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SBI Life Insurance ULIP Plans

ULIP or Unit Linked Insurance Plans double as investment ventures. These insurance plans are market linked, with the option to choose the degree of risk involved. The policyholder bears all the risk of the investment.

Benefits of SBI Life ULIP Plans:

SBI Life ULIP plans offer a host of benefits to the policyholders. A single premium can buy the protection of a policyholder’s entire family. Various riders ensure that the policyholder is covered no matter what the circumstances. Some of the benefits are detailed below:

  • SBI Life Insurance ULIP Plans offer a wide variety of fund options such as Pure Fund and Midcap Fund for better management of your investments.
  • All policies afford a death benefit to the policyholder’s family. Thus, a policyholder can enjoy peace of mind knowing that his/her family will be financially secure even in their absence.
  • ULIP Plans also offer maturity benefit to the policyholders. Thus the money can be enjoyed by both the policyholder and/or their loved ones.
  • ULIP Plans often have in-built special benefits in cases of accidental death or disability, thus, providing for additional security.
  • ULIP Plans allow policyholders to claim tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961 on the premium paid for purchasing the insurance plan and on the maturity benefit.

List of ULIP Plans Provided By SBI Life:

SBI Life - Smart Privilege:

Smart Privilege Plan comes with the flexibility of having 8 diverse funds to switch between re-direct premiums to. The plan also allows for loyalty additions that adds to the fund value. It doesn’t levy any administration fee either.

Benefits and Features of SBI Life - Smart Champ Insurance Plan:

  • Premiums can be paid throughout the term of the policy or for a selected period of time or as a Single Payment, as per the convenience of the policyholder.
  • The policy allows to choose between 8 different Funds. Policyholders can invest in a wide range of funds including Pure Fund and Midcap Fund.
  • The plan helps policyholders boost their fund value by:
    • Not adding any Policy Administration Charges throughout the term of the policy.
    • Not adding any Premium Allocation Charges from the 6th years onwards.
    • Loyalty Additions that start from 6th policy year onwards for policies still in force.
  • The policy lets policyholders switch as many times as they want to help their changing financial needs and priorities.
  • The plan allows policyholders draw liquidity by Partial Withdrawals from 6th year of the policy.
  • The various benefits associated with this plan are:
    • Maturity Benefit: The Fund Value is paid on completion of the term of the policy.
    • Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
    • Tax Benefits: Income Tax benefits as per the Income Tax Act are also available under Section 80 C.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Privilege Plan
  • Minimum: 8 years for Regular/Limited Premiums and 13 years for Single Premiums.
  • Maximum 55 years.
  • Minimum: 18 years.
  • Maximum: 70 years.
Single Premium: Minimum Rs.600,00, maximum no limit. Regular/Limited Premiums: Minimum of yearly Rs.6 lakh or monthly Rs.50,000, no maximum limit.

SBI Life - Smart Wealth Builder:

As the name suggests Smart Wealth Builder plan aims to build funds for the policyholders to cover both investment and insurance needs.

Benefits and Features of SBI Life - Smart Wealth Builder Plan:

  • The plan offers additions that are guaranteed. Up to 125% of an annual premium on a regular premium policy is payable, if the Policy is in force till the date of maturity.
  • These additions start as early as from the 10th year onwards.
  • Policy Administration fees is not applicable for first 5 years on Regular and Limited Premium Paying Term (LPPT) plans, thus increasing fund value.
  • Premium Allocation Charge is also waived from the 11th policy year onwards.
  • The policy offers 7 different fund options, ensuring policyholders get greater investment opportunity.
  • The plan gives the policyholder a coverage on their lives, offering a minimum amount of Sum Assured depending on their age.
  • This insurance product is quite flexible with options to increase or decrease the Sum Assured from 6th year onwards.
  • Benefits:
    • Maturity Benefit: The Fund Value is paid on completion of the term of the policy.
    • Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
    • Tax Benefits:
      • Tax deduction is available under Section 80C. However, if the premium amount paid during a financial year is more than 10% of the Sum Assured, the benefit shall be limited up to the 10% of the Sum Assured only.
      • At the time of maturity or surrender, tax exemption is available under Section 10(10D), if the premium did not exceed 10% of the sum assured in any year during the policy term. However, proceeds from death are fully exempt.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Wealth Builder
  • Minimum 7 years
  • Maximum: 65 years for SP and 60 years for RP/LP
Maximum 70 years
  • Minimum RP (annual): Rs.30,000
  • Minimum LP (annual): Rs.40,000
  • Minimum SP: Rs.65,000
  • Maximum of Rs.3 lakh for all kinds of premiums.

SBI Life - Smart Wealth Assure:

This plan is a market-linked non-participating policy. The policyholder has to pay premium only once to avail of the benefits of this plan throughout the term of the policy.

