SBI Life Insurance Company Limited offers a range of insurance plans both online and offline. Savings oriented plans, protection plans, pension plans, etc. are all offered online. eWealth insurance plan is one such plan which is offered by the company online through its own websites as well as other online websites. the eWealth plan is a unit-linked insurance plan which helps you earn attractive market-linked returns and also enjoy life insurance coverage.
A unit linked insurance plan is an investment-linked insurance plan where the premiums paid are invested in market-related securities. There are different types of investment funds and you can choose to invest your premium in any one or more funds. The amount of premium, the policy term and the investment funds are chosen by the policyholder. The sum assured depends on the premium amount and the insured’s age. Unit-linked plans, therefore, provide good returns and also insurance coverage.
As mentioned earlier, eWealth is an online unit linked insurance plan. The plan can be bought by paying affordable annual premiums starting at INR 10,000. There are two plan options of Growth and Balanced to select from and the plan also offers an automated investment strategy. You have to select the plan option and your premiums would be automatically allocated to different funds. The aim of automatic asset allocation is not only to provide you with maximum returns but also to protect the returns from market volatility as the plan approaches maturity.
The plan offers various advantages which include the following –
SBI Life’s eWealth Plan can be bought by resident Indian individuals. Other eligibility parameters include the following –
|Age when buying the policy||18 years||50 years|
|Maximum cover ceasing age||NA||60 years|
|Available policy tenure||10 years||30 years|
|Premium paying mode||Regular, i.e. throughout the policy tenure|
|Premium amount||INR 10,000/year or INR 1000/month||No limit|
|Sum assured||Higher of the following – |
SBI Life’s eWealth Plan is an online unit linked plan with an automatic investment strategy. Thus, if you want market-linked returns and are not very investment savvy, you can invest in the plan for automated investments. You would earn the highest possible returns and your investment risks would also be minimised through the automatic allocation strategy adopted by the plan.
SBI Life’s eWealth Plan allows you to pay premiums annually or monthly.
The premium which you pay for the plan is allowed as a tax-free deduction from your taxable income under Section 80C. The maximum deduction which you can claim is limited to INR 1.5 lakhs. Moreover, the benefit received under the plan is also allowed as a tax-free income under Section 10 (10D).
Yes, surrender is available under the plan after the first five years have been completed. If the plan is surrendered, the available fund value is paid and the coverage is terminated.
If you discontinue premium payments before the first five years have been completed, the fund value would be transferred to the discontinued policy fund. It would remain in that fund till the first five years of the plan are completed. Applicable charges would be deducted and when the lock-in period is over, the available fund value would be paid. So, no, the plan cannot be surrendered within the first five years.
One withdrawal is free per policy year. In case of additional withdrawals, a flat charge of INR 100 would be payable per withdrawal.
Yes, a free-look period is allowed under the plan after you have bought it. The available free-look period is 30 days within which the policy can be cancelled if required.
Other SBI Life ULIP Plans