introduction
Key Features
Product Snapshot
Benefits
Tax Benefits
Rider Brochures
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Introduction:
Smart Money Back Insurance is a savings plan with added
advantage of life cover and cash inflow at regular intervals. It is
participating traditional money back plan, meeting your various
financial obligations at crucial junctures by its wide range of policy
terms.
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Key Features:
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Money Back options specially tailored to suite your requirements
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Fixed cash inflows which can meet your various financial obligations
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Survival Benefit of 110% to 125% of Sum Assured paid till maturity |
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Large Sum Assured discount |
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Customize your coverage through the
wide range of additional benefits - SBI Life - Accidental Death Benefit
Rider (UIN:111B015V01), SBI Life - Accidental Total & Permanent
Disability Rider (UIN:111B016V1), SBI Life - Preferred Term Rider (UIN:
111B014V01), and SBI Life - Criti Care 13 Non Linked Rider
(UIN:111B025V01).
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Given below are the charts with various term options and accompanying
Survival Payments:
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| Survival Benefit Installments (% of Basic Sum Assured) |
| Options |
Term / Year End
(years) |
4 |
5 |
8 |
10 |
12 |
15 |
20 |
25 |
Total (% of Basic Sum Assured) |
| Option 1 |
12 |
20% |
|
25% |
|
65% + Vested Bonus |
|
|
|
110% |
| Option 2 |
15 |
|
20% |
|
25% |
|
70% + Vested Bonus |
|
|
115% |
| Option 3 |
20 |
|
10% |
|
20% |
|
30% |
60% + Vested Bonus |
|
120% |
| Option 4 |
25 |
|
10% |
|
10% |
|
15% |
30% |
60% + Vested Bonus |
125% |
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Product Snapshot
|
| Age^ at Entry |
| Plan Options |
Option 1 - Term
12 years |
Option 2 -
Term
15 years |
Option 3 - Term
20 years |
Option 4 - Term
25 years |
| Min. entry age |
14 years |
14 years |
14 years |
14 years |
| Max. entry age |
58 years |
55 years |
50 years |
45 years |
|
|
| Age^ at Maturity |
Min: 26 years |
Max: 70 years |
| Sum Assured |
Min: Rs.75,000/- ( x 1,000/-) |
Max: No Limit |
| Policy Term |
| Option 1 |
Option 2 |
Option 3 |
Option 4 |
| 12 years |
15 years |
20 years |
25 years |
|
|
|
| Premium Paying Term |
Same as policy term |
| Premium Frequency |
Yearly / Half-yearly / Quarterly / Monthly# |
| Premium |
| Min |
| Yearly - |
Rs.4,500 |
| Half-yearly - |
Rs. 2,400 |
| Quarterly - |
Rs.1,200 |
| Monthly# - |
Rs.400 |
|
| Max |
| No limit |
| No limit |
| No limit |
| No limit |
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^ All the references to age are age as on last birthday.
# 3 Months premium to be
paid in advance and renewal premium payment through Electronic Clearing
System (ECS) or Standing Instructions (where payment is made either by
direct debit of bank account or credit card]
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Benefits:
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On survival:
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Before
maturity: The survival benefit installments expressed as a fixed
percentage of basic sum assured payable at the end of specified
durations during the policy term, as explained above.
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At maturity: Final survival benefit installment + Vested simple reversionary bonus + Terminal bonus, if any.
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On Death:
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Basic Sum Assured + Vested simple reversionary bonus + Terminal bonus, if any.
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Tax Benefits:
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• |
Tax
deduction under Section 80(C) is available. However in case the premium
paid during the financial year, exceeds 10% of the sum assured, the
benefit will be limited up to 10% of the sum assured.
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Tax deduction under Section 80 (D) is available for premiums paid towards Criti Care 13 Non Linked Rider.
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Tax
exemption under Section 10(10D) is available, subject to the premium
not exceeding 10% of the sum assured in any of the years during the term
of the policy.
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Tax
benefits, are as per the Income Tax laws & are subject to change
from time to time. Please consult your tax advisor for details.
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