SBI Life Saral InsureWealth Plus (SIWP) is a unit-linked, non-participating plan which perfectly combines the benefits of investments and insurance to provide you with an attractive combination of market-linked returns and financial protection for your family.
The SBI Life Saral InsureWealth Plus Plan is a ULIP which provides investors with the combined benefits of investment and insurance. SIWP, as a monthly savings plan, not only allows you to navigate the market while regularly building your savings in the long run but also provides financial security to your family. Its features are designed to let your family enjoy the benefits of the plan irrespective of your presence.
Key Features of SBI Life Saral InsureWealth Plus Plan
The key features of the SBI Life Saral InsureWealth Plus Plan are as follows:
Easy Monthly Insurance for Dream Realization: Simplified monthly insurance for hassle-free planning towards achieving your dreams.
Choose from 8 Fund Options: Flexibility to select from a range of 8 fund options based on your risk appetite and financial goals.
Systematic Monthly Withdrawal for Regular Payouts: You can enjoy the convenience of a systematic monthly withdrawal feature for steady payouts, keeping your policy in force.
Fund Value Boosters with Loyalty Additions (from the 6th Policy Year): The plan also offers fund value boosters and loyalty additions, which enhance the policy's value starting from the 6th year of the policy.
Option of Partial Withdrawal (from the 6th Policy Year): You can exercise the option of partial withdrawal from the 6th year onward. This provides flexibility in managing your financial needs.
Eligibility Criteria of SBI Life Saral InsureWealth Plus Plan
The following table mentions the eligibility criteria you need to fulfil to buy this best ULIP Plan in India 2026:
Eligibility Criteria
Details
Entry Age
30 days – 55 years
Maturity Age
18 – 65 years
Type of Plan
Regular Premium Pay
Policy Term (PT)
10/ 15/ 20/ 25 years
Premium Payment Term (PPT)
Equal to Policy Term (PT)
Premium Payment Frequency
Every month
Minimum Premium Payment
Rs. 8,000 per month
Maximum Premium Payment
No Limit
Sum Assured (Basic SA)
10 × Annualised Premium (maximum SA as per Board Approved Underwriting Policy)
Benefits of SBI Life Saral InsureWealth Plus Plan
The major benefits offered by SBI Life Saral InsureWealth Plus Plan are listed below:
Death Benefit:
The death benefits are provided to your beneficiary as per the following conditions:
Entry Age
Before Risk Commencement
After Risk Commencement
Below 8 years
The insurance company pays Fund Value at death notification
Death Benefit paid, considering age at entry (8 years and above)
8+ years
Higher of:
Fund Value
Basic Sum Assured – APW*
105% of Premiums - APW
--
*APW: Applicable Partial Withdrawal
IMPORTANT NOTE:
For minors, no immediate benefit to death.
The policy can continue with the new policyholder or surrender for surrender value.
Maturity Benefit:
At maturity, you receive the fund value calculated at the prevailing NAV on the maturity date in a lump sum.
If the Life Assured is a minor, the policy automatically vests in them upon turning 18 years old.
Loyalty Additions:
Loyalty Additions are rewarded to active policies from the 6th Policy year onward.
Your policy qualifies for Loyalty Additions if it is in force and all premiums are paid.
Loyalty additions are a percentage of the average fund value over the last 12 policy months.
Last Day of nth Policy Year
Loyalty Additions (% of Avg. Fund Value)
1-5th policy year
NIL
6-10th policy year
0.2%
11-25th policy year
0.3%
Tax Benefits:
You can claim a deduction for the premiums paid under Section 80C of the Income Tax Act.
The maturity proceeds you receive upon policy completion are completely tax-free under Section 10(10D) of the Income Tax Act.
The death benefit received by your nominees is also tax-free under Section 10(10D) of the Income Tax Act.
