All About SBI Life Smart Money Back Gold Plan
Table of Contents
The SBI Life Smart Money Back Gold Plan is a non-linked life insurance plan that provides a great savings opportunity for all policyholders. An efficient life insurance plan like this one is important to cover major events as well as accidents in life. Moreover, it helps to save up for the future.
The SBI Life Smart Money Back Gold Plan promises security for your family, even in your absence. Moreover, it also provides money back at regular intervals. This makes the plan more sustainable and beneficial.
Benefits of SBI Life Smart Money Back Gold Plan
The benefits provided by the SBI Life Smart Money Back Gold Plan are as follows.
1. Survival Benefits
One of the key benefits under the SBI Life Smart Money Back Gold Plan is the Survival Benefits. This comprises regular instalments paid at the end of a certain policy year. It is calculated as a percentage of the basic sum assured. There are various instalment frequency options to choose from.
2. Death Benefit
This benefit is paid out in case the policyholder dies during the policy term and before the end of it. The death benefit provided by this plan can be divided into two types, depending on the type of premium payment.
- For Regular and Limited Premium Payment Term- In this case, the death benefit is either higher than the sum of vested Simple Reversionary Bonuses, any terminal bonus and the sum assured on death (this is higher than the Basic Sum Assured or eleven times the annualised premium), or it is equal to 105% of the total premiums received till the date of death.
- For Single Premium- This premium payment option ensures a death benefit that is equal to the total sum assured of death plus all applicable bonuses. The Sum Assured on Death must be higher than the Basic Sum Assured or 1.25 times the single premium being paid.
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3. Maturity Benefit
If the policyholder survives till the end of the policy term, they receive a Maturity Benefit payout. This payout is equal to all accumulated bonuses in addition to the final survival benefit instalment. The final sum also depends on the rates of return applicable.
Eligibility Conditions of SBI Life Smart Money Back Gold Plan
The following are some criteria that determine the policyholder’s eligibility for the SBI Life Smart Money Back Gold Plan and some other basic information.
|
Parameters |
Eligibility |
|
Entry Age |
Minimum- 14 years Maximum- 45 years (for regular premium) 55 years (for single premium) |
|
Maximum Maturity Age |
70 years |
|
Basic Sum Assured |
Minimum- 2 Lakhs INR Maximum- No Limit |
|
Premium Frequency |
Single, Monthly, Quarterly, Half-Yearly, Yearly |
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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.
