SBI Life Saral InsureWealth Plus (SIWP)

SBI Life Saral InsureWealth Plus (SIWP) is a comprehensive insurance and wealth-building investment plan designed to meet your financial goals with ease. This innovative plan from SBI Life seamlessly combines the benefits of life insurance with a strategic investment approach. This article will explore the unique features of Saral InsureWealth Plus and embark on a journey towards financial well-being today.

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6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Large Cap
Mid Cap
Balanced
Debt
Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Top 200 Fund
Fund Size: 1,539 Cr
1,539 Cr
147.97 0.47%
27.49% Highest Returns
22.33%
21.65%
Get Details
Virtue II
Fund Size: 2,597 Cr
2,597 Cr
66.3 0.03%
23.35% Highest Returns
19.79%
19.37%
Get Details
Pure Equity
Fund Size: 2,120 Cr
2,120 Cr
67.21 0.07%
19.59% Highest Returns
16.32%
18.46%
Get Details
Growth Opportunities Plus Fund
Fund Size: 931 Cr
931 Cr
63.02 0.24%
18.75% Highest Returns
16.59%
18.22%
Get Details
Pure Stock Fund
Fund Size: 6,032 Cr
6,032 Cr
135.86 0.53%
17.6%
15.53%
17.82% Highest Returns
Get Details
Super Select Equity Fund
Fund Size: 1,253 Cr
1,253 Cr
69.41 0.48%
17.55%
15.72%
17.56% Highest Returns
Get Details
Large Cap Equity Fund
Fund Size: 2,454 Cr
2,454 Cr
63.67 0.27%
21.15% Highest Returns
18.35%
17.49%
Get Details
Grow Money Plus Fund
Fund Size: 411 Cr
411 Cr
59.62 0.29%
17.51% Highest Returns
16.11%
17.22%
Get Details
Build India Fund
Fund Size: 38 Cr
38 Cr
53.42 0.28%
16.45%
15.11%
16.9% Highest Returns
Get Details
Frontline Equity Fund
Fund Size: 2,742 Cr
2,742 Cr
58.02 0.26%
18.35% Highest Returns
15.51%
16.89%
Get Details
Whole Life Aggressive Growth Fund
Fund Size: 748 Cr
748 Cr
78.96 0.21%
18.4% Highest Returns
16.14%
16.64%
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Top 50 Fund
Fund Size: 258 Cr
258 Cr
84.33 0.39%
18.59% Highest Returns
16.68%
16.05%
Get Details
Equity Top 250 Fund
Fund Size: 538 Cr
538 Cr
51.85 0.28%
15.9% Highest Returns
13.51%
15.69%
Get Details
Equity Growth Fund II
Fund Size: 4,767 Cr
4,767 Cr
63.88 0.56%
14.73%
13.92%
15.55% Highest Returns
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Value & Momentum
Fund Size: 680 Cr
680 Cr
43.61 -0.11%
16.82% Highest Returns
10.46%
15.55%
Get Details
Accelerator Fund
Fund Size: 221 Cr
221 Cr
41.94 0.18%
18.52% Highest Returns
15.88%
15.53%
Get Details
Blue Chip Fund
Fund Size: 8,730 Cr
8,730 Cr
43.91 0.40%
15.02%
13.77%
15.28% Highest Returns
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Future Apex Fund
Fund Size: 84 Cr
84 Cr
49.09 0.30%
18.95% Highest Returns
15.38%
15.26%
Get Details
Maximiser
Fund Size: 2,837 Cr
2,837 Cr
59.14 0.40%
15.84% Highest Returns
14.19%
14.89%
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Growth Super Fund
Fund Size: 13,476 Cr
13,476 Cr
69.93 0.34%
15.16% Highest Returns
14.44%
14.69%
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Enhancer Fund-II
Fund Size: 803 Cr
803 Cr
49.35 0.35%
15.01% Highest Returns
13.76%
14.61%
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Equity Fund
Fund Size: 61,900 Cr
61,900 Cr
177.3 1.01%
15.04% Highest Returns
13.56%
14.38%
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Multi Cap Growth Fund
Fund Size: 18,397 Cr
18,397 Cr
46.2 0.28%
14.08%
11.15%
14.17% Highest Returns
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Bluechip Equity Fund
Fund Size: 1,039 Cr
1,039 Cr
39.59 0.35%
16.33% Highest Returns
14.75%
14.05%
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Future Opportunity Fund
Fund Size: 72 Cr
72 Cr
37.79 0.25%
17.32% Highest Returns
14.11%
13.96%
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Super 20
Fund Size: 1,924 Cr
1,924 Cr
57.22 0.55%
15.19% Highest Returns
14.29%
13.95%
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Equity Large Cap Fund
Fund Size: 499 Cr
