sbi life money back plan get your money back and still stay insured

SBI Life Money Back PlanSBI Life Money Back Plan

Get your Money Back and still stay Insured

SBI Life Money BackSBI Life Money Back

4 options: 10 – 15 – 20 –25 years 4 riders: TA, CI, ADTPD, PWB. Large choice of S.A. and Premium

mode: Rs. 50,000 to Rs. 5 crore. Attractive rebate for female

Competitive premium rates

Make the product simple for your Make the product simple for your customers…customers…

Basic product: easy to understand, easy to sell

What about competition?

What about the 4 riders?

More details on SBI Life Money Back Plan


Basic product, easy to understand, easy to sell.

SBI Life Money Back PlanSBI Life Money Back PlanOption 110 years

Option 215 years

Option 320 years

Option 425 years

Min. Age at entry 15 years (father, mother or legal guardian is the proposer)

Max. Age at entry 60 years 55 years 50 years 45 years

Term 10 years 15 years 20 years 25 years

Max. Cover Age 70 years

Min. S.A. Rs. 50,000 (multiple of Rs. 10,000)

Max. S.A. Rs. 5 crore

Premium modeYearly / Half-Yearly / Quarterly

Monthly for standing Instruction on Credit Card/Bank account or SSS (minimum groupe size 30)

Rider optionsTerm assurance - Critical Illness

Death or TPD due to an Accident – Premium Waiver Benefit


Survival Benefits:– More than Basic Sum Assured.– At regular intervals during the plan.– Last Survival Benefits with Vested Bonus calculated

on Basic S.A. for entire term of the policyDeath benefits:

– Sum Assured + Vested Bonus – Irrespective of Survival Benefit already received.

Increasing Survival BenefitsIncreasing Survival Benefits

10%

10%

10%

35%

15%

15%

15%

45%

20%

20%

20%25

%

25%

45% 50

% 55%

30%

25%

Option 1: 10yrs MB last 3 yrs

Option 2: 15yrs MB every 3yrs

Option 3: 20yrs MB every 4 yrs

Option 4: 25yrs MB every 5yrs

110%+ VB

115%+ VB

120%+ VB

125%+ VB

Illustration for Sum Assured Rs. 5 lacIllustration for Sum Assured Rs. 5 lac

50,0

00

50,0

00

50,0

00

175,

000

75,0

00

75,0

00

75,0

00

225,

000

100,

000

100,

000

100,

000

125,

000

125,

00022

5,00

0

250,

000

275,

000

150,

000

125,

000

Option1: 10yrs MB last 3 yrs

Option2: 15yrs MB every 3yrs

Option3: 20yrs MB every 4 yrs

Option4: 25yrs MB every 5yrs

Rs. 5.5 lac+ VB

Rs. 5.75 lac+ VB

Rs. 6 lac+ VB

Rs. 6.25 lac+ VB

Death BenefitsDeath Benefits

Full Sum Assured + Vested Bonus Irrespective of Survival Benefits already received In case of suicide within the first policy year: Refund of

basic premium (-) Commission paid (-) Adm. Expenses.

Tax AdvantagesTax AdvantagesAt the entry: Tax rebate u/s 88 of I.T. Act

– Available for Premium paid on Life Insurance policies with a maximum ceiling p.a. Rs. 70,000 / 20% Basic S.A. whichever is lower.

– Policy can be in the name of the spouse, children (major or minor and Married daughter)

Rs. 21,00030%Not exceeding Rs. 1 lakh

(should not be less than 90% of GTI)

Gross Salary Income

NILNILMore than Rs. 5 lakhs

Rs. 10,50015%1.5 lakhs – 5 lakhs

Rs. 14,00020%Upto Rs. 1.5 lakhs

Max Admissible AmountTax RebateGross Total Income (GTI)

Tax Rebate Slabs

Tax advantagesTax advantages

For survival benefits and claim amounts u/s 10 (10D) I.T. Act:– Maturity benefits are tax-free in the hands of the

policyholder if, at any point of time during the policy life, premiums paid within one year does not exceed 20% of the basic Sum Assured.

