SBI Life ULIP Plans

SBI Life ULIP plans are Unit Linked Insurance Plans, meaning they combine the benefits of life insurance protection with the potential for wealth creation through market-linked investments.

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13.09%
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Best ULIP Funds - Consider the best performing ULIP funds to invest in 2024 with Policybazaar. Find the list of best ULIP funds in India on the basis of Returns, Latest Nav, Fund Size and Categories

Data source : value research

Returns as on 17-05-2024. The returns are the returns of best-performing fund in the plan

Different Types of ULIP Plans Offered by SBI Life

SBI Life offers a wide range of ULIP plans to cater to the diverse needs of its customers. Here are some of the popular ULIP plans offered by SBI Life.

  1. SBI Life - eWealth Insurance

    SBI Life - eWealth Insurance is an Individual Non-Participating Unit Linked Life Insurance Product (ULIP) designed to give you dual benefits:

    • Life insurance coverage: Provides financial security for your loved ones in case of an unfortunate event.

    • Market-linked returns: Invest in equity and debt funds for the potential to grow your wealth.

    Key features of this plan:

    • Automatic Asset Allocation (AAA): Simplifies investment management by automatically adjusting your portfolio allocations between equity, debt, and money market instruments based on your chosen plan option (Growth or Balanced) and age.

    • Easy online buying: Purchase the plan in just 3 simple steps from the comfort of your home.

    • Affordable premiums: Start investing with premiums as low as Rs. 2,000 per month, with no allocation charges to maximise your investment potential.

    • Flexibility: Choose between Growth and Balanced plan options based on your risk appetite and allows you to adjust your investment strategy based on your changing needs and market conditions.

    • Liquidity: Access your funds through partial withdrawals starting from the 6th policy year.

    • Tax benefits: Enjoy potential tax benefits under Section 80C on premiums paid and Section 10(10D) on maturity payout (subject to conditions).

    • Security: Guarantees financial protection for your family in case of your demise.

    • Market-linked returns: Offers the potential to grow your wealth significantly compared to traditional insurance plans.

    • Automatic portfolio management: Removes the need for active investment management, making it suitable for all investor types.

    • Simplicity: Provides a convenient and hassle-free online buying experience.

    • Affordability: Makes market-linked investments accessible with low minimum premiums.

    Plan at Glance:

    Entry Age  5 to 50 years
    Maturity Age  Minimum: 60 years 
    Policy Term 10 to 30 years 
    Premium Payment Mode Regularly 
    Premium Payment Frequency  Yearly and Monthly 
    Premium Payment Term Same as Policy Term
    Premium Range  Yearly: ₹24,000 per annum
    Monthly: ₹2,000 per month 
  2. SBI Life - Smart InsureWealth Plus

    SBI Life - Smart InsureWealth Plus is an individual, Unit-linked, Non-Participating Life Insurance Product designed to offer financial protection and wealth creation through a combination of life insurance coverage and market-linked investments.

    Key features of this plan:

    • Pay premiums conveniently via monthly instalments for hassle-free life cover.

    • Select from 3 investment strategies to match your risk appetite and financial goals:

    • Trigger Strategy: Automatically switches asset allocation based on pre-defined market triggers.

      • Auto Asset Allocation Strategy: Maintains a pre-defined mix of equity and debt for a balanced approach.

      • Smart Choice Strategy: Gives you the freedom to choose from 9 diverse fund options to customise your investment portfolio.

    • Get back a portion of the mortality charges paid throughout the policy term on maturity.

    • Receive loyalty additions to your fund value from the 11th policy year onwards.

    • Access a portion of your accumulated funds from the 6th policy year onwards.

    • Generate a regular income stream through monthly payouts starting from the 11th year.

    • Enjoy potential tax savings on premiums paid and investment gains under applicable income tax laws.

    Plan at Glance

    Entry Age  0 to 55 years
    Maturity Age  Minimum: 18 years
    Maximum: 65 years
    Policy Term 10,15, 20 and 25 years
    Plan Type  Regular Premium 
    Premium Frequency  Monthly 
    Premium Payment Term Same as Policy Term
    Premium Amount Minimum: ₹4,000 per annum per month 

    Invest more and Get more with ULIP Plan Invest more and Get more with ULIP Plan
  3. SBI Life – Smart Wealth Builder

    SBI Life – Smart Wealth Builder is an individual, Unit-linked, Non-participating that combines life insurance coverage with investment opportunities. It caters to individuals seeking wealth creation while securing their loved ones financially in case of an unfortunate event.

    Key features of this plan:

    • Life coverage: Provides financial protection to your beneficiaries in case of your demise.

