SBI ULIP Plans

Overview of SBI Unit Linked Insurance Plans:

SBI ULIPs are one of the most sought for insurance cum investment plans which are appreciated for providing both financial security and insurance. But before we go deep into what SBI ULIP has to offer its customers, let us first understand what a ULIP is.

A ULIP or Unit Linked Insurance Plan is a life insurance plan which covers the life of the policyholder along with providing the option for investing in mutual funds, stocks, bonds, etc to enhance the future savings. ULIP is an integrated plan where one part of the policy protects the policyholder and the other part invests in the capital market for higher returns. 

SBI ULIPs come with a bundle of attractive features and benefits which provide the policyholder a wide range of fund options and riders for creating wealth and securing the future at the same time. Offering a good range of ULIPs, SBI provides attractive long term investment plans for fulfilling the investment hunger while covering the life of the insured from uncertain events. 

Why choose SBI ULIP?

SBI ULIP plans have several benefits and features which make them one of the best options to secure the future. ULIPs offered by SBI is designed to satisfy investment hunger while providing insurance coverage. The following features and benefits make it the most suitable choice of plan

• SBI ULIP serves as an insurance plan and an investment as well. A part of the ULIP premium is used for insurance coverage and the other part is invested in the capital market.
• SBI ULIP provides high flexibility in investments, premiums, and payouts
• The nominee is paid the sum assured in case of death of the policyholder
• SBI ULIP also provides partial withdrawal option to policyholder with certain terms and conditions

ULIPs offered by SBI Life Insurance:

1. SBI Life Saral Maha Anand Plan

This is one of the simplest unit-linked life insurance plans which is designed to meet the insurance and investment needs together. The higher of Fund Value or the Sum Assured, subject to a minimum of 105% of the total premiums paid, is paid to the nominee if the life insured dies within the policy tenure as Death Benefit and the policy terminates. 

However, if the life insured survives the entire policy tenure, the Fund Value is paid to the policyholder as the maturity benefit and the policy terminates.

Features and benefits of SBI life Saral Maha Anand Plan

• This is a simple plan with easy issuance
• This plan guarantees additions of the annual premium, of about 30%
• This plan offers maturity benefits, death benefits, riders, and tax benefits
• This plan offers three funding options for investing the funds of the policyholder
• This plan does not require any medical examination
• This plan does not charge for premium allocation
• Allows easy liquidity through partial withdrawal

Eligibility Criteria for SBI life Saral Maha Anand Plan

Entry age		18 years – 55 years
Maturity age		65 years maximum
Type of the plan		Regular
Term of policy		10,15 and 20 years
Frequency of premium		Monthly, quarterly, half-yearly and yearly The monthly payment is available only by Standing instructions i.e. direct payment through debit and credit card or by Electronic Clearing System
Range of Premium	Frequency Monthly  Quarterly Half-yearly Yearly			Min. 2000 5500 9500 15000		Max. 2400 7200 14500 19000
Range of sum assured	Minimum				Maximum
	Below 45 years age		Above 45 years age		Below 45 years age		Below 45 years age
	10* annualized premium		7 * annualized premium		20 * annualized premium		20 * annualized premium

2. SBI Life Smart Power Insurance Plan

This plan also provides investment options with an insurance plan where the higher of Fund Value or the Sum Assured, subject to a minimum of 105% of the total premiums paid, is paid to the nominee if the life insured dies within the policy tenure as Death Benefit and the policy terminates. 

However, if the life insured survives the entire policy tenure, the Fund Value is paid to the policyholder as the maturity benefit and the policy terminates.

