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SBI Life Smart Wealth Builder Plan

SBI Smart Wealth Builder is a unit linked, non-participating insurance plan by SBI Life Insurance. Through this policy, individuals can enjoy the dual benefit of - enhanced investment opportunity by parking money in investment funds and life insurance cover. SBI Smart Wealth Builder provides assured additions based on the policy term.

About SBI Life - SBI Life is among the top life insurance providers in India. It is a joint venture between State Bank of India and the leading global insurer BNP Paribas Cardif. The company offers a wide range of life insurance and pension products at competitive rates.

(Note - All the information contained in this page has been sourced from the official website of SBI Life.)

Features of SBI Smart Wealth Builder

The features of SBI Smart Wealth Builder plan are as under:

  • Life insurance coverage
  • Guaranteed additions payable over the term, can go up to 125% of one annual regular premium, depending on the policy period
  • No premium allocation charges from 11th year onwards
  • Options to boost or reduce the sum assured, premium payment frequencies from 6th policy year onwards
  • Enhanced investment opportunity through seven different fund options
  • Partial withdrawals can be made from 6th policy year or 18 years of age

Source: Official website of SBI Life

Benefits of SBI Smart Wealth Builder

The plan benefits offered under SBI Smart Wealth Builder are as under:

  • Maturity Benefit: If the life assured survives up to maturity, the fund value shall be paid in a lump sum.
  • Death Benefit: The higher of the fund value or sum assured will be payable, with a minimum of 105% of total basic premiums paid till the date of intimation of death.

Eligibility Criteria for SBI Smart Wealth Builder

Age at Entry

Minimum: 7 years

Maximum: For regular premium and limited premium

60 years

For single premium

65 years

Age at Maturity

70 years

Plan Type

Regular premium/ Limited premium/ Single premium

Policy Term

Regular and limited premium payment - 10 years, 15 to 30 years (both inclusive)

Single premium - 5 to 30 years

Sum Assured Range

Minimum (in Rs.)

Maximum (in Rs.)

Age below 45 years

Age above 45 years

Age below 45 years

Age above 45 years

Regular Premium

Higher of (10 x AP) or (0.50 x Term x AP)

Higher of (7 x AP) or (0.25 x Term x AP)

20 x AP

20 x AP

Limited Premium

15 x AP

15 x AP

Single Premium

1.25 x SP

1.1 x SP

3 x SP

1.25 x SP

Source: Official website of SBI Life

Premium Details

Premium Payment Term

For LPPT:

5/8 years for policy term of 10 years

5/8/10 for policy term of 15-30 years (both inclusive)

Regular premium - same as policy term

Single premium – one-time payment at policy inception

Premium Amount

Plan Type

Premium Frequency

(x100)

Regular Premium

Annual - Rs. 30,000 (minimum)

Limited Premium

Annual - Rs. 40,000 (minimum)

Single Premium

Single - Rs. 65,000 (minimum)

Maximum - Rs. 3,00,000

Policy Details

Fund Options

  • Equity Fund (SFIN : ULIF001100105EQUITY-FND111)
  • Equity Optimiser Fund (SFIN : ULIF010210108EQTYOPTFND111)
  • Growth Fund (SFIN : ULIF003241105GROWTH-FND111)
  • Balanced Fund (SFIN : ULIF004051205BALANCDFND111)
  • Bond Fund (SFIN : ULIF002100105BONDULPFND111)
  • Money Market Fund (SFIN : ULIF005010206MONYMKTFND111)
  • Top 300 Fund (SFIN : ULIF016070110TOP300-FND111)

Source: Official website of SBI Life

Switching Option: One can switch investments among the seven available funds to suit investment needs. The minimum switch amount is Rs. 5,000. In a policy year, two switches are permitted free of cost. A charge of Rs. 100 shall be levied per switch in excess of free switches in the same policy year.

Premium Redirection Option: This facility is permitted from the second policy year onwards. It is free of charge.

Partial Withdrawal: Partial withdrawals can be made from the sixth policy year onwards or on attainment of age 18 by the policyholder, whichever is later. A maximum of two partial withdrawals can be made during a policy year. Not more than five partial withdrawals are permitted in the entire policy term for policy period of ten years or below and ten partial withdrawals for policy term of more than ten years.

Tax Benefits: Tax deduction can be claimed under Section 80C of the Income Tax Act, 1961, for premiums paid toward SBI Smart Wealth Builder plan. The maximum deduction that can be claimed under this section during a financial year is Rs. 1,50,000. Proceeds from the policy are tax-free in the hands of the receiver under Section 10(10D) of the Income Tax Act.

Documents Required

An individual will have to submit certain documents to avail SBI Smart Wealth Builder plan. The documents include:

  • Identity Proof - PAN card, Aadhaar card, Passport, etc.
  • Address Proof - Aadhaar card, Passport, Driving license, etc.

Exclusion

Suicide:

If the life assured - whether sane or insane - commits suicide, within a year from the date of commencement of risk or from the date of revival, the policy shall become void. Here, the fund value, as on the date of intimation of demise to the insurer shall be payable and all benefits under the cover will cease.

Review sbi life smart wealth builder

With SBI Smart Wealth Builder plan, individuals can protect their loved ones in case of an eventuality. Additionally, they will have the flexibility to manage the invested amount as per their choice. Users can also benefit from the partial withdrawals feature, which is made from the 6th policy year or 18 years of age.

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