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  • Term Life

SBI Life - Saral Insure Wealth Plus

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.

Features of SBI Life Saral Insure Wealth Plus Plan

The features of this plan are:

  • Easy Monthly Insurance for Life coverage
  • Eight Fund Investment Options to meet all types of risk appetite
  • Systematic Monthly Withdrawal from 11th Policy Year
  • Loyalty Additions are applicable from the end of the 6th Policy Year
  • Partial Withdrawal Option from 6th Policy Year
  • Option to choose a policy term and premium amount

Benefits of SBI Life Saral Insure Wealth Plus Plan

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.

Eligibility Criteria

The eligibility criteria for this plan is:

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Age at Entry
Min: 0 years (30 days)
Max: 55 years
Age at Maturity
Min: 18 years
Max: 65 years
Plan TypeRegular Premium Product
Policy Term10|15|20|25 years
Premium Frequency Monthly
Premium Paying TermSame 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.

Policy Details

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 YearLoyalty Addition (%)
1-5Nil
6-100.2%
11-250.3%

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

  • You can review the terms and conditions of this policy within a period of 15 days or 30 days for distance marketing. You have the option to return the policy to the insurer stating the reasons for your objection.

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:

  • Your fund value on that day will be disinvested and credited to Discontinued Policy fund net of relevant discontinuance charge.

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 lock-in condition applies
  • The fund value post deduction of applicable discontinuance charge (if any), will be transferred to the ‘Discontinuance Policy Fund’
  • You will earn a minimum interest rate of 4%
  • Fund Management Charge of Discontinued Policy Fund will be deducted.
  • Life cover and Accidental Death Benefit Option Cover will cease to apply.

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.

Documents Required to buy SBI Saral Wealth Plus

The documents required for this plan are:

  • Application/Proposal form
  • KYC Details - Proof of ID and Address
  • Proof of Age
  • Proof of Income - Bank Account Statement
  • SIP/Auto Debit/SI Mandate Form
  • Medical check-up/report if required

Exclusions of this plan

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.