SBI Life-eWealth Plus

What is SBI Life-eWealth Plus?

SBI Life-eWealth Plus is a Unit Linked Insurance Product (ULIP) that provides the dual benefits of Life Insurance Cover and Market Linked Returns. The plan is particularly suitable for those who wish to avail market-linked returns without the hassle of constantly tracking fund performance, thanks to the feature of Automatic Asset Allocation (AAA).

The AAA feature enhances the upside potential during the initial policy years by taking a higher exposure to equity and gradually lowers the downside potential as the policy approaches maturity by increasing exposure to less-risky instruments like debt or money market instruments. Alternatively, policyholders have the liberty to select their own choice of funds and investment proportion.

Features of SBI Life-eWealth Plus

The SBI Life-eWealth Plus investment plan offers various features, like: 

• Twin Benefits: Provides both life insurance cover and market-linked Returns.
• Investment Strategy Choices: Offers a choice of two Investment Strategies: Growth Strategy (based on overall exposure to Equity, Debt, and Money Market instruments) and Active Strategy (allowing investment across twelve fund options as per risk appetite).
• Hassle-Free Management: Includes the automatic asset allocation feature under the growth strategy for simplified investment management.
• Low Entry Premium: Premiums start as low as ₹3,000 per month.
• Zero Premium Allocation Charges: There are no premium allocation charges, which helps maximise the fund value.
• Online Buying Process: The plan can be purchased through an easy and simple 3 step online process.
• Liquidity: Liquidity is available through Partial Withdrawals starting from the sixth policy year onwards

Eligibility Criteria for SBI Life-eWealth Plus

If the life assured is a minor, the policy term must be chosen appropriately so that the life assured is at least 18 years of age (last birthday) on the maturity date.

Benefits of SBI Life-eWealth Plus

SBI Life – eWealth Plus, an important product of SBI Life ULIP Plans, which offers several benefits.

1. Death Benefit

   In the unfortunate event of the death of the life assured while the policy is in-force, the highest of the following three amounts is payable as a lump sum:

   • Fund Value as on the date of intimation of death claim to the company.
   • Sum Assured less applicable partial withdrawal. Applicable Partial Withdrawals include any partial withdrawals made in the last two years immediately preceding the death.
   • 105% of Total Premiums Paid up to the date of death.

2. Maturity Benefit

   Upon the survival of the life assured up to the date of maturity, provided the policy is in-force, the fund value as on the date of maturity shall be payable in a lump sum.

Additional Details of SBI Life-eWealth Plus

• Grace Period: A grace period of 30 days is provided for the payment of yearly premiums, and 15 days is allowed for monthly premiums. During the grace period, the policy remains in force, applicable charges continue to be deducted, and the full death benefit is paid if the life assured dies during this time.
• Revival Period: A revival period of 3 consecutive complete years is offered, starting from the date of the first unpaid premium, during which the policy can be revived by paying all due premiums. If the policy is revived during the lock-in period, previously deducted discontinuance charges are added back to the dis-invested fund, and the original risk cover is restored. If revived after the lock-in period, due premiums are invested, and the original risk cover is restored.
• Free Look Period: Policyholders have a 30-day free look period starting from the date of receiving the policy document to review the terms and conditions. If the policy is returned during this period, the refund calculation includes the Fund Value plus deducted charges (Policy Administration and Mortality Charges, etc.), minus proportionate Mortality Charges, medical expenses, and stamp duty.
• Surrender: The policy can be surrendered at any time, but once surrendered, it cannot be revived.
  • If surrendered during the first 5 policy years (lock-in period), the Fund Value (after Discontinuance Charge) is transferred to the Discontinued Policy Fund, earning a minimum guaranteed interest rate of 4% p.a. The Surrender Value is payable only on the first working day of the 6th policy year.
  • If surrendered after the completion of the 5th policy year, the Fund Value is paid, and the policy terminates.
• Fund Switching: This facility is available only for policies under the Active Strategy. Policyholders are allowed 2 free switches per policy year. A charge of ₹100 applies for every switch beyond the free limit in the same policy year. Unused free switches cannot be carried forward to the next policy year.

Exclusions Under SBI Life-eWealth Plus

If the life assured dies due to suicide within 12 months from the date of commencement or revival of the policy, the nominee or beneficiary will be entitled only to the fund value available on the date the death is intimated. Any charges recovered other than the fund management charge (FMC) subsequent to the date of death are added back to the fund value.