– Death benefits are always tax-free.

Tax-free maturity benefits along with life cover

Premium rebatesPremium rebatesFor mode of payment

– Yearly: 2% – Half-Yearly: 1%– Quarterly: no rebate– Monthly:

Standing Instruction on Credit Card/Bank account): extra charges +2%

Salary Savings Scheme (Min 30): no extra charges

For gender – 5% discount for female

Premium tables provided are net of rebates for mode of payment & gender

Premium rebatesPremium rebates

For High value policy

Sum Assured range (Rs. in Lac)

Yearly mode

Half-Yearly mode

Quarterly mode

Monthly mode

1 to 1.90 1.00 0.50 0.25 0.082 to 4.90 2.00 1.00 0.50 0.165 onwards 3.00 1.50 0.75 0.25

Rebate per Rs. 1,000 Sum Assured

Do not forget to deduct this High Value policy rebate from the premium tables

SBI Life Money Back PlanSBI Life Money Back PlanOption1: 10y term - SA: Rs. 3 lacOption1: 10y term - SA: Rs. 3 lac

You pay 10 yearly premiums of:

You will get back: Rs. 3.3 lac + Vested Bonus– End of Year 8: Rs. 90,000– End of Year 9: Rs. 1,05,000– End of Year 10: Rs. 1,35,000 +VB (for 10 years on Rs. 3 lac)

Age 15 20 25 30 35 40 45 50 55 60Male 33,336 33,369 33,387 33,417 33,510 33,696 34,020 34,572 35,400 36,717Female 31,605 31,638 31,653 31,680 31,767 31,944 32,256 32,775 33,564 34,812

SBI Life Money Back Plan SBI Life Money Back Plan Option2: 15y term - SA: Rs. 3 lacOption2: 15y term - SA: Rs. 3 lac


You will get back: Rs. 3.45 lac + Vested Bonus– End of Year 3: Rs. 30,000– End of Year 6: Rs. 45,000– End of Year 9: Rs. 60,000– End of Year 12: Rs. 75,000– End of Year 15: Rs. 1,35,000 + VB (for 15 years on Rs. 3 lac)

Age 15 20 25 30 35 40 45 50 55Male 24,399 24,432 24,468 24,552 24,738 25,086 25,656 26,562 27,972Female 23,121 23,154 23,190 23,268 23,445 23,775 24,315 25,176 26,514




Age 15 20 25 30 35 40 45 50Male 18,504 18,546 18,609 18,726 18,972 19,395 20,067 21,150Female 17,532 17,571 17,628 17,739 17,973 18,375 19,014 20,040




Age 15 20 25 30 35 40 45Male 15,027 15,084 15,171 15,336 15,639 16,137 16,941Female 14,232 14,283 14,367 14,523 14,811 15,285 16,047

SBI Life Money Back PlanSBI Life Money Back PlanMedical selection rules

Medical selection rules:Medical selection rules: Basic Sum Assured

+Sum Assured for T.A. rider

+1.5 time Sum Assured for C.I. rider

+Sum Under Consideration for

existing individual SBI Life policy

=Sum Under Consideration

Accidental rider and Premium Waiver Benefit riders are not taken into accountfor calculation of Sum Under Consideration

Medical selection Based on Sum under Medical selection Based on Sum under consideration / Ageconsideration / Age

Age Basic Cover

Term Assurance Critical Illness

Existing individual

SBI Life policies

Only medical questionnaire for Sum under

consideration upto

15 to 17 SA + Not Available Not Available + Sum under

Consideration = Max Rs. 10 lakhs

18 to 35 SA + Rider SA + (Rider SA X 1.5) + Sum under Consideration = Max Rs. 8 lakhs

36 to 45 SA + Rider SA + (Rider SA X 1.5) + Sum under Consideration = Max Rs. 5 lakhs

46 to 60 SA + Rider SA + (Rider SA X 1.5) +(N.A. after 55yrs)

Sum under Consideration = Max Rs. 1 lakh

Basic medical test, subject to requirement


15 days Free Look Period

If a client is not satisfied with the features of the policy, he can

return it within 15 days of the date of policy receipt

SBI Life will give him a complete refund after deducting Administrative Charges

(Stamp duty + Medical Expenses + Rs. 200/-)

How to sell SBI Life Money back plan?How to sell SBI Life Money back plan?

