Best Money Back Policy 2023 – Check Feature, Benefits and Eligibility for Money Back Policy
1075
4 min read
This SBI guaranteed return plan offers guaranteed savings by means of loyalty additions to enhance policy corpus. In addition to the guaranteed returns, this dual benefit policy also offers insurance coverage to the policyholder. Let us take a look at the features of this dual benefit policy.
Specification |
Minimum |
Maximum |
Entry Age |
18 years |
50 years |
Maturity Age |
– |
65 |
Policy Term |
15 years |
15 years |
Premium Paying Term |
7 years |
7 years |
Premium Paying Frequency |
Annual |
Annual |
Yearly Premium |
15,000 |
75,000 |
Sum Assured |
Depends on the selected premium |
Depends on the selected premium |
Here’s the details of premium to be paid annually under the guaranteed return plan SBI:
Age |
35 years |
45 years |
Sum assured |
3,53,500 |
3,41,500 |
Premium |
50,000 |
50,000 |
Guaranteed additions |
2,52,000 |
2,52,000 |
Guaranteed income at maturity |
6,05,500 |
5,93,500 |
Here are some key details of SBI guaranteed return insurance plan:
The SBI life smart guaranteed return plan allows the policyholder to surrender the plan and to receive the surrender value. The surrender value under the plan is calculated as the higher amount of either the Special Surrender Value (SSV) or the Guaranteed Surrender Value (GSV).
So, what is Guaranteed Surrender Value?
GSV = the basic premiums paid by the policyholder including the GSV of Guaranteed Additions is the GSV Factor *
SSV = the paid-up value on maturity is the SSV Factor *
Like in other policies, the SBI life Smart Guaranteed savings plan also allows the policyholder the option to cancel the policy in case the insured is not happy with the plan or its terms and conditions. The cancellation can be done within 15 days of buying the policy documents if the policyholder has not raised any claim.
Besides the above, the SBI life Smart Guaranteed savings plan also allows a 30 days’ grace period for payment of premium. However, in case the policyholder fails to make payment within the grace period, the policy would lapse and come to an end.
The SBI life Smart Guaranteed savings plan offer the facility of availing loans by the policyholder up to a maximum of 90% of the Surrender Value
In case the policyholder commits suicide within the first 12 months of buying the policy, the nominee of the policy receives 80% of the paid premium amount. Further, if the policyholder commits suicide within 12 months of the revival period of the policy, the nominee receives higher of 80% of the paid premiums or the Surrender Value acquired
Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Most investors look for greater stability in a world characterized by unpredictable investments and fluctuating economies. With Guaranteed Returns Plans, you can embark on a.
A well-crafted guaranteed income plan, the SBI life Smart Guaranteed savings plan is an individual savings policy in the traditional non-participating category. Let’s know the.
An overview of the guaranteed return plan by Max Life Insurance - a complete review, details of the policy, and benefits for the investor. Guaranteed.
Updated on Jan 11, 2024 The Life Insurance Corporation of India came into existence in the year 1956 and has been offering a wide range.
Planning to invest money for guaranteed returns? Then, consider investing in Guaranteed Income Plansfrom India’s well-known life insurance company, Bajaj Allianz. It is a joint venture between Bajaj.
A comprehensive guide on the Guaranteed Income Insurance Plan from HDFC Life - its features, benefits, eligibility criteria, and more. Read on. The very thought.
Updated on Jan 11, 2024 Insurance is a good way to protect your family financially when you are not around to take care of their.
An Overview of ICICI Pru Guaranteed Return Plan With inflation soaring high, it has become very important to maintain financial stability. And if you are.
The Smart Guaranteed Savings Plan from SBI is a traditional non-participating individual plan. It guarantees assured savings through loyalty add-ons to enhance accumulated sums of.
Whether you are a working professional or a businessman, financial security is something that we all look for. This is why many people focus on.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue