Thursday, December 8, 2011

SBI Life - Smart Money Back Insurance Plan Details


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
  • Guaranteed fixed cash inflows which can meet your various financial obligations
  • Guaranteed 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 – Accidental Death Benefit Rider, Accidental Total & Permanent Disability Rider, Preferred Term Rider, and Criti Care 13 Non Linked Rider.
Given below are the charts with various term options and accompanying Guaranteed Survival Payments:
Survival Benefit Installments (% of Basic Sum Assured)
Product Snapshot
^ 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
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 benefits as per section 80C and 10 (10D) of the Income Tax Act 1961.
*Subject to change in tax laws. Please consult your tax advisor for details.
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.
From Admin: I've made its customized benefit illustration from the official website of SBI Life Insurance using parameters as follows:
A healthy male of age 35 years, S.A. 1 lac, Tenure: 25 years.
You can download this illustration from here to understand the plan in a better way.

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4.5 out of 5 stars Reviewer:adminFebruary 05, 2021