Who are the Money Back customers?Who are the Money Back customers?

Those who wants twin benefits of Life Insurance and cash inflow at regular intervals.

Those who are not interested in a lump sum at the end of the term but prefer to receive benefits during the term.

Those who want to approach every milestone in life with ease:– Marriage, child’s college admission,

home, car, renovation of your apartment, holiday…

Those who want Guaranteed (no risk) tax-free survival benefits with tax-rebates u/s 88 of IT Act.

Plus of SBI Life Money BackPlus of SBI Life Money Back Flexibility:

– Large choice of S.A. From Rs. 50,000 upto Rs. 5 crore

– 4 options 10 – 15 – 20 and 25 years

– Increasing Guaranteed Survival Benefits 10Y: 110% SA 15Y: 115% SA

20Y: 120% SA 25Y: 125% SA

– 4 Riders available To design the policy according to your needs.

Affordable Money Back policy:– One of the lowest premium rate in the Market– Same premium amount for the entire duration– 5% discount for female lives..

SBI Life Money Back Plan: SBI Life Money Back Plan: commissions commissions

Option 1: – 1st year: 30 % P– 2nd & 3rd year: 7.5% P– 4th year onwards: 5% P

Option 2 / 3 / 4:

– 1st year: 40% P– 2nd & 3rd year: 7.5% P

– 3rd year onwards: 5% P


What about competition?

– One of the lowest premium rates – Survival benefits 110% to 125% Basic S.A.– SBI Life name

.

Money Back policy, 10 years Term, Sum Assured Rs. 1 lakh

10 000

11 000

12 000

13 000

14 000

15 000

20 years 25 years 30 years 35 years 40 years 45 years 50 years

Age at Entry

Year

ly P

rem

ium

Money Back (SBI) Term: 10 Yrs Money Back Plan. (HDFC) Term: 10 Yrs Dhana Shree (AMP) Term: 10 Yrs

Money Back policy, 15 years Term, Sum Assured Rs.1 lakh

7 000

8 000

9 000

10 000

11 000

12 000

13 000


Age at Entry

Year

ly P

rem

ium

Money Back (SBI) Term: 15 Yrs Money Back Plan. (HDFC) Term: 15 Yrs

Kotak Money Back Plan. Term: 15 Yrs Cashbak (ICICI) Term: 15 Yrs

Allianz Bajaj Cash Gain – Economy Plan. Term: 15 Yrs Jeevan Samriddhi Plan no.155.(LIC) Term: 15 Yrs

Jeevan Surabhi Plan no.106.(LIC) Term: 15 Yrs

Money Back policy, 20 years Term, Sum Assured Rs. 1 lakh

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

12 000

13 000

14 000


Age at Entry

Year

ly P

rem

ium


Kotak Money Back Plan. Term: 20 Yrs Cashbak (ICICI) Term: 20 Yrs

Allianz Bajaj Cash Gain – Economy Plan. Term: 20 Yrs Maximizing Life Money Back Plan (ING VYSYA) Term: 20 Yrs

Jeevan Samriddhi Plan no.156.(LIC) Term: 20 Yrs Jeevan Surabhi Plan no.107.(LIC) Term: 20 Yrs

Money Back with Profit – Plan no.75.(LIC) Term: 20 Yrs Met Sukh. (MET) Term: 20 Yrs

Assure 21 Years Money Saver (Tata Aig) Term: 21 Yrs

Money Back policy, 25 years Term, Sum Assured Rs.1 lakh

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000


Age at Entry

Year

ly P

rem

ium


Dhana Shree (AMP) Term: 25 Yrs Kotak Money Back Plan. Term: 25 Yrs

Allianz Bajaj Cash Gain – Economy Plan. Term: 25 Yrs Jeevan Samriddhi Plan no.157.(LIC) Term: 25 Yrs

Jeevan Surabhi Plan no.108.(LIC) Term: 25 Yrs Money Back with Profit – Plan no.93.(LIC) Term: 25 Yrs


What about the 4 riders?.

