SBI Money Back Insurance Plan
As one of the largest market player in insurance market, SBI Life Insurance Company provides one stop solution for all the insurance needs offers a wide range of customized product works to satisfy the requirements of the customer. To satisfy the financial goal of the insurance seekers SBI Life insurance offers SBI life Smart money back policy. SBI money back plan offers a dual benefit of saving cum protection plan that provides continues flow of income in a regular interval of time.
SBI Life Smart Money Back policy is a traditional participating plan that main objective is to secure the financial future of the individual by meeting the cash requirements at various stages of life. Moreover, the plan also provides comprehensive coverage to the insured person and their loved ones.
In order to help our customers know more about the plan, here we have briefly discussed some of the key features and benefits offered by the policy.
Key features of the SBI Money Back Policy are:
- SBI Life money back policy is a participating plan that provides an option of regular premium payment.
- To suits the needs of the individual the plan offers an option of 4 plans as a customized money back solution.
- The total survival benefit is paid as 110% of the sum assured.
- The maturity age of the policy ranges from minimum 27 years to maximum 70 years.
- The insured person can pay premium in yearly, half-yearly, quarterly and monthly mode.
- The minimum sum assured of the policy is Rs. 75,000 whereas it has no upper limit.
- The plan offers bonus facility as terminal bonus and simple reversionary bonus.
- The plan provides a free look period of 15 days under which the insured person can cancel the policy if he/she is dissatisfied with the terms and conditions of the policy.
- A grace period of 15 days is provided by the policy.
- The insured person can avail tax benefit under section 80C and 10(10D) of Income Tax Act.
- Option of add-on rider benefit is offered by the policy.
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Benefits offered by SBI Life Smart Money Back Policy
Participation Bonus- SBI Life Smart Money Back Policy is entitled to share the profit coming out of participating life insurance business as reversionary bonus and terminal bonus.
Death Benefit- In case of uncertain demise of the insured person during the tenure of the policy the death benefit is provided to the beneficiary of the policy as basic sum assured along with vested simple reversionary bonus and terminal bonus if any.
Survival Benefit- During the tenure of the policy survival benefit is paid to the insured in instalments as fixed percentage of basic sum assured amount.
Maturity Benefit – In case the policy holder survives the entire tenure of the policy then he/she will be liable to avail maturity benefit as final instalment of survival benefit along with terminal bonus plus vested simple reversionary bonus.
Rider Benefit- The plan offers rider benefits that can be purchased along with the basic plan coverage. SBI life smart money back policy offers 4 types of rider benefits
- SBI life Accidental Death Benefit Rider.
- SBI Life Accidental Total & Permanent Disability Rider
- SBI Life Preferred Term Rider
- SBI life Criti Care 13 Non Linked Rider
Apart from all these benefit SBI life Smart Money Back plan offers a free look period of 15 days under which the insured can cancel the policy if he/she is dissatisfied with the terms and condition of the policy.
In case if the insured fails to pay the premium on time then they can pay the due premium under the grace period of 30 days offered by the insurer.