SBI Life - Smart Wealth Builder Plan

SBI Life - Smart Wealth Builder Plan is an insurance cum savings plan offered by SBI Life Insurance. With this plan, you can meet both your insurance and financial needs. Under this plan, you can get the following benefits:

• Maturity Benefit: Upon reaching policy maturity date, Fund Value will be paid as maturity benefit.
• Death Benefit: Sum Assured or Fund Value, whichever is higher is paid as death benefit. It can’t be less than 105% of total premiums paid till date of death.
• Investment options: You have the flexibility to choose between 7 different Fund options to invest your funds in.
• Tax Benefits: Get tax deductions on premiums paid, maturity proceeds, and death benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Eligibility - Who is the SBI Life - Smart Wealth Builder Plan for?

Listed below are the eligibility factors you must meet to purchase SBI Life - Smart Wealth Builder Plan:

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

Listed below are the required Policy Term, PPT, Premium and Sum Assured for SBI Life - Smart Wealth Builder Plan:

• Sum Assured:

• Premium amount:

Plan Coverage - What the SBI Life - Smart Wealth Builder Plan covers?

This is how SBI Life - Smart Wealth Builder Plan works:

Choose the Life Cover amount, policy term, and premium payment frequency. Based on age and the other chosen parameters, the premium and Sum Assured will be determined. Under this plan, you can get the following benefits:

• Maturity Benefit: Upon reaching policy maturity date, Fund Value will be paid as maturity benefit. Fund Value is the total value of units hold across all unit-linked funds.
• Death Benefit: Higher of the Fund Value or Sum Assured is paid as death benefit, subject to a minimum of 105% of total basic premiums paid till the date of death.
• Investment options: You have the flexibility to choose between 7 different Fund options to invest your funds in:

  Fund name	Investment objectives	Asset Category	Asset Allocation Range	Risk profile
  Equity Fund	High equity exposure with higher returns in long term	Equity Debt instruments Money Market instruments	Equity: 80-100% Debt instruments: 0-20% Money Market instruments: 0-20%	High
  Top 300 Fund	Long-term capital returns by investing stocks of top 300 companies	Equity Cash and money market instruments	Equity: 60-100% Cash and money market instruments: 0-40%	High
  Equity Optimiser Fund	High equity exposure with higher returns through long-term capital gains	Equity Debt instruments Money Market instruments	Equity: 60-100% Debt instruments: 0-40% Money Market instruments: 0-40%	High
  Growth Fund	Long-term capital gains through investment in equity, debt instruments, and money market instruments	Equity Debt instruments Money Market instruments	Equity: 40-90% Debt instruments: 10-60% Money Market instruments: 0-40%	Medium to High
  Balanced Fund	Income through investment in equities and fixed income securities in order to maintain a balance between return and safety	Equity Debt instruments Money Market instruments	Equity: 40-60% Debt instruments: 20-60% Money Market instruments: 0-40%	Medium
  Bond Fund	Relatively safe and less volatile investment through debt instruments and income through investment in fixed income securities	Debt instruments Money Market instruments	Debt instruments: 60-100% Money Market instruments: 0-40%	Low to Medium
  Money Market Fund	Invest funds in liquid and safe instruments to market risk	Debt instruments Money Market instruments	Debt instruments: 0-20% Money Market instruments: 80-100%	Low
  Discontinued Policy Fund	Relatively less volatile investment return through debt instruments and income through invest in fixed interest securities and liquid investments	Money Market instruments Government Securities	Money Market instruments: 0-40% Government Securities: 60-100%	Low

• Flexibility: You can increase or decrease the Sum Assured from the 6th policy year onwards. No Premium Allocation charge from 11th policy year onwards. No Policy Administration fees for first 5 policy years for Regular and Limited Premium policies. From 2nd policy year onwards, premium redirection is allowed free of charge. Partial withdrawals are allowed from 6th policy year onwards or after reaching 18 years of age, whichever is later.
• Guaranteed additions: For a regular premium policy with a 30 year policy term, you can get up to 125% of 1 annual regular premium as a guaranteed addition. Guaranteed additions start from 10th policy year onwards.

Charges

Listed below are the various charges applicable for SBI Life - Smart Wealth Builder Plan:

• Mortality Charge: On the first working day of each policy month, mortality charge will be deducted from Fund Value. The charge is determined based on your age and Sum at Risk at the time of deduction.
• Switching Charge: Rs.100 is levied for each additional switch after 2 free switches in one policy year.
• Partial Withdrawal Charge: Rs.100 is levied for each additional partial withdrawal after 1 free partial withdrawal in the same policy year.
• Miscellaneous Charges: Rs.100 will be levied for issuance of duplicate copy of yearly fund statement.
• Discontinuance Charge:

• Policy Administration Charge: It is subjected to a maximum of Rs.200 per month.

