Investment Plans 511 views April 13, 2020

The money-back plan of SBI helps to plan and reach up to the special and long term financial goals of life. The money-back plan of SBI is otherwise known as SBI Life Smart Money Back Gold Plan. This is an individual, participating and non-linked insurance product that helps in providing lump-sum amount at regular intervals and thus, helping to meet the requirement of cash during the different stages of life.


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Features of Money back plan of SBI

  1. In addition to the survival benefits which are paid in the plan, the policyholder’s nominee would receive full life cover benefit on your demise.
  2. The Survival benefit paid is equal to 110% of the sum assured which has been paid till maturity.
  3. The plan consists of 4 options and will have different policy term and the survival benefits which are payable during specific durations.
  4. The Money-back plan of SBI offers additional riders at affordable cost which can help in enhancing the coverage.
  5. The minimum age for maturity is 27 years and the maximum age is 70 years.
  6. Tax benefits can be availed on the premium which is paid for the plan.

Eligibility criteria for the Money-back plan of SBI, i.e. SBI Life Smart Money Back Gold Plan

 Minimum entry AgeMaximum entry Age
SBI Life Smart money Back Gold plan Option 115 years55 years
SBI Life Smart Money Back Gold Plan Option 215 years55 years
SBI Life Smart Money Back Gold Plan Option 314 years50 years
SBI Life Smart Money Back Gold Plan Option 414 years45 years

Benefits provided by the Money back plan of SBI, i.e. SBI Life Smart Money Back Gold Plan

The major benefits provided by the Money Back plan are mentioned below.

Survival Benefit

  1. Before maturity survival benefits are paid to the policyholder at regular intervals according to the plan option chosen.
  2. On maturity, the policyholder receives the final survival benefit +Vested Revisionary Bonus +Terminal Bonus

Death Benefit

In case of death of the policyholder during the policy term, the higher among the below-mentioned i.e. A or B is obtained by the nominee as a death benefit.

A=Sum assured on death+ Vested revisionary bonus+ Terminal bonus (Here Sum assured on death =Higher among the basic sum assured or a multiple of the annualized premium)

Multiple of annualized premium=10(if the entry age of the policyholder is less than 45 years) or 7 (if the entry age of the policyholder is 45 years or more).

B=Minimum death benefit would be equivalent to 105% of all the premiums that have been paid till death.

Other Benefits

Additional riders can be included in the base policy to increase the coverage.

  1. SBI Life Preferred Term Rider
  2. SBI Life Accidental Death Benefit
  3. SBI Life Accidental Total and
  4. Permanent Disability Benefit Rider
  5. SBI Life Criti Care 13 Non-linked Rider

Sum Assured and Premium Range

  1. The Sum Assured for the Money-back plan of SBI is mentioned below in the tabular form.
    Sum AssuredRs. 75,000No limit
  2. The premium payment frequency for the Money-back plan of SBI is monthly, quarterly, half-yearly and yearly.
    Premium Frequency Loading8.50%of the annual premium26.00% of the annual premium51.00% of the annual premium
    Minimum Premium to be paidRs.400Rs. 1200Rs. 2400R. 4500
    Maximum Premium to be paidNo LimitNo LimitNo LimitNo Limit

Policy details-Money back plan of SBI

  1. Grace Period of 30 days is available for policyholders in quarterly, half-yearly and yearly premium paying modes to keep the policy active. In monthly premium mode, the grace period is of 15 days.
  2. Free Look Period of either 15 days or 30 days in case of purchase by distant marketing is available for the policyholders.
  3. The revival of policy can be done within 2 years from the date of the last unpaid premium.


If the policyholder commits suicide within 1 year from the date of policy commencement, then death benefit claim would be rejected and only 80% of the premium would be paid to the nominee.


Hence, the Money back plan of SBI is one of the best investment plans which helps in determining a plan for the important moments of life. The State Bank of India is one of the reputed financial institutions in the country and its products are highly flexible. This money-back plan of SBI takes care of the various financial obligations in life and is highly appreciated among common people.

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