SBI Life Money Back Plan ridersSBI Life Money Back Plan riders

Term Assurance (TA)

Accidental Death and TPD (ADTPD)

Premium Waiver Benefit (PWB)

Critical Illness (CI)

4 4 Riders at a glanceRiders at a glanceTerm

AssuranceAcc. Death

& TPDCritical Illness

Premium Waiver benefit

Min. Entry Age 18 18 18 18

Max. Entry AgeOpt 1&2: 55yrs

Opt3: 50yrs Opt4: 45yrs

5y younger than Option Plan

Max. Cover Age 65 70 60 65Min. Term 5 5 5Max. Term Basic Plan/65 Basic Plan Basic Plan/65Min. S.A. Rs. 50,000 Rs. 50,000 Rs. 50,000 Not Applicable

Max. S.A.Rs. 50 lac / Basic SA

Rs. 20 lac / Basic SA

Rs. 10 lac / Basic SA

Not Applicable

Available at Entry time Entry time* Entry time Entry time*

Term = Term of basic Option Plan

As per the Option Plan Max. entry age

* Minor is eligible to join the next policy anniversary following 18th year


Term Assurance rider

Term Assurance RiderTerm Assurance Rider Min. entry age: 18yrs Max. entry age: as per Max. entry age of the option plan Max. cover age: 65yrs Duration: Min. 5yrs - Max.: Term Basic Plan / 65yrs Min S.A.: Rs. 50,000 ( in multiple of Rs. 10,000)

Max S.A.: Basic SA / Max. Rs. 50 lac overall ceiling per Life Insured under all individual SBI Life policies.

Premium: Plan / Amount S.A. Premium Payment Mode: As per Basic Plan

Available at entry time only

Term Assurance benefitTerm Assurance benefit

Death benefit:– Nominee will receive

additional S.A. under this rider.

Survival benefit:– No survival benefit

Easy to understand

Term Assurance rider: Term Assurance rider: low premium ratelow premium rate

Increases Insurance Cover at very nominal extra cost

An example: 30 years old man:

– Extra premiumRs. 351 per lac p.a. for Option1: 10 yrs termRs. 372 per lac p.a. for Option2: 15 yrs termRs. 404 per lac p.a. for Option3: 20 yrs termRs. 451 per lac p.a. for Option4: 25 yrs term

Less than Rs. 1.25 a day for Rs. 1 lac extra death benefit

SBI Life Money Back planSBI Life Money Back plan

Death or Total Permanent Disability due to an accident

Accidental Death & TPD rider:Accidental Death & TPD rider: Min. entry age: 18 years Max. entry age: As per Max. entry age on Option Plan Min. cover age: 70 years Duration: Min. 5 yrs / Max. Term of Basic Plan Min S.A.: Rs. 50,000 ( multiple of Rs. 10,000) Max S.A.: Upto basic S.A. subject to overall ceiling of

Rs. 20 lakhs per Life insured under all individual SBI Life policies.

Premium Payment Mode: As per the basic cover Double Cover:

– Accidental Death or– Total Permanent Disability due to an accident

Available at entry time only - Minor can join policy anniversary following 18th

Accidental Death benefitsAccidental Death benefits

Nominee will receive:– Additional Sum Assured for

Accidental cover

High Protection: Negligible cost - Rs. 1/- per ‘000 S.A. p.a.

Accidental Total Permanent Disability benefitsAccidental Total Permanent Disability benefits Policyholder will receive:

– In Installments Sum Assured for accidental benefit in 10

installments till maturity / death whichever is earlier.

At Maturity / Death– Balance of TPD claim installments if any

will be paid in one lump sum to the policyholder/nominee.

