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
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
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
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
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
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
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
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