Policy Details of SBI Life Saral InsureWealth Plus Plan
The key features of the SBI Life Saral InsureWealth Plus ULIP plan are listed below:
Settlement Option:
The nominee, beneficiary, or legal heir can choose to receive Death Benefits in instalments over 2 to 5 years.
Options include yearly, half-yearly, quarterly, or monthly payouts.
Systematic Monthly Withdrawal (SMW):
You can withdraw money in a planned manner for regular expenses or fixed monthly payout.You can do so from the 11th year of the policy term.
SMW Amount Limit: Rs. 5,000 to 1.25% of Fund Value
Minimum SMW Duration: 6 months
You can set Start and End dates for SMW and modify the amount anytime with 3 months' notice.
If policy lapses, the SMW facility ceases after the grace period, which is strictly 15 days from the due date.
You can choose the SMW period within the policy term.
SMW stops on death intimation.
You can perform both partial withdrawal and SMW simultaneously.
Fund Switching:
Switch funds anytime during the policy term and settlement period.
Make as many free switches as you want during the policy term and settlement period.
Start with a switch amount as low as Rs. 5,000.
Switch any amount or percentage between funds, with a minimum proportion of 1%.
Premium Re-direction:
Redirect premiums for free starting from the 2nd policy month at any time during the policy term.
Modify future premium allocations by notifying SBI Life in writing two weeks before the relevant premium due date.
Re-direction applies only to future premiums and does not impact existing units.
Partial Withdrawals:
Make partial withdrawals after the 5th policy year or at age 18, whichever is later.
A maximum of 4 partial withdrawals per policy year, with a total of 10 (for 10-year policies) or 15 (for policies over 10 years) allowed.
Minimum withdrawal: Rs. 5,000 (in multiples of ₹1,000).
Maximum withdrawal: Up to 15% of Fund Value as of the withdrawal request date.
One free withdrawal annually from the 6th to 10th policy year; additional withdrawals are chargeable.
Partial withdrawals after the 10th policy year are free of charge.
Rs. 100 per withdrawal (beyond the free one) during the 6-10 policy years, recovered by cancelling units.
Partial withdrawals are not allowed if the fund value falls below 50% of the total premiums paid.
How does the SBI Life Saral InsureWealth Plus Plan Work?
You can follow the steps mentioned below to learn the workings of the SBI Life Saral InsureWealth Plus Plan:
Step 1: Select Your Desired Policy Term:
Choose the duration for which you want to remain covered under the SBI Life Saral InsureWealth Plus Plan (SIWP).
Step 2: Determine Your Preferred Premium Amount:
Decide the amount you wish to pay as your premium for the selected policy term.
Step 3: Choose Your Fund Pattern:
Explore and select the fund pattern that aligns with your financial goals from a variety of fund options provided.
Step 4: Investment of Premiums in Chosen Fund Options:
Your paid premiums, after deducting Premium Allocation Charges and applicable taxes, are invested in the fund options you have chosen. This ensures your money is actively working towards your financial objectives.
Investment Fund Options Offered by SBI Life Saral InsureWealth Plus Plan≈
SBI Life Saral InsureWealth Plus Plan offers 8 investment funds, which are as follows:
Fund Name
Equity & Equity-Linked Assets
Debt Instruments
Money Market Instruments
Risk Profile
Balanced Fund
40 – 60%
20 – 60%
0 – 40%
Medium Risk
Bond Optimiser Fund
0 – 25%
75 – 100%
0 – 25%
Low to Medium Risk
Corporate Bond Fund
--
Corporate Bonds: 70 – 100%
Govt. Securities: 0 – 30%
0 – 30%
Low to Medium Risk
Discontinued Policy Fund
--
Govt. Securities: 60% – 100%
0 – 40%
Low Risk
Equity Fund
80 – 100%
0 – 20%
0 – 20%
High Risk
Equity Optimiser Fund
60 – 100%
0 – 40%
0 – 40%
High Risk
Growth Fund
40 – 90%
10 – 60%
0 – 40%
Medium to High Risk
Midcap Fund
80 – 100%
0 – 20%
0 – 20%
High Risk
Pure Fund
80 – 100%
--
0 – 20%
High Risk
Disclaimer: ≈ Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Discontinued Policy Fund (General Fund):
This is a special segregated fund offered by the company.