Policyholder exits from all riders:– No other rider benefit will be paid

Policy continue for the Basic plan:– Regular premiums for basic plan have

to be paid– Survival benefits will be paid as per the

original schedule if policy is on force.

Extra premium per Rs. 1 lac of Extra premium per Rs. 1 lac of S.A. for Accidental rider S.A. for Accidental rider

High protection, negligible cost

Mode of PaymentRegular Extra Premium for Accidental

Death & Total Permanent Disability

Yearly Mode Rs. 1/- per '000 S.A.

Half-Yearly Mode Rs. 0.50 per '000 S.A.

Quarterly Mode Rs. 0.25 per '000 SA

Monthly Mode Rs. 0.09 per '000 S.A.


Premium Waiver Benefit rider

Premium Waiver Benefit (PWB)Premium Waiver Benefit (PWB)Min. Age: 18 yearsMax. Age: Option1: 55yrs Option2: 50yrs

Option3: 45yrs Option4: 40yrsMax. cover age: 65 years Duration: same as basic plan – should be co-terminus with

basic coverPremium: based on basic premium paid (inclusive of NSAP)

Availability: - Basic S.A. with PWB rider under all individual SBI Life policies should not exceed Rs. 50 lac under one Life Insured. - If Basic S.A. is higher, this rider is not available (ex SA Rs. 60 lac: PWB is not available; you should take Rs. 50 lac with PWB and Rs. 10 lac without PWB)

On occurrence of an accidental Total & Permanent Disability:– Life Insured informs SBI Life in writing

within maximum 120 days.– Regular Premium for Basic Cover will be

waived. Life Insured exits from all riders: Survival Benefits

– No survival benefit

Basic cover continues, Survival Benefits are payable Regular premiums are waived

Premium Waiver Benefit (PWB)Premium Waiver Benefit (PWB)

Extra premium for availing PWB riderExtra premium for availing PWB rider

Extra Premium for Premium Waiver Benefit rider

for Basic premium of Rs. 100

Age20 25 30 35 40 45 50 55

Option 1 0.56 0.61 0.73 1.13 1.88 3.38 5.66 8.87

Option 2 0.87 0.98 1.29 2.06 3.55 6.19 10.13 N.A

Option 3 1.16 1.41 1.99 3.31 5.66 9.58 N.A. N.A

Option 4 1.53 1.98 2.99 4.98 8.37 N.A. N.A. N.A

Premium rate is applicable on the amount of Basic Premium with NSAP

How to calculate the extra premium for How to calculate the extra premium for Premium Waiver Benefit rider?Premium Waiver Benefit rider?

Use Premium table for Premium Waiver benefit rider. According to Option Plan and Age, find out the rate. Apply this rate to the premium for Basic Cover (inclusive

of NSAP, if any). Ex. SBI Life Money Back Plan - Option 2 SA: Rs. 3 lakh -

Basic Yearly Premium for a 30 yrs old male: Rs. 24,552 Rate for WOP: 1.29Extra premium: (1.29 * 24,552) / 100 = Rs. 317/-

For less than Rs. 1 a day, Basic premiums are waived and you will continue to benefits from survival benefits with full protection for your family


Critical Illness rider

Critical Illness RiderCritical Illness RiderMin. Age: 18 yearsMax. Age: 55 yearsMax. cover age: 60 years Minimum duration: 5 yearsMaximum duration: end of basic cover/60 years whichever is earlierMin SA: Rs. 50,000 (x 10,000)

Max SA: Upto basic S.A. subject to overall ceiling Rs. 10 lakhs per life insured.

Premium: Gender, Age, Duration & amount of cover.Premium rate:

– valid only till March 2008– SBI Life reserves the right to revise the premium thereafter.

6 Critical Illnesses covered6 Critical Illnesses coveredAvailable for:

– Cancer (malignant) including leukaemia Coronary Artery Bypass Surgery

– Heart Attack – Kidney Failure – Stroke – Major Organ Transplantation

Available at entry time only

Critical Illness benefitsCritical Illness benefits

Exclusion period: first 6 months of the policy /revival of the policy

When a critical illness is diagnosed:– Policyholder informs SBI Life within 30

days– S.A. under this rider is payable if the

policyholder survives for more than 30 days.

