SBI Life · Savings · Money-Back
Smart Money Back Plus
A participating money-back plan that returns 90% of the sum assured in four increasing instalments during the policy term, then a final 40% plus bonuses at maturity.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeSavings — Traditional
CategoryMoney-Back
InsurerSBI Life
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot applicable — non-linked
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A participating money-back plan that returns 90% of the sum assured in four increasing instalments during the policy term, then a final 40% plus bonuses at maturity.
You might need this if…
- You might need this if you want periodic cash payouts during the policy term (e.g. for milestone expenses) rather than waiting until maturity for everything.
- You might need this if you still want the death benefit to stay fully intact even after you've already received money-back instalments.
- You might need this if you want a participating plan where bonuses can add to both the survival payouts and the final maturity amount over a long (up to 25-year) term.
- You might need this if you want flexible policy/premium terms - from a relatively short 7 years up to 20-25 years.
How it actually works
- Choose a policy and premium term of 7, 10, 12, or 20-25 years; minimum sum assured ₹2,00,000, minimum annual premium around ₹20,000.
- Survival benefits pay out 90% of the sum assured across the term in increasing instalments of roughly 15%, 20%, 25%, and 30% at set intervals (e.g. years 4, 8, 12, 16 for longer terms).
- Maturity benefit pays the remaining 40% of sum assured plus any vested reversionary bonus and terminal bonus - total benefits over the policy life work out to roughly 130% of sum assured plus bonuses.
- Death benefit - the higher of (Sum Assured on Death + bonuses) or 105% of premiums paid - is payable in full regardless of survival benefits already paid out.
- At maturity, you can choose a lump sum or spread the payout as instalments over 2-7 years.
- Optional Accident Benefit Rider adds accidental death cover up to ₹2 crore or disability cover up to ₹1.5 crore.
Worked example
A 30-year-old with a ₹5,00,000 sum assured over a 21-year term (7-year premium payment) paying about ₹73,004/year is illustrated receiving survival benefits of ₹75,000 (year 4), ₹1,00,000 (year 8), ₹1,25,000 (year 12), and ₹1,50,000 (year 16), plus a projected maturity benefit of roughly ₹2,10,500 to ₹5,96,900 depending on assumed bonus rates (4% vs 8%).
Worth knowing before you decide
- Illustrated 4%/8% figures for bonuses and maturity value are not guaranteed - actual bonus depends on the insurer's performance.
- Guaranteed Surrender Value only becomes available after two full policy years; before that, only the non-guaranteed Special Surrender Value (after year 1) applies.
- Suicide within 12 months of start/revival caps the death payout at 80% of premiums paid.
- High-sum-assured premium discounts (up to ~7%) only kick in for sum assured of ₹4 lakh or more.
Official source
⌟ Official product brochure
Learn about this category
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