    • Guaranteed additions: Receive guaranteed additions of up to 125% of one annual regular premium at pre-defined intervals, boosting your accumulated fund value. The higher the policy term, the higher the guaranteed additions (maximum 125% available in the 30-year term).

    • Investment flexibility: Choose from 11 diverse investment funds based on your risk appetite. Switch or redirect your investments between funds to match your evolving financial goals.

    • Partial withdrawals: Access a portion of your accumulated funds starting from the 6th policy year onwards, subject to certain conditions. This feature helps address unforeseen financial needs without surrendering the policy.

    • Multiple fund options: Provides a wider range of funds compared to some other ULIPs, allowing for more tailored investment strategies.

    • Guaranteed additions: Offers an additional layer of growth on top of potential market-linked returns, enhancing your wealth accumulation potential.

    • Flexibility: Switching and redirection options give you greater control over your investments and the ability to adapt to changing market conditions.

    Plan at Glance

    Entry Age  2 to 55 years
    Maturity Age  Minimum: 18 years
    Maximum: 70 years
    Policy Term 10,15, 20 and 25 years
    Plan Type  Regular Premium / Limited Premium / Single Premium
    Premium Frequency  Plan Type Policy Terms Premium Payment Term
    Regular Premium 12 to 30 years Same as the policy term 
    Limited Premium Payment Term 12 to 14 years 7
    15 to 19 years 7/10/12
    20 to 30 years 7/10/12/15
    Single Premium 5 to 30 years One-time payment at the start of the policy 
    Premium Amount Regular Premium: ₹30,000
    Limited Premium Payment Term: ₹40,000
    Single Premium: ₹65,000

    People also read: What is ULIP

  4. SBI Life – Smart Wealth Assure

    SBI Life's Smart Wealth Assure Plan is an Individual, Unit-linked, Non Participating Life Insurance Product designed to help you achieve your long-term financial goals while providing life insurance protection.

    Key features of this plan:

    • Market-linked returns: Invest in a diverse range of funds and potentially earn market-linked returns on your premium, allowing your wealth to grow over time.

    • Life insurance cover: Enjoy peace of mind knowing that your loved ones will be financially supported in case of your unfortunate demise. The plan offers a death benefit that pays out the sum assured or the fund value, whichever is higher.

    • One-time premium payment: Pay a single premium upfront and avoid the hassle of regular premium payments.

    • Partial withdrawals: Access a portion of your invested funds whenever you need them, subject to terms and conditions. This liquidity feature provides financial support when unexpected situations arise.

    • Fund choice: Choose from a range of equity, debt, or hybrid funds aligned with your risk appetite and investment goals. Diversify your portfolio and potentially maximize your returns.

    • Accidental Death Benefit Option: Enhance your life cover by adding the optional Accidental Death Benefit Rider. This provides an additional payout in case of accidental death, offering your family extra financial security.

    Plan at Glance

    Entry Age  8 to 60 years
    Maturity Age  Maximum: 70 years
    Premium  ₹50,000 (minimum) 
    Premium Mode Single Premium 
    Policy Term  Minimum: 10 years
    Maximum: 30 years 
    Basic Sum Assured  Single Premium x 1.25

    Invest in high growth ULIP Plans Invest in high growth ULIP Plans
  5. SBI Life – Smart Privilege

    SBI Life – Smart Privilege is an Individual, Unit linked, Non-Participating designed for individuals seeking wealth creation along with life insurance protection..

    Key features of this plan:

    • Life Insurance Coverage: Provides financial security for your loved ones in case of an unfortunate event.

    • Market-Linked Returns: Invest in a range of 11 different funds to potentially grow your wealth based on market performance.

    • Loyalty Additions: Get rewarded for your long-term commitment with loyalty additions starting from the end of the 6th policy year (for in-force policies).

    • Flexible Premium Payment Options: Choose to pay premiums throughout the policy term, for a limited period, or in a single lump sum.

    • Unlimited Free Switches and Premium Redirection: Adapt your investment strategy to changing market conditions by switching between funds and redirecting premiums as needed, all without any charges.

    • Partial Withdrawals: Access a portion of your invested funds after the 6th policy year or when the life assured attains 18 years of age, whichever is later.

