SBI Life Saral Insure Wealth Plus is an insurance cum investment plan offered by SBI Life. SBI Life Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif.
SBI Life Saral Insure Wealth Plus is a Unit Linked, Non-Participating Life Insurance Plan which offers life cover, wealth creation and facility of Systematic Monthly Withdrawal.
Note: All information has been sourced from the official website of SBI Life.
The features of this plan are:
The benefits of this plan are:
Maturity Benefit
The maturity benefit amount payable will be the Fund Value at prevailing NAV on the maturity date. It is paid in lump sum or as per the settlement option. In cases where life assured is a minor, the policy will automatically vest in the life assured on attaining 18 years of age.
Death Benefit
The death benefit amount payable will be higher of Fund Value as on the date of intimation of death to the company, or Sum Assured or 105% of total premiums paid till date of death. For Life Assured with entry age below 8 years, the fund value is payable. The Sum Assured will be reduced to the extent of applicable partial withdrawals (APW) made in the last 2 years immediately preceding the death of the Life Assured.
The eligibility criteria for this plan is:
| 1234 | 5678 |
|---|---|
| Age at Entry | Min: 0 years (30 days) Max: 55 years |
| Age at Maturity | Min: 18 years Max: 65 years |
| Plan Type | Regular Premium Product |
| Policy Term | 10|15|20|25 years |
| Premium Frequency | Monthly |
| Premium Paying Term | Same as Policy Term |
| Premium Amount | Min: Rs. 8,000 No such limit on maximum amount |
| Basic Sum Assured | Min: Higher of Annualized Basic Premium x 10 or Annualized Basic Premium x 0.5 x Policy Term Max: Higher of Annualized Basic Premium x 10 or Annualized Basic Premium x 0.5 x Policy Term |
For age at entry below 8 years, the risk would commence on completion of 1 policy year and 11 months from the date of commencement of policy. For entry age of 8 years and above, the risk would commence immediately.
Loyalty Additions
Loyalty Additions are applicable to the policy starting from the end of 6th Policy year and on regular intervals, provided all due premiums have been paid.
| Last Day of the Policy Year | Loyalty Addition (%) |
|---|---|
| 1-5 | Nil |
| 6-10 | 0.2% |
| 11-25 | 0.3% |
Systematic Monthly Withdrawal
This is applicable from policy year 11 onwards. The minimum period is 6 months and the maximum monthly amount is 1.25% of Fund Value. The Systematic Monthly Withdrawal amount can be modified at any point in time provided you give an advance notice period of 3 months. Switching - You can make unlimited free switches at any point of time during the policy term.
Premium Redirection
You can make free premium redirections from the 2nd policy month onwards and anytime during the policy term.
Partial Withdrawal
You can make partial withdrawal post 5th policy year. Partial withdrawal made after the 10th policy year is free of charge. Tax benefits under Sections 80C and 10(10D) of the Income Tax Act 1961 are applicable.
Grace Period
You have a grace period of 15 days from the due date for premium payment.
Free Look Period
Discontinuance of Premium
Under this, you can either revive the policy within a period of 2 years from the date of discontinuance OR completely withdraw from the policy OR convert the policy into a paid-up policy. If you discontinue within the first 5 years:
If you discontinue post the 5th policy year, during the revival period, your policy will be deemed to be in force with risk cover, as per terms and conditions of the policy. All applicable charges would continue to be deducted.
In case you wish to completely withdraw from the policy, and the premium is discontinued during the first 5 years, then your fund value on that day will be disinvested and credited to Discontinued Policy fund net of relevant discontinuance charge.
If you discontinue post 5th policy year, your fund value as on that date will be paid to you immediately.
Surrender
You can surrender the policy at any time during the policy term.
If you surrender the policy in the first 5 years:
The fund value will be payable on the 1st working day of the 6th policy year.
Settlement Option
You can choose the settlement period for a term of 2, 3, 4 or 5 years from the date of maturity. The payments can be availed in via monthly, half-yearly, quarterly and annually.
The documents required for this plan are:
Suicide - In case of death due to suicide of the policyholder within 12 months from the date of inception of the policy or from the date of the revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the date of death.
