Monday, October 7, 2019

SBI Life Insurance Smart Money Back Insurance Plan




















































































































Introduction


:


Smart Money Back Insurance is a savings plan with added advantage of life cover and cash inflow at regular intervals. It is participating traditional money back plan, meeting your various financial obligations at crucial junctures by its wide range of policy terms.

 



Key Features:




Money Back options specially tailored to suite your requirements


Fixed cash inflows which can meet your various financial obligations

Survival Benefit of 110% to 125% of Sum Assured paid till maturity
Large Sum Assured discount

Customize your coverage through the wide range of additional benefits – SBI Life – Accidental Death Benefit Rider (UIN:111B015V01), SBI Life – Accidental Total & Permanent Disability Rider (UIN:111B016V1), SBI Life – Preferred Term Rider (UIN: 111B014V01), and SBI Life – Criti Care 13 Non Linked Rider (UIN:111B025V01).


Given below are the charts with various term options and accompanying

Survival Payments:










































































Survival Benefit Installments (% of Basic Sum Assured)
OptionsTerm / Year End
(years)
4581012152025Total (% of Basic Sum Assured)
Option 11220%25%65% + Vested Bonus110%
Option 21520%25%70% + Vested Bonus115%
Option 32010%20%30%60% + Vested Bonus120%
Option 42510%10%15%30%60% + Vested Bonus125%

 



Product Snapshot








































Age^ at Entry































Plan OptionsOption 1 – Term
12 years
Option 2 –
Term
15 years
Option 3 – Term
20 years
Option 4 – Term
25 years
Min. entry age14 years14 years14 years14 years
Max. entry age58 years55 years50 years45 years


Age^ at MaturityMin: 26 yearsMax: 70 years
Sum AssuredMin: Rs.75,000/- ( x 1,000/-)Max: No Limit
Policy Term























Option 1Option 2Option 3Option 4
12 years15 years20 years25 years


Premium Paying TermSame as policy term
Premium FrequencyYearly / Half-yearly / Quarterly / Monthly#
Premium






















Min
Yearly –Rs.4,500
Half-yearly –Rs. 2,400
Quarterly –Rs.1,200
Monthly# –Rs.400




















Max
No limit
No limit
No limit
No limit


^ All the references to age are age as on last birthday.
# 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card]
 



Benefits



On survival:

Before maturity: The survival benefit installments expressed as a fixed percentage of basic sum assured payable at the end of specified durations during the policy term, as explained above.

At maturity: Final survival benefit installment + Vested simple reversionary bonus + Terminal bonus, if any.


On Death:

Basic Sum Assured + Vested simple reversionary bonus + Terminal bonus, if any.
 



Tax Benefits:


 

Tax deduction under Section 80(C) 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 deduction under Section 80 (D) is available for premiums paid towards Criti Care 13 Non Linked Rider.
Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.
Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.
 



Rider Brochures:


SBI Life – Preferred Term Rider
SBI Life – Criti Care 13 Non – Linked Rider (UIN:111B025V01)
These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

 



Brochure



You may view or download the product brochure from here.

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4.5 out of 5 stars Reviewer:adminFebruary 05, 2021