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

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

FAQ’s

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:

  1. You can directly pay in person, by post or courier at SBI Life Insurance branch that is nearest to your house
  2. You can opt for automatic options like:
    1. ECS (Electronic Clearing Service)
    2. Direct Debit
    3. Standing Instructions
  3. You can pay the premium online through the official website or through Turtlemint if the same is purchased through Turtlemint
  4. You can pay at any POS terminal at SBI Life Insurance
  5. You can pay your SBI ULIP Premium through the mobile application of the company
  6. Paying cash at authorized centres of SBI life

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.


The redirection of premium means changing the proportion of future contributions in different funds.

SBI ULIP Plans