499 Cr
49.8 0.46%
14.51% Highest Returns
12.54%
13.95%
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Magnifier
Fund Size: 1,250 Cr
1,250 Cr
109.34 0.62%
14.42% Highest Returns
12.92%
13.79%
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Bluechip Fund
Fund Size: 4,205 Cr
4,205 Cr
40.27 0.35%
14.63% Highest Returns
12.67%
13.7%
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Maximiser Fund V
Fund Size: 53,401 Cr
53,401 Cr
46.59 0.35%
14.94% Highest Returns
12.31%
13.28%
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Future Maximize Fund
Fund Size: 90 Cr
90 Cr
48.41 0.25%
15.44% Highest Returns
12.73%
12.95%
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Equity II Fund
Fund Size: 3,029 Cr
3,029 Cr
36.07 0.30%
12.78% Highest Returns
10.98%
12.45%
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Blue-Chip Equity Fund
Fund Size: 989 Cr
989 Cr
31.49 0.31%
12.98% Highest Returns
11.91%
12.26%
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Growth Plus Fund
Fund Size: 516 Cr
516 Cr
31.93 0.22%
12.61% Highest Returns
10.83%
12.16%
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Growth Fund
Fund Size: 8,755 Cr
8,755 Cr
94.99 0.40%
10.96% Highest Returns
10.12%
10.95%
Get Details
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Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Whole Life Mid Cap Equity Fund
Fund Size: 11,524 Cr
11,524 Cr
124.89 0.38%
23.47% Highest Returns
18.23%
22.51%
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Midcap Fund
Fund Size: 1,278 Cr
1,278 Cr
81.53 -0.05%
23.72% Highest Returns
17.25%
21.48%
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Multiplier
Fund Size: 3,999 Cr
3,999 Cr
85.92 0.03%
21.37% Highest Returns
16.78%
21.09%
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Accelerator Mid-Cap Fund II
Fund Size: 5,754 Cr
5,754 Cr
75.64 -0.03%
19.51%
15.53%
20.39% Highest Returns
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High Growth Fund
Fund Size: 4,690 Cr
4,690 Cr
92.32 -0.22%
26.79% Highest Returns
20.91%
20.21%
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Opportunities Fund
Fund Size: 35,480 Cr
35,480 Cr
65.24 -0.02%
19.38%
15.19%
19.81% Highest Returns
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Classic Opportunities Fund
Fund Size: 12,180 Cr
12,180 Cr
59.42 0.31%
17.02% Highest Returns
14.23%
16.53%
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Flexi Cap
Fund Size: 1,308 Cr
1,308 Cr
47.97 0.11%
17.31% Highest Returns
14.8%
15.52%
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Opportunity Fund
Fund Size: 2,636 Cr
2,636 Cr
49.71 0.31%
16.13% Highest Returns
13.78%
15.02%
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Save N Grow Money Fund
Fund Size: 69 Cr
69 Cr
53.34 0.15%
10.95%
10.5%
11.77% Highest Returns
Get Details
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Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Whole Life Stable Growth Fund
Fund Size: 226 Cr
226 Cr
54.84 0.05%
14.84% Highest Returns
12.95%
13.4%
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Balanced Fund
Fund Size: 328 Cr
328 Cr
41.63 0.11%
12.59% Highest Returns
11.02%
12.55%
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Creator
Fund Size: 528 Cr
528 Cr
90.17 0.32%
11.13%
10.14%
11.54% Highest Returns
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Balancer II
Fund Size: 796 Cr
796 Cr
35.56 0.08%
12.37% Highest Returns
10.91%
11.54%
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Stable Fund
Fund Size: 22 Cr
22 Cr
31.19 0.07%
12.17% Highest Returns
11.04%
11.37%
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Multi Cap Balanced Fund
Fund Size: 2,116 Cr
2,116 Cr
36.93 0.13%
10.98%
9.22%
11.21% Highest Returns
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Managed Fund
Fund Size: 42 Cr
42 Cr
34.08 0.06%
9.86%
8.96%
10.57% Highest Returns
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Balanced Plus Fund
