Investment Plans 345 views February 23, 2021

Life Insurance plans will not only secure you financially in case of an unfortunate event, but they can also help you save money for the future. To help meet your needs, we have presented to you three best individual, non-linked, participating, life insurance savings plans. You can compare the features and benefits of Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan. And this way, you can choose a suitable plan for yourself. Let’s read this page further and know more about these life insurance savings plans.

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Death Payout in Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan

In case of an unfortunate event of death, the nominee shall receive any of the following death benefits as per your chosen policy:-

Bharti AXA Life Guaranteed Income:- Here, the policyholder can purchase this plan either as an endowment or income plan. So as per your chosen plan, the death benefit may vary. In Bharti AXA Life Guaranteed Income Plan, the death payout will be based on your premium payment term.

For Single Pay (< INR 50,000):- The Sum Assured on Death shall be the highest of the following:-

  1. 1.25X the Single Premium
  2. 105% of Total Paid Premiums till the date of death
  3. Absolute amount assured to be paid

For Single Pay ( >= INR 50,000):- The Sum Assured on Death shall be the highest of the following:-

  1. 10X the Single Premium
  2. 105% of Total Paid Premiums till the date of death
  3. Absolute amount assured to be paid

For Limited and Regular Pay:- The Sum Assured on Death shall be the highest of the following:-

  1. 11X the Annualized Premium
  2. 105% of Total Paid Premiums till the date of death
  3. Absolute amount assured to be paid

In the case of Bharti AXA Life Guaranteed Income (Income Plan), the death benefit shall be the following:-

For Single Pay, the highest of the following shall be paid to the nominee

  1. 10X the Single Premium
  2. 105% of Total Paid Premiums as on the date of death
  3. Absolute amount assured to be paid on death

For Limited and Regular Pay, the death benefit will be the highest of:-

  1. Death Benefit Multiple times the Annualized Premium
  2. 105% of Total Premiums paid as on the date of death
  3. Absolute amount assured to be paid on death

Reliance Nippon Life Guaranteed Money Back:- In case of unfortunate event of death, the following benefit shall be paid in a lump sum to the nominee.

In Non-accidental Case: The Sum Assured of the base plan will be paid irrespective of the already paid lump sum benefits.

In Case of Accidental Death on or before the age of 65 years: An additional amount same as the base sum assured will be paid to the nominee.

Note:- The additional sum assured on accidental death even under Reliance Accidental Death and Total and Permanent Disablement Rider should not exceed INR 50 lakh.

SBI Life Smart Money Back Gold Plan:- The nominee will receive a death benefit in case of your death during the policy term, provided all premiums are paid in full.

For Regular and Limited Pay: The higher of the following shall be payable to the nominee:-

  1. Sum Assured on death+Vested Simple Reversionary Bonuses +Terminal Bonus
  2. 105% of the total premiums paid as on the date of death

For Single Premium: Sum assured on death+ vested simple reversionary bonuses + terminal bonus if any.

Note:- For Single pay, the sum assured on death is higher of Basic Sum Assured or 1.25X the single premium. Whereas in Regular or Limited pay, the sum assured on death is higher of Basic Sum Assured or 11X the annualized premium.

Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan Maturity Benefit

If you purchase any of the life insurance savings plan from Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan and survive till the end of the policy term, a maturity benefit shall be paid to you, which is as follows:

Bharti AXA Life Guaranteed Income

  • Sum Assured on Maturity + Accrued Guaranteed Additions (Endowment Plan)

For Bharti AXA Life Guaranteed Income (Income Plan)

  1. Maturity benefit shall be paid for 10, 11 or 12 years post the completion of policy term (short term income option)
  2. Maturity benefit payable till 25 or 30 years (long term income option)
  3. Maturity benefits will be given as a guaranteed income for 25 years post the completion of the policy term. And the deferment period of 5 to 10 years will apply from the end of the premium payment term till the end of the policy term. At the end of income payout, all paid premiums (except for the taxes, rider premiums and underwriting extra premiums, if any, but including modal loadings) would be returned, provided the life assured survives the policy term.

Reliance Nippon Life Guaranteed Money Back

At the end of the policy term, the life assured will get the following two benefits:-

  1. Accrued Guaranteed Loyalty Additions – A Guaranteed Loyalty Additions of 2% of the base sum assured or the paid-up sum assured will be accrued at the end of each policy year, provided the policy is not surrendered or lapsed.
  2. Guaranteed Maturity Additions – The Guaranteed Maturity Additions is the percentage of the Basic sum assured and shall be payable on maturity, provided the policy is not paid up.

SBI Life Smart Money Back Gold Plan

On survival till the end of the policy term, the life assured will receive his/her final survival benefit installment + vested simple reversionary bonus + terminal bonus, if any.

Money Back Benefit of Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan

Money back benefit is a percentage of the sum assured payable to you on the survival till the policy term at regular intervals.

Reliance Nippon Life Guaranteed Money Back:- You will receive a Money Back benefit under this plan, which is the percentage of the base sum assured or paid-up sum assured on each policy anniversary irrespective of the survival. If your policy term is 15 years, you will get a 15% money back benefit in the 11th, 12th, 13th and 14th policy year, while a 40% money back benefit will be paid on the 15th year.

In case your policy term is 20 years, the Reliance Nippon Life Guaranteed Money Back benefit shall be 15% in the 16th, 17th, 18th, 19th policy year and 40% in the 20th policy year.

SBI Life Smart Money Back Gold Plan:- The survival benefit installments shall be paid as follows under this life insurance savings plan.

End of Policy Year15 Year Policy Term20 Year Policy Term25 Year Policy Term
315%--
4-15%-
5--15%
615%--
8-15%-
915%--
10--15%
1215%15%
1550%15%
16-15%
20-50%15%
25-50%
Total Basic Sum Assured (In %)110%110%110%

Note: The survival benefit installment under SBI Life Smart Money Back Gold Plan shall be payable only during the specific end of the policy year as shown above depending on your chosen policy term. And no money-back benefit shall be available to you under the Bharti AXA Life Guaranteed Income Plan.

Comparing Bharti AXA Life Guaranteed Income vs Reliance Nippon Life Guaranteed Money Back vs SBI Life Smart Money Back Gold Plan Benefits

BenefitsBharti AXA Life Guaranteed IncomeReliance Nippon Life Guaranteed Money BackSBI Life Smart Money Back Gold Plan
Minimum Sum AssuredINR 25,000INR 50,000INR 2 Lakh
Maximum Sum AssuredNo Limit, subject to board approved underwriting policyNo LimitNo Limit
PremiumPayment
Term
1 to 12 years for an endowment plan

10, 11, 12 years for a short term income plan

5, 10, 12 years for a long term income plan

1, 6, 8 years for deferred income option
5, 7, 10, 15 and 20 yearsSingle Premium

8, 10 , 12 years for Limited Premium

15, 20, 25 years for Regular Premium
Rider OptionTerm Rider

Life Hospital Cash Rider

Life Accidental Death

Life Premium Waiver Rider
New Major Surgical Benefit Rider

New Critical Conditions (25) Rider

Term Life Insurance Benefit Rider

Family Income Benefit Rider
Accidental Death Benefit Rider

Accidental Total and Permanent Disability Benefit Rider

Preferred Term Rider
Loan Against PolicyUp to 70% of the Surrender ValueNot AvailableNot Available

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