– No more benefits will be payable from any riders.

– Policy still continues with periodical premium (-) extra premium for riders.

Survival benefit:– No survival benefit

No bill to submit: On diagnosis, S.A. for C.I. will be paid

Yearly Premium for Critical Illness riderYearly Premium for Critical Illness rider SA: Rs 1 lakh, 30 years old Life to be insured

MEN 5 years 10 years 15 years 20 years 25 years

6 C.I. Rs. 154 Rs. 172 Rs. 252 Rs. 396 Rs. 578

WOMEN 5 years 10 years 15 years 20 years 25 years

6 C.I. Rs. 133 Rs. 164 Rs. 206 Rs. 266 Rs. 339

Premium for this rider is eligible to tax exemption u/s 80 D of IT Act

SPECIFIC TAX ADVANTAGESPECIFIC TAX ADVANTAGEu/s u/s 80 D80 D of I.T. Act of I.T. Act

Premium paid for critical illness rider is deductible in respect of medical insurance premia from the annual income chargeable to tax up to a maximum amount of Rs. 10,000.

SBI Life Money Back PlanSBI Life Money Back PlanMore details on SBI Life Money Back Plan

– What’s happen in case of unpaid premiums:Grace period Lapsation RevivalPaid-Up Value

– Surrender valueGuaranteed Surrender Value / Special Surrender Value

– Back dating process– IRDA rules for extra premiums for riders

Payment of Regular Premiums

Premiums can be Q/ HY/ Y:– Grace period: 30 days

Premiums can be monthly:– Grace period: 15 days

If premium is not paid within the grace period: Policy lapses

Premiums are not paid for full 3 policy yearPremiums are not paid for full 3 policy year

No death benefit, no survival benefit

After the grace period: Policy lapses

Revival up to 5 years after the first unpaid premium

1

Illustration Illustration

Money Back Plan for 30 year old man Option 4 - 25Y, Sum Assured: Rs. 10 lac, Yearly Premium: Rs. 50,120/-

3rd yearly premium is not paid within the grace period:

Policy ends immediately No survival benefit No death benefit

1

Revival is possible before the end of Year 7

99thth Yearly premium stays unpaid after 30 days Yearly premium stays unpaid after 30 days

No more bonus – No more rider benefits

2

After the grace period, policy will go

in Paid Up Value

Death benefit: Paid Up Value Amount + Vested Bonus till first unpaid premium

No further Money Back Payment, at the term of the policy: Paid Up Value Amount + VB till 1st unpaid premium

Illustration Illustration Money Back Plan for 30 year old man Option 4 - 25Y,

Sum Assured: Rs. 10 lac, Yearly Premium: Rs. 50,120/-

9th yearly premium is not paid within the grace period: Riders benefits end immediately No more Money Back benefits

Year 25: Survival benefit in a lump sum: Paid Up Value + Vested Bonus for 8 years

(250*10,000,00)/1,000 = Rs. 2,50,000 + VB

In case of death before maturity: Death benefit = Rs. 2,50,000 + VB

2

Consequences of lapsationConsequences of lapsation No claim will be admitted for

rider benefit. What about basic cover?

– If lapsation happens during the first 3 policy year:

No death benefit No survival benefit

– If lapsation happens after this period

Paid Up value + Vested Bonus till first unpaid premium is payable:

– In case of death before the term or,

– At the end of the term to the policyholder

Revival processRevival processAvailable within 5 years from the first unpaid

premium:– Payments of arrears premium due with interest.– Submission of new medical questionnaire

Subject to new underwriting process– Cost of medical reports, if any,shall be borne by the

Life Insured.– Exclusions period for basic cover and riders are

applicable as on revival date. – Revival will be for basic cover along with riders,

however, the Company may limit revival to basic cover.

