SBI Life Insurance Company is a public limited insurer in India. India’s largest bank, State Bank of India owns 62.1% stake in the company and 22% of the stake is held by a global insurance expert, BNP Paribas Cardif. SBI Life Insurance Company has been given AAA/stable rating by the well-known global analytical company CRISIL. SBI life offers many types of products ranging from pure protection plan to savings plans, combo plans, new-age and digital plans to cater to the diverse needs of people across the country.
Unit-linked insurance plans are the hybrid products offered by the life insurance companies that offer the benefits of insurance and investment both. Out of the premium you pay every time, a small portion is deducted as mortality charges depending on the age to provide you protection cover. The rest of the portion gets invested into different market instruments through fund option chosen by you to maximise your savings. As unit-linked insurance plans are long-term investment products, comes with a five year lock-in period.
SBI Life’s smart insure wealth plus is a non-participating unit linked insurance plan with five year lock-in period. Smart insure wealth plus is designed to provide disciplined savings option with multiple features to save for your long-term goals such as children education, marriage and for financial security.
|Entry age||0 years 30 days||55 years|
|Maturity age||18 years||65 years|
|Policy term||10 years ||25 years|
|Plan type||Regular premium|
|Premium payment frequency||Monthly|
|Premium paying term||Same as the policy term|
|Premium range (in multiples of Rs. 100)||Rs. 4,000||No limit|
|Sum assured range||Annualized basic premium*10 or |
Annualized basic premium*0.5* policy term, whichever is higher
There is an additional allocation applicable for policies purchased by staffs and the policies purchased online. Following is the additional allocation applicable.
|Policy year||% of premium|
|2nd year onwards||2.5%|
Depending on your need you can choose the investment strategy suitable for you. You can also change the strategy whenever needed.
|Fund type||Allocation in assets||Risk profile|
|Equity and equity related instruments||Debt instruments||Money market instruments|
|Bond optimiser fund||0%-25%||75%-100%||0%-20%||Low to medium|
|Corporate bond fund||-||70%-100%||0%-30%||Low to medium|
|Equity optimiser fund||60%-100%||0%-40%||0%-40%||High|
|Equity fund||80%-100%||0%-20%||0%-20%||Medium to high|
|Growth fund||40%-90%||10%-60%||0%-40%||Medium to high|
|Money market fund||-||0%-20%||80%-100%||Low|
SBI Life’s smart insure wealth plus plan is suitable for Investors looking for a dual benefit of protection and wealth creation over the long-run in a disciplined way. As the entry age starts from 0 years for investment, this plan can be opted for securing your children’s future and to meet their various life-stage financial needs.
Once all the eligibility criteria met, the investment can be done anytime. Investing in early age can maximize your market-linked returns with various flexible investment strategies available.
Surrender of policy can be done anytime during the policy term. However, if the surrender is initiated during the lock-in period, surrender benefits (discontinued policy fund minus charges if any) will be paid only on the 1st business day of the 6th policy year. If the policy is surrendered after five years of the policy, fund value as on date is paid immediately.
Smart insure wealth plus policy is not eligible for any loans.
If the life assured commits suicide within a year from date of policy commencement or from date of revival, the policy shall be void and the benefits under the plan will cease. Fund value as on date of death intimation will be paid to the beneficiary.
SBI Life’s Smart Insure Wealth Plus plan is a competent ULIP product that offers flexibility, liquidity along with inculcating disciplined savings habit. Along with insurance cover, this plan helps you achieve your financial goals by investing in various types of market instruments via a range of investment funds and strategies.
Loyalty addition of 0.3% on fund value gets added on the last day of every policy year from 11th year onwards which is applicable only for ‘in-force’ policies.
Premium redirection is an option to change the funds in which units are bought every time when you make renewal premium payment. Under SBI life’s smart insure wealth plus, this option is available under ‘smart choice strategy’. You can make unlimited free premium redirections to optimise your investment depending on your changing needs and market scenarios.
Other SBI Life ULIP Plans