Features and benefits of SBI Life Smart Power Insurance Plan

• This plan allows switching between funds and partial withdrawal
• Provides inbuilt accelerated TPD (Total and permanent disability) for securing the financial future of the family
• Provides a choice of increasing the cover
• This plan provides flexibility to invest in any fund like a trigger or smart funds and two more options in plans- Increasing and Level cover Option
• With reasonable premiums, this plan offers good market-linked returns
• This policy offers Maturity benefits, Death Benefits, Accelerated Total, and Permanent Disability and tax benefits
• Plans offered under this policy are
• Level cover option: The Sum assured remains the same throughout the term of the policy
• Increasing cover option: The assured initially increases at the rate of 10% simple interest beginning from 6th policy years and thereafter every 5 years. Based on the revised sum assured mortality charges will be levied
• Sum assured or fund value, whichever higher is paid in case of death of the policyholder i.e. 105% of the total premiums paid

Eligibility criteria for SBI Life Smart Power Insurance Plan

Entry age		18 years – 45 years
Maturity age		65 years maximum
Type of the plan		Regular
Term of policy		10,15 and 30 years
Frequency of premium		Monthly, quarterly, half-yearly and yearly For monthly payment mode, 3 months premium is to be paid in advance
Range of Premium	Frequency Monthly  Quarterly Half-yearly Yearly		Min. 2000 5500 9500 15000		Max. No Limits
Range of sum assured	Minimum			Maximum
	Higher of 10 times of annualized premium or 0.5 *Term*AP			20 * annualized premium

3. SBI Life Smart Wealth Assurance Plan

This is a unit-linked plan which allows the policyholder to enjoy the benefit of the policy throughout the term of the policy after paying a premium just once. The higher of Fund Value or the Sum Assured, subject to a minimum of 105% of the total premiums paid, is paid to the nominee if the life insured dies within the policy tenure as Death Benefit and the policy terminates. 

However, if the life insured survives the entire policy tenure, the Fund Value is paid to the policyholder as the maturity benefit and the policy terminates.

Features and benefits of SBI Life Smart Wealth Assurance Plan

• This plan allows investment in equity and bond funds
• This plan offers regular as well as single premium payment
• Provides liquidity by allowing partial withdrawal
• This plan also provides flexibility to customize the policy with the option of Accidental Death Benefit at maturity

Eligibility Criteria for SBI Life Smart Wealth Assurance Plan

Entry age	8 years – 65 years
Maturity age	75 years maximum
Type of the plan	Single
Term of policy	10- 30 years
Range of Premium	Min. 50,000		Max. No Limit
Range of sum assured	Min.		Max.
	Below 45 years age	Above 45 years age	Below 45 years age	Below 45 years age
	1.25* Single premium	1.10 * single premium	5 * single premium	3 * single premium

 

4. SBI Life- eWealth Insurance Plan

This is also a unit-linked plan which provides market-linked returns along with insurance policy. The higher of Fund Value or the Sum Assured, subject to a minimum of 105% of the total premiums paid, is paid to the nominee if the life insured dies within the policy tenure as Death Benefit and the policy terminates. 

However, if the life insured survives the entire policy tenure, the Fund Value is paid to the policyholder as the maturity benefit and the policy terminates.

Features and benefits of SBI Life- eWealth Insurance Plan

• Automatic Asset Allocation is used to manage the investments in this plan
• This plan offers two plans- balanced and growth plans
• Nominal premiums without allocation charges
• Allows partial withdrawal from 6th year of the policy

Eligibility Criteria for SBI Life- eWealth Insurance Plan

Entry age	18 years – 50 years
Maturity age	60 years maximum
Type of the plan	Regular
Term of policy	10- 30 years
Range of sum assured	Higher annualized basic premium *0.5*policy term or Higher of annualized basic premium *10
Range of premium	Frequency	Min.	Max.
	Yearly	10,000 p.a	No Limits
	Monthly	1000 p.a

 

5. SBI Life- Smart Wealth Builder Plan

This is a non-participating life insurance policy which provides insurance and investment options together. The higher of Fund Value or the Sum Assured, subject to a minimum of 105% of the total premiums paid, is paid to the nominee if the life insured dies within the policy tenure as Death Benefit and the policy terminates. 

However, if the life insured survives the entire policy tenure, the Fund Value is paid to the policyholder as the maturity benefit and the policy terminates.

