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SBI Life ULIP Plans

Unit Linked Insurance Plans (ULIP) is an ideal investment that gives the dual benefit of investment and protection. The main goal behind investing in these ULIP plans is to create wealth for future and get life cover. A portion of your investment is invested towards life insurance, and the rest is invested into a fund that is based on equity or debt or both and fulfils your financial goal. State Bank of India life insurance offers gives a wide range of ULIP plans that offers attractive features and flexibility to its investors. The long-term investment plans fulfil your investment appetite along with the insurance policy. Mostly, ULIP investors lack in knowledge about the plan. Hence, the trusted brand of State Bank gives you an assurance about safety of your investment. There are seven types of SBI Life ULIP plans for investors:

Types of SBI Life ULIP Plans

SBI offers seven different types of plans that provide you the option of investing in a wide range of ULIP plans.

SBI Life - Saral Maha Anand

This simple unit-linked life insurance product meets your investment needs perfectly. A non-medical investment cum insurance plan consists of the following features and benefits:

  • The joining process for this plan is simple and guarantees additions of around 30% of an annual premium.
  • A medical examination is not required and no premium allocation charge is applicable from 11th year onwards.
  • The policy offers Death benefits, Maturity benefits, Riders benefits and Tax benefits.
  • Three fund options are available to invest your funds

Once the policy reaches maturity, the fund Value will be paid.

To avail the death benefit, higher of the Sum assured or the Fund Value is to be paid. Here, a minimum of 105% of total basic premiums paid till the time of death.

Eligibility

SBI Life -Smart Power Insurance

This unit linked insurance plan provides insurance protection along with investment plan. The features and benefits of this plan include:

  • Switching of funds is allowed and the option of Partial withdrawal is also available.
  • Secures family’s financial future with Inbuilt Accelerated Total & Permanent Disability (TPD)
  • Choice of increasing cover option
  • As an investor, the flexibility to invest in any of the funds – Smart Funds or Trigger Fund, and the two plan options – Level Cover Option and Increasing Cover Option.
  • Market-linked returns with reasonable premiums
  • Partial withdrawals from 6th policy year
  • The policy also offers Death benefits, Maturity benefits, Tax benefits and inbuilt Accelerated Total and Permanent Disability (TPD) Benefit to its investors.

  • Plan Options: Proposer can choose any one, from the below mentioned plan options, at policy inception. Plan option once chosen at policy inception, cannot be changed during the Policy Term.

  • Level Cover Option: The Sum Assured that you had chosen at inception, remains the same throughout the Policy Term.

  • Increasing Cover Option The initial Sum Assured will automatically increase by a simple rate of 10%, starting from the 6th Policy Year and every 5 years thereafter. Mortality charges would then be based on this revised Sum Assured. This feature will be provided to you without any additional underwriting or medicals.

On maturity of the Policy, the fund value will be paid.

On death of the policyholder, higher of the Fund Value or Sum Assured is to be paid. Here, a minimum of 105% of total basic premiums paid till the time of death.

Eligibility

SBI Life -Smart Wealth Assure:

This Unit Linked Life Insurance Plan allows you to pay the premium once and enjoy the benefit for the remaining policy tenure.:

  • Investment is made in Bond fund and equity funds.
  • Market-linked returns along with insurance cover
  • One-time premium payment
  • Liquidity through Partial Withdrawal(s)
  • The flexibility to select a mix of funds from Bond Fund and Equity Fund
  • The flexibility to customize the product with Accidental Death Benefit Option On maturity of the policy, the fund Value will be paid.

  • Death Benefit: Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of Single premium paid.

Eligibility

SBI Life - eWealth Insurance

This unit linked life insurance plan provides life insurance cover along with market-linked returns.

  • Life coverage
  • Investment management through Automatic Asset Allocation
  • Two plan options - Growth and Balanced
  • Simplified 3 step online buying process
  • Nominal premium payments without any allocation charge
  • Partial withdrawals from 6th policy year

Maturity Benefit: On completion of Policy Term, Fund Value will be paid.

Death Benefit: Higher of (Fund Value or Sum Assured or 105% of total premiums paid till date of intimation of death) is payable to the beneficiary. There is a chance that the sum Assured reduces to the extent of partial withdrawals, which have been made in the last 2 years that immediately precede the death of the Life Assured.

Eligibility

SBI Life -Smart Wealth Builder

This non-participating life insurance plan of SBI is designed to meet your insurance and financial requirements. The key features and benefits of this plan include:

  • Life coverage
  • Assured additions up to 125% of one annual regular premium for a longer term
  • The flexibility to reduce or increase the sum assured and the premium payment frequencies from the 6th year of the policy
  • Enhanced investment opportunity through 7 varied funds and the flexibility for switching and redirection
  • Partial withdrawals are allowed from 6th year of the policy year or from the age of 18. On maturity of the Policy, the fund value is payable.

If the policyholder passes away, then the higher of the Fund Value or Sum Assured is stands payable. Here, a minimum of 105% of total basic premiums paid till the date of intimation of death.

