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Insurance and
Investment Plans - Money Back Plan |
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SBI Money Back Plan - A plan that not
only gives you life-insurance but also gives you cash inflow at
regular intervals. |
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Introduction: |
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As an individual your life is fueled by dreams. You experience
different special moments in life like wedding, birth of a child,
child’s education or purchasing a new home. You have to be
financially prepared for these special moments. What you need is
easy liquidity at regular intervals with life insurance protection
to take care of these special moments.
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Product type: |
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It is a Traditional Saving Plan with added advantage of life cover and
guaranteed cash inflow at regular intervals. |
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How does it work? |
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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. |
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Key Features: |
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The plan has a number of moneyback options specially suited to your
needs. |
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Premium mode can be yearly, half-yearly,
quarterly or monthly. |
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The cover is available at competitive premium rates. |
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It has guaranteed cash inflows which can meet your various financial
obligations. |
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In addition to normal death cover, the plan also provides you 4
additional covers. |
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Get the benefit of Sec80C of IT act on
premium and save your income tax. |
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Guaranteed
Cash Flow: |
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| 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 |
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Benefits |
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Death Benefit:
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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. |
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Exclusions applicable to the Basic Cover:
Suicide within the first year |
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Other Optional Benefits: |
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SBI Life - Term Assurance Rider: |
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The benefit under the Term Assurance Rider is payable in addition
to death benefit. |
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SBI Life - Accidental Death and Accidental Total Permanent
Disability Rider |
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- In case of death due to an accident, the nominee gets the additional
rider Sum Assured.
- If the policyholder is involved in an accident, resulting in
total permanent disability, he/she will get Sum Assured under this
rider in 10 equal annual installments; He/she will exit from all the
rider covers thereafter, but continue to be covered for basic cover
on receipt of further premium due, if any. |
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SBI Life - Premium Waiver Benefit Rider: |
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Under this rider the policy holder need not pay future premiums for
the base product, if he/she suffers from total and permanent
disability due to an accident after the rider is opted for. |
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SBI Life - Critical Illness Rider: |
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On diagnosis of any of the 6 critical illnesses (depending on the C.I.
cover you have opted for) and you survive for more than 30 days from
diagnosis; the Critical Illness Cover Amount is paid in a lumpsum. No
more claims will be admitted under this cover. The Basic policy
remains in force for all the other benefits. |
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Tax Benefit: |
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SBI Life - Money Back Plan enjoys Tax benefit u/s 80 C and 10 (10 D)
of IT Act* |
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Premiums paid for SBI Life - Critical Illness Benefit qualify for tax
exemption under Sec 80D* |
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What is the policy term? |
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| Minimum Years |
Maximum Years |
| 10 years |
25 years |
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Who can buy this product? |
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| Eligibility Criteria |
Term
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Option 1:
Term 10 Years |
Option 2:
Term 15 Years |
Option 3:
Term 20 Years |
Option 4:
Term 25 Years |
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Minimum age at entry |
15 |
15 |
15 |
15 |
| Maximum age at entry |
60 |
55 |
50 |
45 |
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What is the sum assured? |
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| Minimum |
Maximum |
| Rs. 50,000 (and multiples of Rs. 10,000
thereafter) |
Rs.5 Crore. |
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Last but not the least, you will get the
seal of trust and loyalty from the most reputed name - State Bank of
India. |
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Download
Brochure |
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Download
Proposal Form |
