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SBI Life Smart InsureWealth Plus
SBI Life Smart InsureWealth Plus is an individual, unit-linked, non-participating financial tool that combines the benefits of life insurance with investments, making a perfect combination of financial protection and market-linked returns. It is designed to be a monthly savings plan which can help investors build a regular discipline of investing by making regular monthly contributions for a long period of time.
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What is the SBI Life Smart InsureWealth Plus?
The SBI Life Smart InsureWealth Plus is a ULIP that provides investors with the benefit of investments and insurance. The plan is designed to ensure that your family remains protected throughout the entire policy term and also receives financial aid in the form of a death benefit in case of a mishap during the term. Along with financial protection, the plan also offers various investment strategies and fund options which are meant to cater to different investors with different financial endeavours and risk tolerance.
What are the Features of the SBI Life Smart InsureWealth Plus Plan?
The features of the SBI Life Smart InsureWealth Plus Plan are:
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Easy Monthly Life Coverage: Enjoy hassle-free monthly insurance for life coverage.
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Tailored Investment Strategies: Choose from 3 investment strategies – Trigger Strategy, Auto Asset Allocation Strategy, and Smart Choice Strategy, catering to your specific needs.
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Diverse Fund Options: Opt for a Smart Choice Strategy with a selection of 9 fund options to align with your investment preferences.
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Return of Mortality Charges (ROMC): Benefit from the return of mortality charges upon maturity of the in-force policy.
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Fund Value Boosters: Policies in force from the 11th Policy Year receive loyalty additions, enhancing the fund value.
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Flexible Withdrawal Options: Access partial withdrawal from the 6th Policy Year and systematic monthly withdrawal from the 11th Policy Year, provided the policy is in force.
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Tax Advantages: Avail tax benefits in accordance with income tax laws, maximizing your savings.
Advantages:
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Security: Provides financial protection for your family in case of unforeseen events.
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Reliability: Maturity benefits include the return of mortality charges and assured loyalty additions from the 11th policy year onwards for in-force policies.
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Flexibility: Offers a choice of 3 investment strategies and the option to switch among 9 funds under the Smart Choice strategy to suit your changing needs.
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Liquidity: Allows for partial withdrawal and systematic monthly withdrawal to meet regular expenses, provided the policy is in force.
What are the Benefits of SBI Life Smart InsureWealth Plus Plan?
Benefits of SBI Life - Smart InsureWealth Plus plan are:
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Maturity Benefit:
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Lump sum payout of Fund Value at prevailing NAV on the maturity date.
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Return of Mortality Charges (ROMC) included.
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Death Benefit:
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For Life Assured below 8 years: Fund Value paid if death occurs before risk commencement, Death Benefit if after.
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For Life Assured 8 years and above: Higher of Fund Value, Sum Assured less Applicable Partial Withdrawal (APW), or 105% of total premiums (less APW).
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Automatic Vesting for Minor Life Assured:
Policy vests in the Life Assured on turning 18, ensuring continuity.
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Death of Policyholder with Minor Life Assured:
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No immediate benefit, but the policy can be continued with a new Policyholder.
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Surrender value payable if the policy is surrendered.
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Settlement Option:
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The nominee/beneficiary/legal heir can choose to receive Death Benefit in instalments over 2 to 5 years.
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Flexible payout frequency (yearly, half-yearly, quarterly, or monthly).
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Investment Risk during Settlement:
During settlement, the beneficiary bears the investment risk in the portfolio.