Unlike other investment options, this fund is not available for direct selection by policyholders.
The discontinued policy fund is subject to a minimum gauranteed return of 4% per year.
Focuses on less volatile options, primarily through debt instruments and liquid assets.
Seeks income accumulation via investments in fixed-income securities and liquid assets.
Refund of discontinued policy proceeds occurs after completing the lock-in period or at the end of the revival period.
In applicable cases, the refund can also take place on the date of surrender.
If the policyholder passes away within 12 months of starting or reviving the SBI Life Saral InsureWealth Plus Plan, the nominee receives the fund value as of the date of death. Additionally, any charges, excluding FMC, incurred after the death will be reimbursed and added back to the fund value.
Conclusion
SBI Life Saral InsureWealth Plus can act as the perfect investment plan for investors who are planning for future payouts and will need a regular income source in the coming years of their life. It is also appropriate for proactive investors seeking loyalty rewards in the long run. While the SBI Life Saral InsureWealth Plus provides the investor with the benefit of investment and insurance, the rising cost of living can severely deplete the final value of a corpus. It is thus advised to diversify your portfolio and invest in the best investment plans to secure a financially fit future for yourself and your family.
FAQ's
What will happen if I don't pay the SBI life insurance premium?
The consequences of not paying your SBI life insurance premium depend on several factors, including:
Grace Period: Most SBI policies have a grace period (typically 15-30 days) after the due date, during which you can still pay the premium without any penalty.
Policy Lapse: If you don't pay within the grace period, your policy may lapse.
What is Sum assured in SBI Life Saral InsureWealth Plus life insurance?
In the SBI Life Saral InsureWealth Plus life insurance plan, the Sum assured refers to the guaranteed death benefit that your beneficiaries will receive in case of your untimely demise during the policy term.
How can I get my SBI Life Saral InsureWealth Plus Fund Value?
You have several options to access your SBI Life Saral InsureWealth Plus Fund Value:
Smart Care Portal
SBI Life NAV Snapshot
Refer to your original policy document
Can I pay the SBI Life Saral InsureWealth Plus life insurance premium after the due date?
You can potentially pay your SBI Life Saral InsureWealth Plus life insurance premium after the due date, but there are consequences to consider:
SBI Life provides a 15-day grace period after the due date to pay your premium without any penalty.
If you miss the grace period, you'll be charged a late payment fee, which is a percentage of the overdue premium.
If you don't pay the premium within the grace period and also fail to pay the late payment fee within a specified timeframe (usually 30 days from the due date), your policy will lapse.
Disclaimer: Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
A Unit Linked Insurance Plan (ULIP) is a dual benefit financial
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SBI Life ULIP Plans Reviews & Ratings
4.6 / 5 (Based on 1258 Reviews)
(Showing Newest 10 reviews)
Om
Faridabad, October 26, 2026
★★★★★
Solid Choice
canara hsbc life promise4wealth maximiser took this plan few months back so far returns are okay not amazing but okay policybazaar customer service has been responsive whenever needed
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Italy, October 25, 2026
★★★★★
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I wanted to explore options for my child’s future while living overseas. The team helped me compare plans and understand their features.
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Germany, October 25, 2026
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I invested 1st time from policybazaar. Till now it is working good. I will recommend to my friends as well.
Anjali
France, October 25, 2026
★★★★★
Convenient Online Assistance
I got very good assistance even though i am from outside India. I found the online guidance useful and the process was easy to follow.
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South Korea, October 25, 2026
★★★★★
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I am from dubai and wanted to invest in India. Karan (PW#####) helped me understand the process and gave useful support during my enquiry.
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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds. *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^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.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs. ++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