Benefits and Features of SBI Life - Smart Wealth Assure Plan:

  • The plan has option to select a combination of funds that provide Market Linked Benefits.
  • Market Linked Benefits are available via 2 funds – the Equity Fund and the Bond Fund to ensure the policyholder gets the best returns possible.
  • Policyholders need to pay the premium only once to get the benefits throughout the term of the policy.
  • Policyholders can draw liquidity via Partial Withdrawal of funds.
  • This plan also gives the option to customize the policy with Accidental Death Benefit.
  • Benefits:
    • Maturity Benefit: The Fund Value is paid on completion of the term of the policy.
    • Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
    • Accidental Death Benefit (Optional): This benefit, if opted for gives additional death benefit to the nominee if the death of the policyholder is accidental.
    • Tax Benefits: Tax deduction is available under Section 80C. However, if the premium amount paid during a financial year is more than 10% of the Sum Assured, the benefit shall be limited up to the 10% of the Sum Assured only.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Wealth Assure
  • Minimum 8 years.
  • Maximum 65 years.
Maximum 75 years.
  • Minimum Rs.50,000
  • No maximum limit.

SBI Life - Saral Maha Anand:

This is a simple unit linked insurance product that helps policyholders manage their investments depending on their appetite for risk. The policy comes with 3 fund options to choose from, along with a guaranteed 30% addition to an annual premium.

Benefits and Features of SBI Life - Saral Maha Anand Plan:

  • The joining process for this plan is simpler as it doesn’t require any health check-up.
  • The plan provides guaranteed Additions of around 30% of an annual premium, for policy terms of 20 years, if the the Policy is still in force by the end of its maturity date.
  • This product comes 3 fund options that allows policyholders to get market related returns.
  • Premium Allocation Charges are waived starting from the 11th policy year, thus increasing fund value.
  • Policyholders can access liquidity via partial withdrawals of funds.
  • The plan gives an option to the policyholder to customize it via SBI Life - Accidental Death Benefit Linked Rider.
  • Twin Benefit of Market linked returns & insurance cover.
  • Benefits:
    • Maturity Benefit: : The Fund Value is paid on completion of the term of the policy.
    • Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
    • Rider Benefits:
      • SBI Life - Accidental Death Benefit Linked Rider: This rider provides for additional benefit to the nominee on the accidental death of a policyholder.
    • Tax Benefits:
      • Tax deduction is available under Section 80C. However, if the premium amount paid during a financial year is more than 10% of the Sum Assured, the benefit shall be limited up to the 10% of the Sum Assured only.
      • At the time of maturity or surrender, tax exemption is available under Section 10(10D), if the premium did not exceed 10% of the sum assured in any year during the policy term. However, Proceeds from death are fully exempt.
Plan Name Entry Age Maturity Age Premium
SBI Life - Saral Maha Anand
  • Minimum 18 years.
  • Maximum 55 years.
Maximum 65 years. Minimum:
  • Yearly: Rs.15,000
  • Half-yearly: Rs.9,500
  • Quarterly: Rs.5,500
  • Monthly: Rs.2,000
Maximum:
  • Yearly: Rs.29,000
  • Half-yearly: Rs.14,500
  • Quarterly: Rs.7,200
  • Monthly: Rs.2,400

SBI Life - Smart Elite:

A unit-linked insurance product, that allows policyholders to pay premiums for limited period only. Premium can also be paid in a single payment, with the protection extending till the entire insurance term.

Benefits and Features of SBI Life - Smart Elite Plan:

  • Policyholders need pay premiums for only limited period of 5 years, 8 years or 10 years or as a Single Premium Payment, as per their convenience and still enjoy all benefits for the entire policy term.
  • Premium Allocation Charges are waived starting from the 6th year of the policy term, further increasing the fund value.
  • The plan offer 2 protection options: Gold and Platinum.
  • It allows the policyholder to invest in wide variety of funds, managing the funds as per their convenience.
  • This policy offer as life coverage of a minimum 10 or 7 times of an Annual Premium, depending on the age of the policyholder.
  • The plan also allows policyholder to switch between fund options and/or redirect funds, for better navigation of investments.
  • The plan comes with an option to increase or decrease the Sum Assured starting from 6th year of the policy term.
  • Accidental Death and AT&PD benefit are in-built in the policy.
  • Benefits:
    • Maturity Benefit: The Fund Value is paid on completion of the term of the policy.
    • Death Benefit:
      • For Gold Option: Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
      • For Platinum Option: The Fund Value in addition to the Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
    • In-built Benefit:
      • Accidental Death and Accidental Total and Permanent Disability (Accident Benefit): These benefits gives an additional sum over the Sum Assured to the nominee for Accidental TPD or Death of the policyholder.
    • Tax Benefits:
      • Tax deduction is available under Section 80C. However, if the premium amount paid during a financial year is more than 10% of the Sum Assured, the benefit shall be limited up to the 10% of the Sum Assured only.
      • At the time of maturity or surrender, tax exemption is available under Section 10(10D), if the premium did not exceed 10% of the sum assured in any year during the policy term. However, Proceeds from death are fully exempt.
  • Riders: No separate riders are required with this plan.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Elite
  • Minimum 18 years.
  • Maximum 60 years.
Maximum 65 years. Minimum LP:
  • Yearly: Rs.1.5 lakh
  • Half-yearly: Rs.75,000
  • Quarterly: Rs.37,500
  • Monthly: Rs.12,500
Minimum SP: Rs.2 lakh Maximum LP and SP: No limit.