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Latest ULIP NAVs
| Fund Name | NAV  |
AUM |
5 Yr Returns |
10 Yr Returns | |
|---|---|---|---|---|---|
| SBI Life Balanced Fund | ₹72.09 | ₹19726 Cr | 5.81% | 8.67% | |
| SBI Life Bond Fund | ₹51.53 | ₹15328 Cr | 5.24% | 6.21% | |
| SBI Life Equity Fund | ₹192.07 | ₹81746 Cr | 7.6% | 10.53% | |
| SBI Life Equity Optimiser Fund | ₹53.94 | ₹2606 Cr | 7.41% | 10.27% | |
| SBI Life Growth Fund | ₹92.76 | ₹2837 Cr | 6.49% | 9.93% | |
| SBI Life Money Market Fund | ₹37.74 | ₹482 Cr | 6.03% | 5.89% | |
| SBI Life Top 300 Fund | ₹54.93 | ₹1972 Cr | 6.48% | 10.78% | |
| SBI Life Pure Fund | ₹28.09 | ₹1251 Cr | 6.89% | 9.93% | |
| SBI Life Bond Optimiser Fund | ₹22.66 | ₹3214 Cr | 6.29% | - | |
| SBI Life Bluechip Fund | ₹9.74 | ₹3671 Cr | - | - | |
| SBI Life Midcap Fund | ₹51.53 | ₹67697 Cr | 14.56% | 16.3% | |
| SBI Life Corporate Bond Fund | ₹16.75 | ₹1009 Cr | 5.17% | - | |
| SBI Life Balanced Pension | ₹72.54 | ₹867 Cr | 6.28% | 9.54% | |
| SBI Life Equity Optimiser Pension | ₹58.33 | ₹1105 Cr | 7.75% | 11.15% | |
| SBI Life Equity Elite II | ₹50.6 | ₹11844 Cr | 6.58% | 9.9% | |
| SBI Life Index | ₹45.01 | ₹87 Cr | 6.25% | 10.16% | |
| SBI Life Index Pension | ₹47.01 | ₹24 Cr | 6.31% | 10.22% | |
| SBI Life Top 300 Pension | ₹54.34 | ₹772 Cr | 6.78% | 11.07% | |
| SBI Life Discontinued Policy Fund | ₹25.99 | ₹10931 Cr | 5.6% | 5.85% | |
| SBI Life Bond Pension | ₹45.81 | ₹552 Cr | 5.2% | 6.45% | |
| SBI Life Equity Elite | ₹85.06 | ₹12 Cr | 8.59% | 12.62% | |
| SBI Life Equity Pension | ₹73.98 | ₹13758 Cr | 7.63% | 11.23% | |
| SBI Life Growth Pension | ₹73.35 | ₹692 Cr | 7.23% | 10.52% | |
| SBI Life Money Market Pension | ₹34.87 | ₹160 Cr | 5.98% | 5.87% | |
| SBI Life P-E Managed | ₹38.43 | ₹195 Cr | 7.22% | 8.87% | |
| SBI Life Guaranteed Pension GPF070211 | ₹27.01 | ₹1 Cr | 5% | 5.86% | |
| SBI Life Bond Pension II | ₹23.85 | ₹28119 Cr | 4.99% | 5.8% | |
| SBI Life Equity Pension II | ₹40.29 | ₹11378 Cr | 6.31% | 10.45% | |
| SBI Life Money Market Pension II | ₹21.28 | ₹1488 Cr | 5.75% | 5.62% | |
| SBI Life Discontinue Pension Fund | ₹21.96 | ₹6203 Cr | 5.63% | - | |
| SBI Life Group Growth Plus Fund | ₹57.06 | ₹3 Cr | 6.42% | - | |
| SBI Life Group Debt Plus Fund | ₹40.99 | ₹115 Cr | 5.79% | - | |
| SBI Life Group Balance Plus Fund | ₹48.55 | ₹11 Cr | 6.08% | - | |
| SBI Life Group Balance Plus Fund II | ₹27.43 | ₹1273 Cr | 6.71% | - | |
| SBI Life Group Debt Plus Fund II | ₹26.68 | ₹363 Cr | 5.88% | - | |
| SBI Life Group Growth Plus Fund II | ₹26.88 | ₹291 Cr | 6.8% | - | |
| SBI Life Group Short Term Plus Fund II | ₹22.03 | ₹24 Cr | 5.98% | - | |
| SBI Life Group Money Market Plus Fund | ₹14.16 | ₹2 Cr | 3.32% | - | |
| SBI Life Group Balanced Pension Fund | ₹10.24 | ₹194 Cr | - | - |
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How Does the SBI Life Smart InsureWealth Plus Plan Work?
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Select Your Coverage Duration: Determine the policy term that aligns with your coverage preferences.
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Set Your Premium Amount: Decide on the premium you want to pay; the Sum Assured is automatically calculated as 10 times the Annualized Premium.
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Opt for an Investment Strategy: Choose an investment strategy that suits your financial goals.
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Tailor Your Fund Pattern: Select your fund pattern from a range of available options.
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Investment Allocation: Your premiums, minus Premium Allocation Charges, are invested in the fund options of your choosing.
