SBI Life smart money back gold is participating endowment plan which provides life protection to the policyholder as well as savings to meet the requirements of the family. According to this policy the benefits are provided at the various stages of life in which the money is needed most. This policy consists of various plans that makes policy buyer easy to choose according to his needs.

SBI Life smart money back gold

Features of SBI Life smart money back gold

  • It is a non participating traditional endowment plan that means, which provides savings as well as life protection.
  • In case of policyholder survives throughout the policy term. Then there is a provision of maturity benefit.
  • In case of policy holder made to death within the policy term. Then there is a provision of death benefit.
  • There is discount on premium available on higher sum assured plans.
  • The claim is provided as a lump sum or through the installment as per the requirement of the policy holder


Benefits provided under SBI Life smart money back gold

  • Death benefit
    If the policy holder meet to death within the policy term. Then the nominee of the policy holder will get the death benefit. The death benefit provided is sum assured on death + simple reversionary bonus plus additional bonus if any or 105% off all the premium paid before death.
  • Maturity benefit
    If the policyholder survives throughout the policy term. Then the policyholder will get the maturity sum amount. The maturity sum amount is equal to basic sum assured + reversionary bonus + terminal bonus if any.
  • Tax benefit
    According to Income Tax Act section 80c. The premium paid under this plan is tax free also according to Section 10 D. The claim received is tax free that means it is going to save your tax on the amount paid as premium.

Eligibility condition for the SBI Life smart money back gold

  1. The minimum entry age for option 1st and 2nd is 15 years and for option 3rd and 4th is 14 years.
  2. The maximum entry age for option 1 and 2 is 55 years for option 3rd is 50 years and for option 4th is 45 years.
  3. The minimum maturity age is 27 years and the maximum maturity age is 70 years
  4. The policy term for option first second third and fourth are 12 years, 15 years, 20 years and 25 years respectively.
  5. The premium paying term is equals to the policy term. That is, if the policy term is 12 years then the policy buyer will have to pay the premium for whole 12 years.
  6. The premium can be paid monthly, quarterly, half yearly or annually.
  7. Minimum sum that can be assured is rupees 75,000/- and there is no upper limit for the sum assured.

Documents required for SBI life smart money back gold

  1. Offline/Online filled application form.
  2. Age proof of policy buyer.
  3. Address proof.
  4. PAN card and Aadhar card for KYC document
  5. Accurate medical history
  6. Medical examination report if required.

Terms related to SBI Life smart money back gold

Additional Riders
Additional Riders are available only for the higher sum assured that is more than 2 lacs, available riders are following:

  1. SBI Life accidental death benefit
  2. SBI Life accidental total and permanent disability
  3. SBI Life Critical Care
  4. SBI Life preferred term

Free look period
If the policy buyer is not satisfied with the policy and it’s terms and condition or anything else . Then within 15 days after receiving the policy documents the policy can be cancelled.

Grace period
There is a provision of grace period for 15 days for the monthly premium payers as late premium and 30 days for other premium payment options as late premium.

Revival of policy
If the premium is not paid within the grace period then the policy get lapsed in this case the policy can be revived within the period of 2 years from the last premium paid.

Surrender of policy
The policy gets a surrender value after completion of certain year of policy paying term after that the policy gets eligible for surrender or termination.

Loan benefit
There is no provision of loan according to this policy plan.