Fund Size: 2,090 Cr
2,090 Cr
28.81 0.13%
10.51% Highest Returns
8.93%
10.23%
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Future Balance Fund
Fund Size: 71 Cr
71 Cr
35.65 0.12%
10.84% Highest Returns
9.39%
10.15%
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Balanced Fund-II
Fund Size: 150 Cr
150 Cr
32.34 0.08%
9.84%
8.85%
9.97% Highest Returns
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Enhancer
Fund Size: 6,091 Cr
6,091 Cr
96.29 0.20%
8.95%
8.13%
9.28% Highest Returns
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Cautious Asset Allocator Fund
Fund Size: 39 Cr
39 Cr
31.18 0.03%
6.89%
6.37%
7.79% Highest Returns
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Fund Details
Fund Size
NAV
5 Year
7 Year
10 Year
Pure Fund
Fund Size: 478 Cr
478 Cr
45.73 0.19%
17.53% Highest Returns
14.19%
16.83%
Get Details
Builder
Fund Size: 247 Cr
247 Cr
83.25 0.11%
8.41%
7.86%
9.45% Highest Returns
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Whole Life Income Fund
Fund Size: 776 Cr
776 Cr
35.99 -0.01%
7.37%
7.03%
8.4% Highest Returns
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Protector
Fund Size: 294 Cr
294 Cr
60.21 0.04%
7.27%
6.9%
8.28% Highest Returns
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Debt Fund
Fund Size: 446 Cr
446 Cr
34.25 0.00%
7.77%
6.93%
8.21% Highest Returns
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Dynamic Gilt Fund
Fund Size: 205 Cr
205 Cr
42.54 0.00%
6.8%
6.55%
8.19% Highest Returns
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Income Advantage
Fund Size: 814 Cr
814 Cr
37.44 0.00%
7.36%
6.87%
8.04% Highest Returns
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Steady Money Fund
Fund Size: 66 Cr
66 Cr
36.29 -0.01%
6.72%
6.19%
7.95% Highest Returns
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Dynamic Bond Fund
Fund Size: 1,479 Cr
1,479 Cr
45.9 -0.01%
6.88%
6.45%
7.92% Highest Returns
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Bond Fund
Fund Size: 23,375 Cr
23,375 Cr
44.34 -0.01%
6.72%
6.24%
7.73% Highest Returns
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Income Fund
Fund Size: 9,165 Cr
9,165 Cr
28.88 -0.02%
6.55%
6.36%
7.72% Highest Returns
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Secure Fund
Fund Size: 1,006 Cr
1,006 Cr
41.42 0.00%
6.66%
6.14%
7.64% Highest Returns
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Preserver II
Fund Size: 78 Cr
78 Cr
26.26 0.01%
6.52%
6.02%
7.3% Highest Returns
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Future Income Fund
Fund Size: 84 Cr
84 Cr
33.48 0.00%
5.8%
5.4%
7.15% Highest Returns
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Protector II
Fund Size: 761 Cr
761 Cr
26.75 -0.01%
6.11%
5.64%
7.1% Highest Returns
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Assure
Fund Size: 278 Cr
278 Cr
41.83 -0.01%
6.26%
6.43%
7.08% Highest Returns
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Whole Life Short-Term Fixed Income Fund
Fund Size: 229 Cr
229 Cr
31.7 0.01%
5.84%
6.01%
6.82% Highest Returns
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Money Market Fund
Fund Size: 395 Cr
395 Cr
31.92 0.00%
5.12%
5.51%
6.38% Highest Returns
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Bond Fund-II
Fund Size: 72 Cr
72 Cr
25.04 -0.01%
4.81%
4.43%
6.32% Highest Returns
Get Details
Liquid Plus
Fund Size: 245 Cr
245 Cr
21.08 -0.01%
5.01%
5.47%
6.18% Highest Returns
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Dynamic Floating Rate Fund
Fund Size: 21 Cr
21 Cr
34.82 0.00%
4.95%
5.12%
6.16% Highest Returns
Get Details
Liquid Fund
Fund Size: 72 Cr
72 Cr
72.74 -0.01%
4.39%
4.71%
5.59% Highest Returns
Get Details
Safe Money Fund
Fund Size: 63 Cr
63 Cr
22.79 -0.01%
4.06%
4.44%
5.29% Highest Returns
Get Details
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About SBI Life Saral InsureWealth Plus Plan (SIWP)