Features and benefits of SBI Life- Smart Wealth Builder Plan

• Provides assured additions of up to 125% of one premium
• This plan provides the options to increase or decreases the sum assured and the frequency of payment of premium beginning from the 6th year of the policy
• Provides Investment opportunity in 7 varied funds and also the flexibility for redirections and switches
• Allows partial withdrawals from 6th years of the policy or 18 years of age

Eligibility Criteria for SBI Life- Smart Wealth Builder Plan

Entry age			7years – 60 years regular premium 65 years single premium
Maturity age			70 years maximum
Type of the plan			Regular/single/limited
Term of policy			Regular premium- 10,15 and 30 years Limited premium- 10,15 and 30 years Single premium- 5-30 years
Frequency of premium			Single or yearly
Range of Premium	Plan type	Frequency			Min.		Max.
	Regular Limited Single	Annual			30,000 40,000 65,000		300,000
Range of sum assured	Regular Limited Single	Min.				Max.
		Below 45 years age		Above 45 years age		Below 45 years age		Below 45 years age
		Higher of 10* annualized premium or 0.50*AP*term		Higher of 7* annualized premium or 0.25*AP*term		20 * annualized premium		20 * annualized premium
						15* AP		15*AP
		1.25*SP		1.1*SP		3*SP		1.25*SP

6. SBI Life- Smart Elite Plan

This plan allows the limited term of premium payment and takes benefit of the insurance and investment option of the policy. 

Death Benefit:

• For Gold Option:
  The higher of Fund Value or the Sum Assured, subject to a minimum of 105% of the total premiums paid, is paid to the nominee if the life insured dies within the policy tenure as Death Benefit and the policy terminates. 
• For Platinum Option:
  Fund Value + Sum Assured, subject to a minimum of 105% of the total premiums paid, is paid to the nominee if the life insured dies within the policy tenure as Death Benefit and the policy terminates. 

Maturity Benefit:
However, if the life insured survives the entire policy tenure, the Fund Value is paid to the policyholder as the maturity benefit and the policy terminates.

Features and benefits of SBI Life- Smart Elite Plan

• Offers dual protection option- Gold and Platinum plan
• Has inbuilt accidental benefit cover
• Provides an option of Single and limited premium
• Allows redirection and switching facility to pilot investment
• Allows partial withdrawal from 6th policy year
• Provides death benefit of sum assured or fund value, whichever higher under Gold plan, which is 105% of the total premiums paid and sum assured plus fund value which is 105% of the total premiums paid under Platinum

Eligibility Criteria for SBI Life- Smart Elite Plan

Entry age			18 years – 60 years
Maturity age			65 years maximum
Type of the plan			Limited and Single
Term of policy			5-20 years
Frequency of premium			Single, Monthly, quarterly, half-yearly and yearly
Range of Premium	Plan type	Frequency			Min.		Max.
	Limited Single	Yearly Half-yearly Quarterly Monthly			150,000 75,000 37,500 12,500		No Limits
		200,000
Range of sum assured	Regular Limited Single	Min.				Max.
		Below 45 years age		Above 45 years age		20*AP
		10*annualized premium		7*annualized premium
		1.25*single premium		1.1*single premium		5*AP

How to buy SBI ULIP plans?

• Log in to https://www.sbilife.co.in/en/individual-life-insurance/wealth-creation-plans
• Click on ‘Buy Now’ and enter details for calculating premium like policy term, investment strategy, premium payment frequency, the sum assured date of birth, gender, etc.
• You will get the quote of the premium calculated based on the information entered.
• Pay the premium online through credit card, debit card, net banking, etc
• The policy will be issued immediately upon successful payment and documentation. 

You can also buy these plans through Turtlemint, which is an online platform for buying various insurance policies after comparing them on various aspects

• Log in to https://www.turtlemint.com/life-insurance/ulip-plans
• Choose the plan which best suits your needs
• Fill in your details
• And make the payment online to purchase the same

Documents required for SBI ULIP plans:

It is very important to submit the right documents for the quick issuance of SBI ULIP plans and avoid any delay. The policy is issued only after the documents are verified. Following documents are required for buying an SBI ULIP plan

• Identity proof: Passport, voter ID, Aadhar card, Driving license, etc
• Residence proof: Utility bill like electricity, bank account statement, Letter of allotment, etc

Documents required for partial withdrawal:

• Original policy document
• Post office saving account or bank account statement
• ID proof
• Payout form
• Latest bank statement