SBI Life - Smart Power Insurance:

The Smart Power Insurance plan offers 2 options to policyholders. The first offers a specific sum assured while the other offers a plan where the sum assured keeps increasing at regular intervals. Being a ULIP, the maturity benefit of this plan is the fund value when the policy matures but the death benefit can either be 105% of the premiums or the fund value.

Benefits and Features of SBI Life - Smart Power Insurance Plan:

  • This plan comes with 2 options:
    • Level Cover Option - The chosen Sum Assured at the beginning of the policy remains same throughout the entire term of the policy.
    • Increasing Cover Option - The Sum Assured keeps increases by 10% from 6th year onwards at every 5 year interval.
  • The plan provides for 2 Fund options:
    • Trigger Fund Option - Provides the benefit of “Buying Low and Selling High”.
    • Smart Funds Option - Provides the choice between 7 different funds.
  • This plan is quite flexible allowing for 2 switches free per policy year.
  • Policyholders can access liquidity via Partial Withdrawals.
  • Benefits:
    • Maturity Benefit: The Fund Value is paid on completion of the term of the policy.
    • Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
    • In-built Accelerated Total and Permanent Disability (TPD) Benefit: In case of TPD due to Accident or Sickness, 100% of the Death Benefit is paid immediately.
    • Tax Benefits:
      • Tax deduction is available under Section 80C. However, if the premium amount paid during a financial year is more than 10% of the Sum Assured, the benefit shall be limited up to the 10% of the Sum Assured only.
      • At the time of maturity or surrender, tax exemption is available under Section 10(10D), if the premium did not exceed 10% of the sum assured in any year during the policy term. However, Proceeds from death are fully exempt.
  • Riders: No separate riders available.
Plan Name Entry Age Maturity Age Premium
SBI Life - Smart Power Insurance
  • Minimum 18 years.
  • Maximum 45 years.
Maximum 65 years.
  • Yearly: Minimum Rs.15,000
  • Half-yearly: Minimum Rs.9,500
  • Quarterly: Minimum Rs.5,500
  • Monthly: Minimum Rs.2,000
No maximum limit.

SBI Life - eWealth Insurance:

This is a non-participating linked insurance plan purchasable online. The plan is designed to provide both insurance cover and wealth growth. This plan comes with Automatic Asset Allocation or AAA feature that invests the premium in equities in the initial years, slowly shifting to debt and money market. Thus, effectively lessening risks and producing greater returns.

Benefits and Features of SBI Life - eWealth Insurance Plan:

  • This policy provides for hassle free investment with the facility of Automatic Asset Allocation.
  • The plan comes with 2 options to choose from - Balanced and Growth.
  • Premiums can start from as low as Rs.10,000 annually or Rs.1,000 monthly.
  • Premium Allocation Charges are waived.
  • This is an online plan that can be bought in 3 simple steps.
  • The product offers twin benefits of Market Linked Benefits and Life Cover.
  • Policyholders can access liquidity with Partial Withdrawal of funds starting from the 6th year onwards.
  • Benefits:
    • Maturity Benefit: The Fund Value is paid on completion of the term of the policy.
    • Death Benefit: The higher of the two - Fund Value or Sum Assured is paid. The minimum return of 105% of the total premiums paid till the date of death of the policyholder.
    • Tax benefits: As applicable as per norms of the Income Tax Act, 1961.
  • Riders: No separate riders available with this plan.
Plan Name Entry Age Maturity Age Premium
SBI Life - eWealth Insurance
  • Minimum 18 years.
  • Maximum 50 years.
Maximum 60 years.
  • Yearly: Minimum Rs.10,000, maximum Rs.1 lakh
  • Monthly: Minimum Rs.1,000, maximum Rs.10,000

Why do you need SBI Life ULIP Plans?

SBI Life ULIP plans allows policyholders to earn more than just their Sum Assured. These policies lets the policyholders control what their funds does, and allows for a number of investment fund options for the policyholders to choose from.

Instead of just life cover ULIP plans lets the Life Insured enjoy a maturity benefit. These plans offer a lot of flexibility in terms of Sum Assured, Premium Amount and Premium Payment Period, thus ensuring that everyone can afford these plans as per their convenience.