    Plan at Glance

    Entry Age  2 to 55 years
    Maturity Age  Minimum: 18 years
    Maximum: 70 years
    Policy Term 10,15, 20 and 25 years
    Plan Type  Regular Premium / Limited Premium / Single Premium
    Premium Frequency  Plan Type Policy Terms Premium Payment Term
    Regular Premium 10 to 30 years Same as the policy term 
    Limited Premium Payment Term 10 to 14 years Min: 5 Max: Policy Term less 1 Year
    Single Premium 5 to 30 years One-time payment at the start of the policy 
    Premium Amount Regular Premium /
    Limited Premium Payment 
    Yearly: ₹6,00,000 Half-Yearly: ₹3,00,000
    Quarterly: ₹1,50,000 Monthly: ₹50,000 
    Single Premium  ₹6,00,000
    Premium Frequency  Single / Yearly / Half-Yearly / Quarterly / Monthly

People also read: ULIP Calculator

Conclusion

SBI Life ULIP Plans stand out as a comprehensive and dynamic investment solution that combines life insurance coverage with wealth creation opportunities. The unique feature of Unit Linked Insurance Plans offered by SBI Life lies in their ability to cater to the diverse financial goals and risk appetites of investors.

SBI Life ULIP Plans - FAQ

  • What types of ULIP plans does SBI Life offer?

    SBI Life offers a variety of ULIP plans to cater to diverse needs. Some popular categories include:
    • Savings-focused: Designed for long-term goals like retirement or child's education.

    • Investment-focused: Offers higher potential returns through exposure to equity markets.

    • Protection-focused: Provides enhanced life cover with features like critical illness protection.

    • Child ULIPs: Specifically designed for child's education or future needs.

  • What are the benefits of investing in SBI Life ULIP plans?

    • Life insurance protection: Provides financial security for your family.

    • Investment potential: Grow your wealth through market-linked returns.

    • Flexibility: Choose your investment options, switch funds, and redirect premiums.

    • Tax benefits: Enjoy tax exemptions on premiums and maturity benefits under certain conditions.

  • What are some key features of SBI Life ULIP plans?

    • Multiple fund options: Invest in a range of equity and debt funds based on your risk appetite.

    • Unlimited free switches: Easily switch between funds to adapt to market trends.

    • Partial withdrawals: Access a portion of your invested funds after a certain period.

    • Loyalty additions: Receive bonus units after a certain policy year (in specific plans).

  • How do I choose the right SBI Life ULIP plan?

    Consider your financial goals, risk tolerance, investment horizon, and premium budget. Analyze different plans, compare features, and consult a financial advisor for personalized guidance.
  • How to pay premium? What are the modes of payment available?

    There are 10 modes to pay your SBI Life Insurance premium namely:
    • Direct Remittance At Sbi Life Branch By Post Or Courier
    • Electronic Clearing Service (ECS) – Mandate
    • Direct Debit
    • Standing Instruction On Your Credit Card
    • Online Payments
      • Through State Bank Group Atms
      • Payment Through Visa Bill Pay.Com
      • Online Payment Of Premium Through Sbi Life Website
    • Si-Eft For State Bank And Associate Banks’ Account Holders
    • Payment Through Point Of Sales (Pos) Terminals At Select Sbi Life Branches
    • Payment Through Easy Access Mobile Application
    • Pay Premium In Cash At Authorized Collection Centers
    • Nach (National Automated Clearing House)

    NACH is a newly launched service that works on the same principle as that of ECS, which requires filling in a form and getting registered before availing this facility.

  • How can I check policy status for SBI Life ULIP plans?

    For checking your policy status online, login to e-portal . You need to enter customer ID, date of Birth and policy number. The details of the policy along with the status is displayed on the next screen.
  • What is the policy renewal process for SBI Life ULIP plans?

    Renewal of policy can be done by the following modes:
    • Online
    • Through SMS
    • Through SBI Brach
    • By Cash

    For renewal process, after login into your account, click on the ‘Renew Policy’ tab to proceed with premium payment.

    Alternatively, you can renew the process by using the kiosk in the SBI ATM and select the option for renewal process.

  • What is the company’s process to settle claim for SBI Life ULIP plans?

    The procedure for settling claim through SBI life Insurance requires intimating the nearest branch by submitting the list of documents as specified in the website. After the documents are verified, the claim is settled as soon as possible. In case one requires additional help or further clarifications, one can write to claims@sbilife[dot]co[dot]in
  • What is the policy cancellation process for SBI Life ULIP plans?

    The policy cancellation process requires you to submit a duly filled surrender form along with relevant documents in the nearest SBI branch in your city. Upon receiving and verifying the documents, the policy is deemed cancelled as per bank accounts record. The premium refund is calculated on NAV value prevailing at the current market rate, if you submit the policy before 3:00 PM , else next day’s NAV value is applicable.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^The tax benefits under Section 80C allow a deduction of up to ?1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ?2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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