• Fund Management Charges:

  Fund Name	Fund Management Charges
  Equity Fund	1.35% p.a.
  Top 300 Fund	1.35% p.a.
  Equity Optimiser Fund	1.35% p.a.
  Growth Fund	1.35% p.a.
  Balanced Fund	1.25% p.a.
  Bond Fund	1.00% p.a.
  Money Market Fund	0.25% p.a.
  Discontinued Policy Fund	0.50% p.a.

• Premium Allocation Charge:

Exclusions - What the SBI Life - Smart Wealth Builder Plan doesn’t cover?

SBI Life - Smart Wealth Builder Plan doesn't cover death caused by suicide within 1 year from policy commencement or revival date. In such a case, the Fund Value as on the date of death is paid to the claimant while all other benefits under the policy ceases. Any charges levied after the date of death shall be refunded to the claimant or nominee along with the death benefit.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Listed below are other important features of SBI Life - Smart Wealth Builder Plan:

Free Look Period	After receiving the policy document, you have 15 days to review the terms and conditions of the policy. If you find the terms and conditions objectionable then you can return the policy and claim refund. The refund amount will be paid after some deductions. For policies purchased through distance marketing, you have 30 days to review the terms and conditions.
Grace Period	If you fail to pay premium within the due date, you are given a grace period of 30 days to pay the premium without interest. If the premium is not paid within the grace period, then the policy will lapse.
Switching option	You have the option to change the allocation of investments among the 7 funds options offered to suit your changing investment needs at any time. You can make up to 2 switches free of charge per policy year. Minimum switch amount is Rs.5,000. Additional switches will have a switching charge of Rs.100.
Discontinuance of Premium	You can revive the policy within a period of 2 years. Meanwhile, the policy will attain Reduced Paid-Up status. The company will send a notice within 15 days from the end of grace period. You will have a period of 30 days to revert to the company. During this period, your life cover will continue, funds will be invested, and charges will be deducted. If the company doesn't receive any response from you, the policy will be treated as Complete Withdrawal or Surrender.
Revival	Policy can be revived within 2 years from the date of discontinuance. The Discontinued Policy Fund will be dissolved and the discontinuance charge will be refunded. The resultant funds will be reallocated to the previously chosen investment funds.
Surrender	If the policy is surrendered any time before the completion of the 5 policy year, then the Fund Value will be transferred to the Discontinued Policy Fund after discontinuance charge is deducted. The fund will earn a minimum guaranteed interest rate of 4% p.a. Fund Management Charge of the Discontinued Policy Fund will be deducted. Life Cover is not payable. Fund Value will be paid on the 1st working day of the 6th policy year. Policy will cease after Fund Value is paid. If the policy is surrendered after the completion of 5th policy year, then the Fund Value will be paid immediately.

 

Tax Benefits – How you can save with the SBI Life - Smart Wealth Builder Plan?

Under SBI Life - Smart Wealth Builder Plan, you can get tax benefits on the following:

• Premiums paid under Section 80C of the Income Tax Act, 1961. Tax deduction is subjected to a maximum of up to 10 times the Sum Assured.
• Maturity proceeds under Section 10(10D) of the Income Tax Act, 1961. Tax deduction is subjected to a maximum of up to 10 times the Sum Assured. Death benefits are completely tax free.

Other Benefits – How you can save with the SBI Life - Smart Wealth Builder Plan?

Listed below are other benefits of buying insurance plans from SBI Life Insurance:

• Insurance Advisor: You can request for a SBI insurance advisor to help you in choosing the right insurance plan to best suits your needs. Fill up an online request form on the company website. An insurance advisor will call and visit you at your convenience.
• Premium calculator: With the online premium calculator available on the company website, you can calculate how much premium you need to pay for your insurance policy.
• Claims: You can make your claim through the following channels:
  • Online claim
  • Visit the nearest SBI Life branch
  • Email SBI Life at claims@sbilife.co.in
  • Mail the duly filled claim form along with the supporting documents to SBI Life Insurance Co. Ltd, 8th Level, Seawoods Grand Central, Tower 2, Sector 40, Plot No.R-1, Seawoods, Nerul Node, Navi Mumbai- 400706
• Premium payment channels: Premium payments can made through the following channels:
  • Cash deposit at SBI Life branch
  • Cheque by post or courier
  • National Automated Clearing House
  • Direct debit
  • Auto-Debit Arrangement
  • State Bank Group ATMs
  • VISA pay
  • Online payment on SBI Life website
  • Point of Sales (POS) terminals at select SBI Life branches
  • Easy Access Mobile App
  • E-wallets
• Online application: You can apply and purchase insurance plans online through the SBI Life website.
• Policy alerts: You can get policy alerts via SMS on your registered mobile number.

Why should you buy SBI Life - Smart Wealth Builder Plan from SBI Life Insurance?

• In 2015, SBI Life Insurance won the 'Most Trusted Brands 2015' by The Economic Times.
• From traditional insurance term plan to ULIP and annuity plan, SBI Life Insurance boasts a range of insurance products.
• SBI Life manages an authorised capital of Rs.2,000 crores and a paid up capital of Rs.1,000 crores.
• The Claim Settlement Ratio of SBI Life Insurance was 95.8% in FY15-16.