The SBI Smart Money Back Gold Plan is a participating, non-linked insurance product for an individual. Every person in his/her entire lifetime achieves important milestones and has special moments like marriage, the birth of a child, owning a dream house, giving the opportunity to children for higher education in top university etc. In order to achieve these moments, an individual must be financially equipped. Sufficient amount of cash must be readily available for all those specific moments along with the security of an insurance cover. The SBI Smart Money Back Gold Plan helps you plan and reach for all the special goals of your life. It offers a wide range of plan options and takes care of several financial obligations at the important stages of life. Your nominee in the plan will receive the sum assured along with terminal bonus and simple reversionary bonus in the event of an eventuality. The death benefit will be paid out over and above the survival benefits, if already been paid in the duration of the policy.
On Survival
Before Maturity:
Survival benefits will be paid at regular intervals in the plan as per the plan option selected. The below table explains the fixed percentage of basic sum assured payable at the end of regular intervals during the term of the policy.
| Policy options | Option one | Option two | Option three | Option four |
| End of policy year/policy term | 12 Years | 15 Years | 20 Years | 25 Years |
| 3 | 20% | 15% | ||
| 4 | 15% | |||
| 5 | 15% | |||
| 6 | 20% | 15% | ||
| 8 | 15% | |||
| 9 | 20% | 15% | ||
| 10 | 15% | |||
| 12 | 50% | 15% | 15% | |
| 15 | 50% | 15% | ||
| 16 | 15% | |||
| 20 | 50% | 15% | ||
| 25 | 50% |
On Maturity:
On maturity of the plan, the policyholder will receive final survival benefit instalment + Vested Simple Reversionary Bonus + Terminal Bonus, if any.
On death of the policyholder
If the policyholder dies during the active term of the policy, then higher of A or B is to be paid to the beneficiary where
A = Sum Assured on death + Terminal bonus+ Vested Simple Reversionary Bonuses, if any.
Sum Assured on death is higher of basic Sum Assured or a multiple of annualised premium, where multiple is described in the table below:
| Entry age of the policyholder is less than 45 years | Entry age of the policyholder is 45 years or more | |
| Multiple of annualised premium | 10 | 7 |
B = Minimum death benefit equal to 105% of all the premiums paid by the policyholder till the date of death.
Other Benefits
Optional Riders can be added to the base plan to enhance protection and value of the policy. Some of them are-
SBI Life Preferred Term Rider - The Preferred term rider sum assured will be payable over and above to basic death benefit to the beneficiary.
SBI Life Accidental Death Benefit Rider - In case of death due to an accident, the rider Sum assured is payable to the nominee over and above to the basic death benefit sum assured.
SBI Life Accidental Total and Permanent Disability Benefit Rider - The Accidental Total and Permanent Disability Benefit Rider Sum Assured will be paid if the policy holder is eligible for the Total & Permanent Disability Benefit, as defined in the policy document.
SBI Life Criti Care 13 Non-Linked Rider - The Criti Care 13 Non-Linked Rider sum assured would be paid if the policyholder gets diagnosed with any of the thirteen diseases. The critical illnesses covered are-
In order to enrol in the SBI Smart Money Back Gold Plan, the customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she wants. These conditions are detailed in the table below:
| Parameters | Criteria for eligibility |
| Minimum entry age for Option 1 (12 years) | 15 years |
| Maximum entry age for Option 1 (12 years) | 55 years |
| Minimum entry age for Option 2 (15 years) | 15 years |
| Maximum entry age for Option 2 (15 years) | 55 years |
| Minimum entry age for Option 3 (20 years) | 14 years |
| Maximum entry age for Option 3 (20 years) | 50 years |
| Minimum entry age for Option 4 (25 years) | 14 years |
| Maximum entry age for Option 4 (20 years) | 45 years |
| Minimum maturity age | 27 years |
| Maximum maturity age | 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 |
| Minimum | Maximum | |
| Policy term in years | 12,15,20 and 25 under option 1, 2,3 and 4 | |
| Premium paying term | Equal to the policy term | |
| Premium paying mode | Monthly, quarterly, half yearly and yearly | |
| Premium | Monthly INR 400, quarterly INR 1200, half yearly INR 2400 and yearly INR 4500 | No limit |
| Sum assured | INR 75,000 | No limit |
| Minimum | Maximum | |
| Age of entry (last birthday) |
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| Age at maturity (last birthday) | 27 years | 70 years |
The SBI Smart Money Back Gold Plan is designed to look after your insurance requirements and long term goals. The key features of the SBI Smart Money Back Gold Plan are as follows:
The SBI Money Back Gold Plan gives the customer the flexibility to choose from 4 premium paying mode. The premium paying modes are monthly, quarterly, half-yearly and yearly. The premium in the plan needs to be paid for the entire policy duration.
Grace period - The policyholder will get 30 days of grace period in quarterly, half-yearly and yearly premium paying modes for paying the premium and keeping the policy in force. The grace period reduces to 15 days in case of monthly premium paying mode. After the grace period, the policy will lapse if the premium due is still not paid.
Free look period - The policy comes with a free look period of 15 days and 30 days if it was purchased through distant marketing. If the policyholder is not happy with the terms and conditions after buying, he/she can return the policy back to the insurer citing the reasons for cancellation. The insurer will pay back the proportionate premium after deducting charges mentioned in the terms and conditions of the policy document.
Policy revival - The policy can be revived after it is lapsed for non-payment of premium. The revival period is of 2 years if done within the date of the last unpaid premium.
Inclusion
Surrender value - The policy will accumulate a surrender value only if the premiums in the plan are paid for full 3 years. The policy can be terminated before the maturity period by surrendering it back to the insurer. On the surrender of the policy, higher of non-guaranteed GSV and SSV will be paid to the policyholder.
Loan - Loan facility option is not available in this Money Back Plan.
Exclusion
Suicide Exclusion - If the policyholder whether sane or insane commits suicide, within a duration of one year from the date of commencement of the policy or date of revival of the policy, only 80% of the premium will be paid out to the nominee. The life insurer will reject the death benefit claim in this case.
What happens if the policyholder stops paying the premium?
If the policyholder stops paying the premium, the policy will lapse and no claim or maturity benefits will be payable as per the policy schedule.
How can you save tax with the SBI Smart Money Back Gold Plan?
The premiums paid in the SBI Smart Money Back Gold Plan are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
Why should you buy the SBI Smart Money Back Gold Plan from SBI Life?
SBI Life is one of the leading life insurers in the country. It is a joint venture between one of the largest banks in India SBI (State Bank of India) and leading global insurance company BNP Paribas life. SBI Life offers good customer experience and the money back plan on offer gives comprehensive life insurance coverage along with guaranteed sum assured to reach key milestones at regular intervals and on the maturity of the policy.
