SBI Life- eWealth Insurance Plan
It is a non-participating unit linked insurance plan that offers dual benefits of wealth creation and life insurance cover. SBI Life eWealth Insurance Plan allows you to avail hassle-free market linked returns through its Automatic Asset Allocation feature.
Under this product, you can choose from two plan options – Growth Plan and Balanced Plan. Through Automatic Asset Allocation feature or AAAP, your premium amount is the plan that you pick. This feature helps you invest in high risk equity instruments in the initial years of the policy to ensure maximum market linked returns and gradually move towards lower-risk debt or money market instruments to protect your investments from short-term fluctuations.
Key Highlights of SBI Life eWealth Insurance
- The policy offers life coverage as well as a chance to grow your wealth at an impressive rate
- You can choose from the Balanced plan or the Growth plan, depending upon what kind of growth you desire and your risk appetite.
- You are insured for a period of 10-20 years
- The premium payment term and policy duration term are the same. Suppose that your policy term is 20 years, then your premium payment term will also be 20 years.
- You can choose to pay-off the policy premium either monthly or annually. For monthly payments, the minimum amount that you can pay is Rs. 1000 and maximum limit is Rs. 10,000. For yearly payments, you can pay a sum of Rs. 10,000 minimum and Rs.1 lakh maximum.
- It provides easy wealth management with Automatic Asset Allocation.
- There are no allocation charges on the payment of the premium amount.
- You can withdraw partial amounts from the sixth year of the policy.
- The sum assured is similar to the maturity value of the policy funds or the actual amount assured (whichever is higher).
Advantages of SBI Life eWealth Insurance
- Security - In case of any eventualities, your family is financially secured. There is automatic adjustment of your funds based on the market fluctuations.
- Flexibility - As per your risk appetite, you can choose the plan option you want to invest in.
- Simplicity - You can easily purchase the policy online in a hassle-free manner.
- Affordability - You can avail market-linked returns without any allocation charges and pay-off the premium amount starting from Rs. 1,000 per month.
- Liquidity - The plan offers you mobility to withdraw partial amounts to meet any unforeseen expenses.
Benefits of SBI Life eWealth Insurance
- Maturity Benefit - If your policy is in force, then you will get the fund value once the policy term has been completed.
- Death Benefit - For every policy in force, either the fund value or sum assured (whichever is higher) is paid, and 105% of minimum premium amount is recompensed on the intimation of death of the policy holder.
- Tax Benefits - The policy offers tax saving benefits to the policyholder as per the Indian Income Tax Act, 1961. These benefits vary from time to time and are subjected to policy terms and conditions. It’s advisable that you consult with your tax advisor for further details.
Note - ULIP products are always subject to market risks and are different from the conventional products. Unit Linked policies are subjected to investment risks as per the capital market and the Net Asset Value may vary based on the performance of funds. The policy holder shall be responsible for his/her decision in regard to the policy risks. The funds mentioned above are merely the names and in no way not signify the returns or quality of any of the aforesaid plans.