• SBI Life - Kalyan ULIP Plus Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    SBI Life Insurance is a first-rate insurance company that gives laudable insurance plans for a variety of purposes. Each plan issued by the company is designed after apt research. The SBI Life - Kalyan ULIP Plus Plan is created exclusively for groups with employers and employees. This can include state governments, employers, PSUs, financial institutions, central government, or other groups. These groups can have SBI Life Insurance handle their members’ leave encashment, gratuity, and superannuation benefit schemes.

    This plan is a unit-linked plan that is non-participating in nature. This plan offers advantages not just to the actual policyholder but also to every group member. It comes with a Systematic Transfer Option (STO) that uses the rupee-cost-averaging method. This will help you avoid risks in a fluctuating market and what’s more, you do not have to pay any additional fee to choose this method.

    Eligibility – Who is the SBI Life Kalyan ULIP Plus Plan for?

    This plan is for any group that wants to provide protection to its members along with growth options for their funds. This plan will safeguard the lives of all employees in a company. It can be used to motivate and inspire your employees. Let us take a look at the eligibility criteria for this plan:

    Minimum entry age 18 years
    Maximum entry age 79 years
    Minimum maturity age Not applicable
    Maximum maturity age 80 years
    Minimum group size 10 members (For approved Fund, there is no limit.)
    Maximum group size There is no limit.

    Sum Assured and Premium Range – What you get and what it costs?

    The SBI Life - Kalyan ULIP Plus Plan enables you to make investments in a unique method. You can choose any of the risk profiles offered by the company and then invest your cash the way you want! The plan provides you with a great sum assured when the insured event occurs. When the policyholder dies, the nominee will be given a sum assured. When you choose a gratuity or a leave encashment scheme, you will have to take insurance cover mandatorily. The premiums for this plan are reasonably priced. The master policyholder of this plan will have to pay the premiums. Let us take a look at this table for the sum assured and premium range details:

    Minimum premium at the beginning Rs.50,000
    Maximum premium at the beginning There is no limit.
    Minimum successive premium installment amount Rs.5,000 for each installment
    Maximum successive premium installment amount There is no limit.
    Minimum policy period 1 year
    Maximum policy period There is no limit.

    Premiums vary based on age, location, plan term and other factors.

    Plan Coverage – What the SBI Life - Kalyan ULIP Plus Plan covers?

    This plan is a group ULIP facility that will help your group meet its requirements. You can enjoy three types of benefits with this plan. You can switch your money between the several types of funds. When you are reinvesting, you will have to put in at least 5% of the amount in all the funds that you have selected. If you have chosen superannuation schemes, you will not be allowed to switch or redirect. Let us get a clear idea about what the SBI Life - Kalyan ULIP Plus Plan covers:

    Type of benefit Features of the benefit
    Defined Contribution (DC) scheme This is one of the schemes that is offered by this plan. You can choose it if you want.
    Defined Benefit (DB) scheme This is one of the schemes that is offered by this plan. You can choose it if you want.
    Hybrid scheme – a blend of DB and DC Scheme This is one of the schemes that is offered by this plan. You can choose it if you want.
    Insurance benefit When the policyholder dies, the member sum assured will be given. This will be received by the nominee who has been selected by the policyholder.
    Scheme benefit According to the scheme that you choose, you will receive benefits when any of these events occur. The events include retirement, death, withdrawal, resignation, or when any of the members leave the group. All these benefits will be paid from the fund account belonging to the policyholder.

    Exclusions – What the SBI Life - Kalyan ULIP Plus Plan doesn’t cover?

    Most insurance plans come with certain exclusions. Under the SBI Life - Kalyan ULIP Plus Plan, no exclusions will not be applied.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    The SBI Life - Kalyan ULIP Plus Plan extends a plethora of significant benefits to every policyholder. Let us take a look at the other chief features of this plan:

    Free-look period This plan comes with a free-look period during which you can give back your policy if you are not interested in it. You will need to give a valid reason while returning it.
    Surrender value When you surrender your DB scheme, 25% of the number of every unit will be settled after every 15 days and sent to the policyholder.
    Grace period You will get a grace period with this plan. During this period, you can pay your premiums in case you have missed your premium payment deadlines previously. If your premium paying policy is regular, you will get a grace period of 30 days. If you have selected a monthly mode, your grace period will be 15 days.
    Nomination You can nominate another individual to obtain your policy benefits on your behalf.
    Assignment This refers to transfer of interest in a legal way. You can go for an absolute or a conditional assignment.
    Switching You can cancel any unit fund and reinvest in any other fund plan. This facility is known as switching.

    Tax Benefits – How you can save with the SBI Life - Kalyan ULIP Plus Plan?

    When you take the SBI Life - Kalyan ULIP Plus Plan, you will receive tax benefits as per the principles administered by the Income Tax Act, 1961 under section 80C and section 10(10D).

    Other Benefits – How you can save with the SBI Life - Kalyan ULIP Plus Plan?

    Let us discuss the other benefits of this plan:

    • You can make use of the premium calculator that will give you a clear idea about the premiums that you need to pay for a specific policy period.
    • You can use the child education planner feature available on the company’s website.
    • You can utilise the retirement planner feature to have a peaceful and financially secure life after you retire from your job.
    • You can use the tax calculator given on the company’s site to plan your taxes efficiently so that you can get good tax deductions and exemptions.

    Why should you buy the Kalyan ULIP Plus Plan from SBI Life Insurance?

    SBI Life Insurance has achieved great milestones through their steadfast work for numerous years. Some of the chief accolades include Bancassurance Leader Life Insurance (Large Category), Marketing Campaign of the Year’ award, TISS Leapvault CLO Award 2015 for Best Program for Sales Enablement, and lots more. The company is extremely committed to being a leader in the insurance industry. They have initiated insurance awareness programmes to give the right information about insurance to the masses. When you purchase the Kalyan ULIP Plus Plan from SBI Life Insurance, you can enjoy top-class investment counselling, legal advice, claims procedure assistance, etc.

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