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.
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
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
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 |
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
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 |
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
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 |
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
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 |
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
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 |
This plan allows the limited term of premium payment and takes benefit of the insurance and investment option of the policy.
Death Benefit:
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
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 |
|||||
You can also buy these plans through Turtlemint, which is an online platform for buying various insurance policies after comparing them on various aspects
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
SBI ULIP does not allow any increase or decrease in the premium amount once the policy is issued.
You need to login to SBI ULIP e-portal and enter your customer ID, policy number and date of birth. The policy details will be displayed. Alternately, you can do the same through Turtlemint login id as well, if the policy is purchased through Turtlemint.
There are multiple ways of paying the renewal premium:
The claim settlement process begins as soon as the policyholder submits the required documents at the nearest SBI Life branch and the same is processed within the specified timelines.
SBI Life provides easy renewal of the policies online through its website, by SMS, by directly visiting the branch and by cash payment.
The number of units under a fund multiplied by the NAV is called the fund value of the plan. You can check your daily Fund Value once you login to the official website of SBI Life Insurance with your customer ID and password.