Introduction:
SBI Life – Money Back is a traditional participating savings plan with added advantage of life cover and cash inflow at regular intervals. In order to meet your various financial obligations at crucial junctures, it offers a wide range of terms options with regular payments of Guaranteed Survival benefits made at different durations during the policy term.
Key Features:
• The plan has a number of money back options specially suited to your needs. • The cover is available at competitive premium rates. • It has guaranteed cash inflows which can meet your various financial obligations. • In addition to normal death cover, the plan also provides you 4 additional covers
Product Snapshot:
| Plans Options |
Option 1 |
10 years |
Option 2 |
15 years |
Option 3 |
20 years |
Option 4 |
25 years |
Term |
Minimum Policy Term |
10 years |
Maximum Policy Term |
25 years |
Premium |
Premium Mode |
Monthly /Quarterly /Half Yearly/Yearly |
Age |
|
Option 1 |
Option 2 |
Option 3 |
Option 4 |
Minimum Entry Age |
15 years |
15 years |
15 years |
15 years |
Maximum Entry Age |
60 years |
55 years |
50 years |
45 years |
Maximum Age at Maturity |
70 years |
Sum Assured |
Minimum Sum Assured |
Rs 50000/- |
Maximum Sum Assured |
Rs 5 Crores |
Riders Available |
SBI Life - Dhanavantri Supreme - Individual Critical Illness (CI Rider) (UIN : 111C004V02) |
SBI Life - Accidental Death and Permanent Disability (AD & PD ) Rider (UIN: 111C001V01) |
SBI Life - Pure Term Rider (UIN: 111B003V01) |
SBI Life - Premium Waiver Benefit (PWB) Rider ( Individuals) ( UIN : 111B005V01) |
How does it work?
SBI Life Money Back is a saving plan with added advantage of life cover and cash inflow at regular intervals. This plan is designed for individuals who want to plan for various financial obligations at specified times in life.
| Term of the Plan |
Guaranteed Survival Benefit payable |
Cumulative Guaranteed Survival Benefit |
10 Years |
The last 3 years on the term |
110% of Basic Sum Assured |
15 Years |
After every 3 years on the term |
115% of Basic Sum Assured |
20 Years |
After every 4 years on the term |
120% of Basic Sum Assured |
25 Years |
After every 5 years on the term |
125% of Basic Sum Assured |
Benefits
Death Benefit:
In the unfortunate event of death during the term of the plan, the nominee will receive Sum Assured + Vested Bonuses, (accrued till the date of death),
No deductions are made from the claim amount for the Survival Benefits already paid. Exclusions applicable to the Basic Cover: Suicide within the first year
Tax Benefit
SBI Life Money Back Plan enjoys Tax benefit u/s 80C and 10(10D) of IT Act*
Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D*
*Tax benefits are subject to change in tax laws. Please consult your tax advisor for details.
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