It’s a unit linked non-participating online life insurance plan which offers you the combined benefits of savings and protection. SBI Life eWealth Insurance Plan gives market linked returns through its Automatic Asset Allocation feature (AAA). The feature allows you a higher exposure to equity during the initial policy years and gradually increases it to low-risk investment options such as debt instrument and money market instruments.
You have to meet the following conditions to be eligible for SBI Life eWealth Insurance plan:
|Minimum age at entry||18 years (as on last birthday)|
|Maximum age at entry||50 years (as on last birthday)|
|Age at maturity||60 years(as on last birthday)|
Note that the age mentioned in the above table is the age as on the last birthday of the applicant.
The policy allows you to choose between two plan options – Growth & Balance Plan and Debt & Money Market instruments. The details of the sum assured and modes of payment are given below:
|Basic sum assured||10 times the annualized premium|
|Minimum policy term||10 years|
|Maximum policy term||20 years|
|Premium payment mode||Yearly and monthly|
|Premium payment term||Same as policy term|
|Premium amount (for yearly mode of payment)||
|Premium amount (for monthly mode of payment)||
If you opt for the monthly mode of payment, you will be required to pay three months premiums in advance.
The plan allows you to invest in an instrument chosen by you. It moves your assets between equity fund, bond fund, and money market fund based on the tenure of the plan. So as the plan moves closer to maturity period, your funds will be transferred from a high risk asset to low risk asset to protect your investment from market fluctuations. Given below are details of funds and coverage offered under the SBI Life eWealth Insurance plan:
|Equity fund||The main purpose of equity fund is to provide higher exposure to equities targeting greater return on investments.|
|Bond fund||The fund offers a comparatively safer and less volatile option of investment than equities. Here the returns are accumulated from investments in debt instruments and fixed income securities.|
|Money market fund||The objective of money market fund is to engage funds in liquid and safe instruments to avoid market risks for a certain period.|
|Discontinued policy fund||The purpose of this fund is to provide a less volatile investment option. It is offered through debt instruments and liquid assets. This fund will attract a guaranteed interest rate of 4% per annum.|
|Death benefit||In the event of death of the policyholder, his nominees shall receive an amount higher of 105% of the total premiums paid till date of death. The sum assured will depend on partial withdrawals made by the policyholder in the last two years preceding his/her death.|
|Maturity benefit||On survival of policyholders till end of the policy term, they shall receive a lump sum amount equal to the fund value. Alternatively, they can also choose to avail the maturity benefits as periodic installments within 5 years from the date of maturity.|
If the policyholder commits suicide within one year from the date of inception or revival, then the policy shall be termed void. In such cases, the fund value as on the date of death intimation, shall be paid to the beneficiary and it will not include the benefits offered under the plan. Charges recovered after death of the life insured shall be returned to the nominee together with fund value.
Some additional features of the SBI Life eWealth Insurance Plan are described below:
|Free-look period||If the policyholder disagrees with any of the terms and conditions mentioned in the policy contract, he/she can return the policy within 30 days from the date of policy inception.|
|Surrender value||You can surrender your policy anytime during the policy term. But once surrendered, the policy cannot be revived thereafter.
If the policy is surrendered within 5 years, then the following conditions shall apply:
|Revival||If the policy gets lapsed, it can be revived within two years from the date of first unpaid premium. While reviving a policy, the policyholder will be required to clear the outstanding premiums and the handling charges.|
|Grace period||The plan offers a grace period of 30 days for annual mode of premium payment and 15 days for the monthly mode.|
Policyholders can avail tax benefits under Section 10(10D) and Section 80C of the Income Tax Act, 1961. The tax laws are subjected to change from time-to-time and therefore, customers are advised to consult a tax advisor before purchasing the plan.
You can view the details of your SBI Life eWealth Plan online through the customer portal of SBI Life Insurance. You also have the option to renew your policy online. Payments can be made through the following channels:
|Debit Cards||MasterCard, Visa, Maestro, and RuPay cards are accepted|
|Credit Cards||MasterCard, Visa, Maestro, American Express, and Diners Club cards are accepted|
|Net Banking||You can use the Net Banking facility to make premium payments online|
|e-Wallets||Premiums can be paid through e-Wallets as well|
SBI Life Insurance was started as a joint venture with BNP Paribas in 2001 and they operate primarily in the bancassurance segment. A part of State Bank Group, SBI Life has expanded its outreach within years after commencement of operations and has built a customer base of over 100 million customers in India. The insurance company has been a recipient of some of the prestigious awards offered in the life insurance category and it also maintains a high claims settlement ratio.