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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:
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:
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.
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:
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.
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.
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.:
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.
SBI Life - eWealth Insurance
This unit linked life insurance plan provides life insurance cover along with market-linked returns.
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.
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:
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.
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:
On maturity of the Policy, the fund value will be paid.
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.
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.
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:
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.
The most important feature this plan provides to its investors is flexibility. Flexible premium and payout options are available under this plan.
Tax benefits are provided as per the Section 80C and 10(10D) under the Income Tax Act, 1961.
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.
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.
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 residence: This proof may consist of the following documents-
Documents required at the time of partial withdraw are:
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:
Direct payment at SBI life Branch by post or Courier
Electronic Clearing Service
Standing instructions on your credit card
State Bank and Associate bank account holders
Through Point of Sales Terminal at SBI branch
Through mobile app
Cash at an authorized centre
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:
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.