The SBI Life Saral InsureWealth Plus Plan is an individual, unit-linked, non-participating Life Insurance product to aid your financial goals.

SBI Life offers the best investment plan that provides the features of both insurance and investments. SIWP is a monthly savings plan that allows you to build your savings systematically, navigating market fluctuations effectively.

This investment plan combines life insurance coverage with wealth creation through market-linked investments. The SBI Life Saral InsureWealth Plus Plan aims to provide financial security and the opportunity for wealth appreciation, which makes it a versatile option for individuals seeking both protection and investment growth.

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.

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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 2024:

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:

  1. 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.

  2. 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.

  3. 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%
  4. 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.

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Policy Details of SBI Life Saral InsureWealth Plus Plan

The key features of the SBI Life Saral InsureWealth Plus ULIP plan are listed below:

  1. 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.

  2. Systematic Monthly Withdrawal (SMW):

    • You can withdraw money in a planned manner for regular expenses or fixed monthly payout.

    • 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.

    • You can choose the SMW period within the policy term.

    • SMW stops on death intimation.

    • You can perform both partial withdrawal and SMW simultaneously.

  3. 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%.

  4. 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.

  5. 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.

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Working on SBI Life Saral InsureWealth Plus Plan

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
Pure Fund 80 – 100% -- 0 – 20% High Risk
Midcap Fund 80 – 100% 0 – 20% 0 – 20% High Risk
Bond Optimiser Fund 0 – 25% 75 – 100% 0 – 25% Low to Medium Risk
Balanced Fund 40 – 60% 20 – 60% 0 – 40% Medium Risk
Corporate Bond Fund --
  • Corporate Bonds: 70 – 100%
  • Govt. Securities: 0 – 30%
0 – 30%  Low to Medium Risk
Equity Optimiser Fund 60 – 100% 0 – 40% 0 – 40% High Risk
Equity Fund 80 – 100% 0 – 20% 0 – 20% High Risk
Growth Fund 40 – 90% 10 – 60% 0 – 40% Medium to High Risk
Discontinued Policy Fund -- Govt. Securities: 60% – 100% 0 – 40% Low Risk

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 fund aims for a relatively stable investment return.

  • 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.

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Charges under the SBI Life Saral InsureWealth Plan

The list of charges levied under the SBI Life Saral InsureWealth Plan is as follows:

List of Charges Details
Premium Allocation Charge Policy Year Premium Allocation Charge (in % of premium)
1st policy year 8%
2 – 5th policy year 5.50%
6 – 10th policy year 3.50%
11 – 25th policy year 3%
Policy Administration Charges
  • 1 – 5th Policy Year: NIL
  • 6 – 25th Policy Year: Rs. 150 per month (maximum Rs. 500 per month)
Fund Management Charges 0.50% p.a. to 1.35% p.a.
Discontinuance Charges NIL from the 5th policy year onwards
Mortality Charges
  • Age < 8 years: No mortality charges for the first 1 year and 11 months from the policy start date.
  • Age below 8 years (after the initial period) and age 8 years or older: Mortality charges apply.
Fund Switching Charges
  • Unlimited free switches
  • maximum Rs. 500 per switch
Premium Re-direction Charges
  • Allows unlimited free re-directions of premium 
  • maximum Rs. 500 per transaction
Partial Withdrawal Charges
  • Rs. 100 per partial withdrawal after 1st free partial withdrawal in every policy year
  • Chargeable by cancellation of investment fund units
  • Maximum Rs. 500 per transaction

Exclusions

Suicide Clause

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.

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.

*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 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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