Eligibility

SBI Life -Smart Elite

This Unit Linked Life Insurance plan allows you to pay a premium for a limited term and enjoy protection along with investments. The main features and benefits include:

  • The option of dual protection is available. They are Gold option and Platinum option
  • Inbuilt Accidental Benefit Cover
  • Limited and single premium payment options
  • The facility to switch and redirection so as to pilot your investments
  • Partial withdrawals from 6th policy year

On maturity of the Policy, the fund value will be paid.

  • Death Benefit: In the Gold Option, fund value or Sum Assured, whichever is higher stands payable. Here, a minimum of 105% of total premiums paid till the time of death.

In the Platinum Option, the amount payable is the Fund Value plus Sum Assured. Here, a minimum of 105% of total premiums paid till the time of death.

However, in the in-built benefit (Accidental Death and Accidental Total and Permanent Disability or Accident Benefit), there is a provision of an additional benefit for Accidental Death or Accidental TPD.

Eligibility

Compare all the ULIP plans available in the market and after thorough research and study, place your precious money on these investment instruments. Read carefully all the terms and conditions related to the policy and choose the best suitable SBI life ULIP policy.

Why Choose SBI Life ULIP Plans?

SBI Life ULIP plans come with many benefits and features that make it one of the best options to choose as your investment instrument. This plan fulfils all your investment appetite and gives the protection of insurance coverage. Following features makes this SBI life ULIP plan as the most trusted investment option:

  1. The SBI Life ULIP plans serve two purposes. First, it acts as an insurance cover and second, it is one of the best investment instruments. A part of the premium is invested in the money market while the other part of the premium is used as an insurance coverage. This two-in-one policy fulfils your investment appetite in the best possible way.

  2. The most important feature this plan provides to its investors is flexibility. Flexible premium and payout options are available under this plan.

  3. Tax benefits are provided as per the Section 80C and 10(10D) under the Income Tax Act, 1961.

  4. The sum assured will be paid to the nominee in case of death of the insurer. The nominee can claim the amount, if the insured person dies before the maturity period.

  5. There is an option to surrender or partially withdraw your ULIP. If the investor wants to withdraw the policy before maturity period, then the plan gives the option to withdraw the plan anytime, subject to few terms and condition.

Documents Required

Submitting your documents is the most vital part of investing in any plan. Absence or unavailability of any mandatory document may make you ineligible to invest in these life insurance plans. The processing of investment will begin only after the verification of documents. So, keep your authentic and original documents copy with you to avoid any delay due to unavailability of original documents.

Following documents are required for processing of SBI ULIPs:

  • Proof of Identity: Your passport, Voter Id, Driving License or Aadhaar card may act as a proof of your identity.
  • Proof of residence: This proof may consist of the following documents-

    1. Any utility bill not older than two months of any service provider.
    2. Bank account or Post office saving account statement.
    3. Letter of allotment or accommodation from the employer.
    4. A letter issued by foreign embassy or Mission in India.
  • Documents required at the time of partial withdraw are:

    1. Policy documents.
    2. A cancelled cheque of the insurer
    3. ID proof
    4. Payout form
    5. Latest bank statement of NRE account as a proof of premium paid.

FAQ’s on SBI Life ULIP Plans

What should I do if I want to change my premium paying?

No increase or decrease in premium is allowed under this plan. Any changes in premiums are not advised and allowed under this plan.

Why you should opt for SBI Life -Smart Wealth Assure?

It is a Unit linked plan that offers wealth maximization through the automatic allocation of premiums for a higher return.

How to pay a premium? What are the modes of payment available?

There are 10 modes to pay your premium amount:

  1. Direct payment at SBI life Branch by post or Courier

  2. Electronic Clearing Service

  3. Direct debit

  4. Standing instructions on your credit card

  5. Online payment

  6. State Bank and Associate bank account holders

  7. Through Point of Sales Terminal at SBI branch

  8. Through mobile app

  9. Cash at an authorized centre

  10. National Automated clearing house

How can I check policy status for SBI Life ULIP Plans?

To check the policy status for SBI ULIP plans, login to e-portal enter your customer id, date of birth and policy number i.e. all the details about your policy will be displayed.

What is the policy renewal process for SBI Life ULIP Plans?

Renewal of your policy can be done by paying the due premiums through the following modes:

  1. Online mode

  2. SMS mode

  3. SBI branch

  4. By cash

What is the company’s process to settle a claim for SBI Life ULIP Plans?

The claim will be settled as soon as you submit your documents related to policy in nearby SBI branch and get them verified.

What is the policy cancellation process for SBI life ULIP plans?

Submit a duly filled surrender form along with documents in nearby SBI branch and after verification, your policy will be cancelled.

How does SBI Life ULIP Plans work?

SBI ULIP plans comes with variety of attractive benefits and flexibility and gives you ample choice to choose from seven different plans as per your requirements.

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