Revival policies are eligible to all vested bonus and Money Back

Paid-Up ValuePaid-Up Value Exists if at least 3 years’ premium have been paid.

Applicable in case, premium is not paid within the grace period.

Depend on the option and the policy year when first unpaid premium occurs.

Fluctuates according to the Survival Benefit payment.

Paid-Up Value + VB till first unpaid premiumis paid in case of death or at the term of the policy

Paid-Up ValuePaid-Up Valueper ‘000 Sum Assuredper ‘000 Sum Assured

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25Option 1 0 0 200 250 300 350 400 0 0 0Option 2 0 0 0 150 200 0 175 225 40 215 265 70 285 335 0Option 3 0 0 150 0 125 175 225 35 160 210 260 50 210 260 310 60 270 320 370 0Option 4 0 0 150 200 0 100 150 200 250 40 140 190 240 290 60 200 250 300 350 75 275 325 375 425 0

Illustration for Option 3, Sum assured Rs. 2 lac

First Unpaid premium Policy year 10:

Paid-Up Value:

(Rs. 2,00,000 * 210) /1,000 = Rs. 42,000

Surrender ValueSurrender Value

Policy where premiums have been paid for at least 3 years can be surrendered:– Policyholder will get the greater of

Guaranteed Surrender Value orSpecial Surrender Value

– along with cash value of vested bonus

Guaranteed Surrender ValueGuaranteed Surrender Value

Policy Year Guaranteed Surrender ValueY1-2-3 Nil

Y4 till 1st Money Back Benefit30% Basic Premium Paid - 1st Year Basic Premium

After a Money Back payment

30% Basic Premium Paid excluding all Premium Paid prior the last Money Back

Period

Special Surrender ValueSpecial Surrender Value

(Paid Up Value + VB)* Surrender Value factor

– Surrender Value factor will be declared by the Company from 4th policy anniversary onwards

Money Back and Back Dating Money Back and Back Dating Back dating date should be in the same F.Y.Premium calculation is based on age at the back

dating date (as on last birth day)Back dating date =

– Policy anniversary– Date of commencement of the risk

Exclusion period starts from date of acceptancePremiums have to be paid with interest

calculated @ 1% p.m. (Back dating date (-) Date of acceptance

Propose Back dating only if your customer asks for it

Back dating: IllustrationBack dating: Illustration

Money Back Plan Option 2: S.A. Rs. 1 lac Male: DoB: 1st July 1970.– Date of Acceptance 1st January 2005 (35 yrs)

Yearly Premium at 35 years:– (Rs. 1,00,000 * 84.46) / 1,000 = Rs. 8,446/-

– Back Dating Date: 1st June 2004 (34 yrs)Yearly premium at 34 years (age at back dating date):

– (Rs. 1,00,000 * 84.30)/1,000 = Rs. 8,430/-– Interest: Rs. 8,430 * (7 months *1%) = Rs. 590.101st Year Premium = 8,430 + 590.10 = 9020.10 = Rs. 9021/- 2nd years onwards: Rs. 8,430/-

Age 30 31 32 33 34 35 36Option 2 83,84 83,93 84,03 84,15 84,30 84,46 84,64

Yearly premium for male per '000 Sum Assured

I.R.D.A. Guideline for riders:I.R.D.A. Guideline for riders: “The allowable rider or riders on the product shall be clearly

spelt out with regard to their scope of benefits, and in no case, the premium relatable to all the riders put together shall exceed 30% of the premium of the main product”

Premium for Critical illness rider is not taken into account.

Applicable on extra premium for Term Assurance & Accidental rider.

Simple conceptSimple concept

BasicPremium

Extra premium for• Term Assurance• Accidental cover

• Waiver of Premium

Maximum amount: 30% of basic premium

If it is more than 30%2 issues:

1. Increase the basic cover2. Decrease the riders amount

11

2

sbi life money back plan get your money back and still stay insured

Documents

lac rs

lakhs rs

plan slide

lac vb rs

lac vb slide

multiple of rs

upto rs

life cover slide