64|
Riders related documents are attached below
SBI Life Criti Care 13 Non Linked Rider Sales Literature V03
SBI Life Accidental Death Benefit Rider
SBI Life Accidental Total Permanent Disability Benefit Rider
SBI Life Smart Money Back Gold policy Buying procedure
Documents needed to apply for an SBI Life Smart Money Back Gold plan are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Policy document of SBI Life Smart Money Back Gold Policy are attached below
SBI Life Smart Money Back Gold Standard Policy Document
Claim Procedure of SBI Life Smart Money Back Gold Policy
List of documents to be submitted during claim.
- Duly filled claim form
- Original policy document
- Original death certificates
Documents to be submitted for claim settlement are attached below
SBI Life Smart Money Back Gold Policy claim form
SBI Life Smart Money Back Gold Policy Customer care
If any doubts regarding this SBI Life Smart Money Back Gold policy, call toll free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to firstname.lastname@example.org.
SBI Life Smart Money Back Gold Policy Premium Calculator
Details required for calculating premium under SBI Life Smart Money Back Gold plan are
Plan : Option 1 / Option 2 / Option 3 / Option 4
Policy term :
Premium Frequency :
Sum assured :
Type of rider :
SBI Life Smart Money Back Gold Policy Example
Suppose Rakesh aged 30 years interested to take the SBI Life Smart Money Back Gold policy, his following details are given below
Plan : Option 4
Policy term : 25 years
Premium Frequency : Yearly
Sum assured : Rs. 5,00,000
Type of rider
- For Preferred term rider – policy term 5 years and sum assured is Rs.50,000
- For Accidental death benefit rider – policy term 15 years and sum assured is Rs. 2 lakhs
- For Accidental total and permanent disability rider – policy term 20 years and sum assured is Rs. 2 lakhs
- For Criti care 13 Non linked rider – policy term 5 years and sum assured is Rs.50,000
Now, Rakesh has to pay basic cover premium are as follows
|Proposed plan||Term(Years)||Premium payment term (Years)||Sum assured (Rs.)||Yearly Premium (Rs.)|
Now, Rakesh has to pay Riders premium which are tabulated below
|Type of rider||Policy term (years)||Sum Assured (Rs.)||Yearly Premium (Rs.)|
|Preferred term rider||5 years||Rs.50,000||85|
|Accidental death benefit rider||15 years||Rs. 2 lakhs||100|
|Accidental total and permanent disability rider||20 years||Rs. 2 lakhs||80|
|Criti care 13 Non linked rider||5 years||Rs.50,000||60.50|
- Yearly Installment Premium without tax is – Rs. 26116
- Yearly Installment Premium with tax is – Rs. 26923
Additional Information of SBI Life Smart Money Back Gold Policy
Policy Revival: You may reinstate your lapsed policy within 2 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Loan facilities: Loan facilities are not available under this SBI Life Smart Money Back Gold Policy.
Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then the policy will become null and void and no claim will be paid. However, 80% of premium for what the policyholder had paid will returned to his/her assignees or nominees.
Free look period: If you are not satisfied with this policy, you can return the policy within 15 days of receiving the policy contract. Your premiums will be refunded by deducting some charges of stamp duty and medical examination(if any).
Tax Benefits: Tax deduction under Section 80C is available. However, in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
Paid up value: The policy will acquire a paid up value only if the premiums have been paid for at least 3 full years. The sum assured payable on death or maturity of a paid up policy, will be reduced sum assured. This reduced sum assured called as paid-up sum assured.
Surrender value: The policy will acquire a surrender value only if the premiums have been paid for at least 3 full years.
- Guaranteed surrender value: The GSV in case of regular premium policies will be equal to GSV factors multiplied by the basic premiums paid. Basic premium is equal to total premium excluding Service tax and cess.
GSV factors for various policy durations are given below:
|Policy Year||GSV factor|
|4- 7 Years||50%|
Special Surrender value (SSV): Special surrender value will be arrived at by multiplying PUV on maturity with SSV factors.
For monthly mode, 3 months premium must be paid in advance and Renewal premium payment through ECS (Electronic clearing system) or by standing instructions.
For Monthly Salary saving scheme(SSS) 2 month premium to be paid in advance and renewal premium payment is allowed only through salary deduction.
FAQ’s of SBI Life Smart Money Back Gold Policy
Can you give the list of illnesses under this policy?
The following illnesses covered under this SBI Life Smart Money Back Gold policy are
- Coronary Artery Bypass Surgery
- First Heart Attack
- Heart Valve Surgery
- Kidney Failure
- Major Burns
- Major Organ Transplant
- Surgery of Aorta
- Motor Neuron Disease
- Multiple Sclerosis
What happens if you stop paying the premium?
If you stop paying the premium, then a delay of 30 days is given for Yearly, Half-Yearly and Quarterly modes and 15 days for Monthly mode to pay due premium under which is called grace period. After the grace period, your policy will be lapsed and if you are interested to continue this policy then you can reinstate the policy within 2 years of first unpaid premium.
Is any loan facilities are available under this policy?
No, loan facilities are not available under this SBI Life Smart Money Back Gold Policy.
What are the benefits will get under this policy. Can you briefly explain by giving any example?
Rajesh aged 35 years interested in buying this SBI Life Smart money Back Gold Policy, his following details about this plan are given below
Age: 35 years
Policy Term : 20 years
Plan: Option 3
Sum assured: Rs. 20 lakhs
Premium frequency: Yearly mode
Premium for yearly is : Rs. 1,28,360
Now, following benefits are tabulated below
|Benefits||Illustration 1||Illustration 2|
Survival benefit Installment
|Survival benefit||Survival benefit|
|End of 4th year||Rs. 3,00,000||Rs. 3,00,000|
|End of 8th year||Rs. 3,00,000||Rs. 3,00,000|
|End of 12th year||Rs. 3,00,000||Rs. 3,00,000|
|End of 16th year||Rs. 3,00,000||Rs. 3,00,000|
|End of 20th year||Rs. 10,00,000||Rs. 10,00,000|
|Maturity Benefit||Rs.10,00,000 + Non- Guaranteed simple reversionary bonus(paid with final survival benefit)||
Rs.10,00,000 + Non- Guaranteed simple reversionary bonus(paid with final survival benefit)
Death Benefit – Rs.20 lakhs + simple reversionary bonus (accrued till the date of death) and Terminal bonus(if any).
SBI Life Smart Money Back Gold Policy forms and documents
SBI Life smart money back gold brochure english ver8
SBI Life Smart Money Back Gold Single Pager v05