SBI Life Insurance Company is a leading public sector insurer in India. With domestic value and global expertise from State Bank of India and BNP Paribas Cardif, SBI life insurance is emerging as one of the best customer-centric insurance providers in the country. The company has been awarded consistently for its contribution to the Indian insurance sector. SBI life insurance offers many types of insurance and investment product to suit diverse customer needs. There are also many products designed specifically for wealth creation.
ULIPs are a popular investment product offered by insurance companies. With the dual benefit of investment and insurance, ULIP offers the customer freedom to explore capital market along with having a protection cover. Part of the premium paid is invested in market instruments in various combination to maximise wealth. Risk cover is also provided during the policy term to secure the family’s financial needs.
SBI life’s smart wealth builder is a non-participating unit linked insurance plan. This plan gives seven fund option to invest in according to your investment needs and risk profile. There is a five year lock-in period to the policy within which withdrawal and survival benefits are not given. This product helps you attain both investment and insurance needs.
|Entry age||7 years||60 years for regular and limited pay plans |
65 years for the single premium plan
|Maturity age||-||70 years|
|Policy Term |
|Plan type||Regular premium/Limited premium/single premium|
|Premium payment term |
One-time payment at the time of purchasing the policy
5 years – 10 years
Same as the policy term
|Premium payment frequency||Single or yearly|
Premium range depending on the plan type
|Plan type||Premium range (in Rs.)|
Sum assured range depending on the plan type and age of the policyholder
|Age||Sum assured range (in Rs.)|
|Single premium||Limited premium||Regular premium|
|< 45 years||1.25* SP||3* SP||(10*AP) or (0.50 * term*AP), whichever is higher||15*AP||(10*AP) or (0.50 * term*AP), whichever is higher||20 * AP|
|≥ 45 years||1.1 * SP||1.25*SP||(7* AP) or (0.25 * term*AP), whoever is higher||15*AP||(7* AP) or (0.25 * term*AP), whoever is higher||20 * AP|
Please note : ‘AP’ is annualized premium and ‘SP’ is single premium
|Fund options||Asset allocation||Risk Profile|
|Equity & equity related investments||Debt instruments||Money market instruments|
|Top 300 fund||60%-100%||-||0%-40%||High|
|Equity optimiser fund||60%-100%||0%-40%||0%-40%||High|
|Growth fund||40%-90%||10%-60%||0%-40%||Medium to high|
|Bond fund||-||60%-100%||0%-40%||Low to medium|
|Money market fund||-||0%-20%||80%-100%||Low|
Investors looking for investments that can offer financial securities to the family during eventualities along with greater opportunities to maximise their savings can consider SBI life’s Smart Wealth Builder plan. As the plan offers a diverse range of fund options to invest in, this tax-efficient plan is suitable for investors looking for diversification of the portfolio.
Investment into SBI life’s smart wealth builder plan can be made any time after meeting the eligibility criteria. As it is a ULIP product, many fund options are available for investment. Fund choice can be made based on goals and market condition. Staying invested for long can maximize your market-linked returns.
There are two scenarios in this case
The plan can be surrendered anytime during the policy term. However, if you surrender within the lock-in period of first five years of the policy, fund value as on date will be transferred to ‘discontinued policy fund’ after deducting discontinuance charges and the policy benefits will cease. Surrender benefits will be paid only on the first business day of the 6th policy year. If you surrender the policy after five years, surrender value or the fund value as on date will be paid immediately.
There is no loan facility for this plan.
If the life assured commits suicide within a year from date of commencement of policy or from date of policy revival, the policy shall be void. Fund value as on date of death intimation will be paid to nominee/beneficiary.
SBI Life’s Smart Wealth Builder plan is a long-term investment cum insurance product that offers transparency, flexibility and goal-based investing opportunity to meet your long-term financial goals. Triple benefit of protection, investment and tax efficiency of the product makes it a one-stop solution for long-term investors.
Here are the charges apply depending on the plan type
|Policy year||Regular premium||Limited premium||Single premium|
|5 year||8 year||10 year|
The NAV or net asset value in SBI Life’s Smart Wealth Builder ULIP plan is a total value of its holdings after deducting all the expenses. Here is how NAV is computed in SBI life’s smart wealth builder plan.
NAV = (market value of investments held by particular fund + value of current assets – the value of current liabilities, if any)/ number of units in the fund on the valuation date
Free look period in SBI Life’s Smart Wealth Builder plan is an initial time given to the policy purchaser to review the policy terms and conditions and then decide whether to keep the policy or not. After purchasing the policy, if you are not satisfied with the policy conditions you can cancel without any charges within the free look period given. However, it’s important to state the reason for cancellation. Free look period for SBI life’s smart wealth builder plan lasts for 15 days (policies purchased through channels other than distance marketing) and 30 days for policies bought through distance marketing channels.
Other SBI Life ULIP Plans