Who Can Buy the SBI Life Smart InsureWealth Plus Plan?
| Parameter | Value | |
| Age at Entry | Minimum: 0 years (30 days) | Maximum: 55 years |
| Age at Maturity | Minimum: 18 years | Maximum: 65 years |
| Plan Type | Regular Premium | |
| Policy Term (PT) | 10,15, 20 and 25 years | |
| Premium Payment Term (PPT) | Same as Policy Term | |
| Premium Frequency | Monthly | |
| Premium Amount | Minimum: ₹4,000 | No Limit |
| Basic Sum Assured | Annualized Premium X 10 | |
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Additional Features of the SBI Life Smart InsureWealth Plan
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Free Look Period:
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Review policy terms within 15 days (30 days for electronic and distance marketing policies).
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Option to return the policy for cancellation if disagreeing with terms.
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Grace Period and Discontinuance:
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15-day grace period for premium payment; policy remains in force during this period.
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Discontinuance options within the first 5 policy years, with revival or surrender choices.
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After 5 policy years, the policy converts to reduced paid-up status or can be revived within a 3-year revival period.
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Revival Options:
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Revive the policy within 3 years from the first unpaid premium without interest or fee.
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Revival is subject to underwriting acceptance and Board-approved policies.
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Surrender Policy:
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Surrender at any time during the policy term.
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No revival option after the surrender.
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Fund value payable immediately after the surrender; policy terminates.
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Nomination and Assignment:
Nomination and assignment follow the regulations outlined in the Insurance Act, 1938.
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Post-Discontinuance Fund Handling:
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Communication of policy status within 3 months of the first unpaid premium.
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Options include revival, complete withdrawal, or continuation in reduced paid-up status.
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Post-Revival Handling:
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Policy revival within the revival period, with applicable procedures.
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If not revived, the fund value is paid at the end of the revival period or maturity date, whichever is earlier.
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Fund Value Monitoring:
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Regular checks of fund value; termination if it falls below one annual premium.
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Option to surrender the policy at any time; proceeds payable at the end of the lock-in period or surrender date.
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Post-Complete Withdrawal:
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Immediate payment of fund value upon complete withdrawal during the revival period.
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Policy continues in reduced paid-up status if no action is taken during the revival period.
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Policy Surrender After 5 Years:
Immediate payment of fund value upon surrender after completing the first 5 policy years.
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Fee and Charges Schedule of SBI Life Smart InsureWealth Plus
Since SBI Life Smart InsureWealth Plus is a ULIP, ULIP charges are levied on your fund as per the services provided by the asset management company. The following table summarises all the charges that accompany SBI Life Smart InsureWealth Plus:
| Charge type |
Details |
|
|
Premium allocation charges |
Year 1 | 8% |
| Year 2-5 | 5.5% | |
| Year 6-10 | 3.50% | |
| Year 11-25 | 3% | |
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Policy administration charges |
Year 1-5 | N/A |
| Year 6-25 | ₹150 per month | |
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Fund management charges |
Equity, equity optimiser, growth, pure, midcap funds | 1.35% p.a. |
| Discontinued Policy Fund | 0.50% p.a. | |
| Balanced Fund | 1.15% p.a. | |
| Bond Optimiser, Corporate Bond Fund | 0.25% p.a. | |
| Money Market Fund | 0.25% p.a. | |
|
Partial withdrawal charges |
Year 6-10 | 1 free withdrawal is provided per year. ₹100 for subsequent withdrawals is charged. |
| After 10 years | Free | |
Conclusion
SBI Life Smart InsureWealth Plus is a good option for people who are looking for a long-term investment option that also provides life insurance protection. Investors should carefully consider their risk appetite and investment goals before investing in the plan. You can further explore the best investment plans and direct capital towards different financial tools to ensure diversification of your investment portfolio while also making sure that your investments beat inflation in the long run.
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FAQ's
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How does the investment part work?
Your premiums are invested in unit-linked funds, with fund value fluctuating based on market performance. You can choose from three investment strategies. -
Can I withdraw my money before maturity?
Yes, from the 6th year onwards, you can opt for systematic withdrawals or partial withdrawals. -
What are the benefits of Smart InsureWealth Plus?
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Potential for high returns through market-linked investment
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Life insurance cover for the chosen term
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Tax benefits on premiums under Section 80C
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Investment flexibility with three strategies
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Option for systematic withdrawals
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Are there any charges involved?
Yes, there are charges like premium allocation, policy administration, and fund management fees.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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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 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
*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