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SBI Life eWealth Insurance — Plan for Wealth Creation & Life Cover

Updated on May 16, 2022 , 7739 views

You study, get a job or start a business, invest and do everything possible for what? To earn money, right? Well, it’s an undeniable fact that creating wealth is one of the primary purposes of our lives. Even if that does not seem the most important aspect to you, it definitely is because caring and providing for yourself and your family requires wealth. So, how are you planning to secure your family’s future otherwise?

SBI Life eWealth Insurance

Well, securing your future requires a good investment. Todd Tresidder, a financial mentor, once said that “great wealth builders focus on both saving money and earning more”. Saving and earning are the most important resolutions to undertake when it comes to wealth creation.

One of the most beneficial ways to get a headstart on this front is to invest in a Unit Linked Insurance Plan (ULIP). Did you know that ULIP is one of the most popular investment options available today? And within this plan, SBI Life eWealth insurance is the most desired option amongst people.

In this article, you will get to know more about ULIP and the features, benefits that come along with SBI eWealth Insurance policy.

What is ULIP?

A ULIP or Unit-Linked Insurance plan is a combination of Life Insurance and investment. When you opt for such a plan, a part of your premium payment is diverted toward a life insurance cover. You are allowed the flexibility to switch and direct your funds as per your risk appetite. It allows you to invest in equity, debt and Balanced Fund.

What is SBI Life eWealth Insurance?

This is an individual, non-participating, unit-linked life insurance. SBI eWealth Insurance allows you to experience the best of twin benefits, i.e. Life Insurance Cover and Wealth Creation. You can get a Market-linked return through the Automatic Asset Allocation (AAA) feature that comes along with this plan.

Under this plan, you get two options- Growth and Balanced. The premium that you pay will be based on the option you choose through the AAA feature. Remember that after you have chosen an option, you cannot change it during the term of the policy.

Under the AAA feature, the allocations to equity and debt market instruments increase as the term of the policy progresses. Features

1. Twin Plan Option

You can choose either the growth or the balanced plan option with SBI eWealth Insurance plan

Their details are mentioned below:

Growth Plan Balanced Plan
Under the growth plan, during the starting years of your policy term, the equity exposure will be higher. This is done targeting good returns in the long-term. Equity exposure is lower in the beginning years as compared to the growth plan.
Over the period as the policy-term progresses, the debt market investments increase and equity decreases The overall exposure to debt instruments is more as compared to the growth plan. This plan offers a balanced approach

2. Funds Options

Mentioned below are the different fund options available with SBI Life eWealth Insurance.

a. Equity Fund

The main priority of the fund option is to give you high equity exposure, thereby, targeting higher returns in the long run.

b. Bond Fund

The objective of this fund option is to give you a safe and less volatile investment option. This is done through debt instruments and Income accumulation through the mode of investment in Fixed Income securities.

c. Money Market Fund

This fund option aims at deploying funds in liquid and safe instruments to avoid market risk temporarily.

d. Discontinued Policy Fund

The fund aims at achieving a less volatile investment return through debt instruments and liquid assets. It also employs income accumulation through investment in liquid assets and fixed income securities. Note that this fund will earn a minimum guaranteed interest rate at 4% per annum as per the prevailing regulation.

3. Death Benefit

In case of death of the insured, the higher of the following will be provided to nominee:

  • Fund Value
  • 105% of total premiums paid till the death of the insured
  • Sum assured

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4. Maturity Benefit

You will avail the fund value as a lump sum on maturity.

5. Free Look Period

Within 30 days of the date of Receipt of the policy document, you can review all the terms and conditions of the policy. You are allowed to return the policy for cancellation with the reason for the same.

6. Grace Period

The grace period for annual premium with eWealth SBI Life Insurance is 30 days and for monthly premium is 15 days.

7. Nomination

With SBI Life eWealth Insurance, the nomination will be as per Section 39 of the Insurance Act 1938.

8. Assignment

The assignment will be as per Section 38 of the Insurance Act, 1938.

Eligibility Criteria

The eligibility criteria for the plan are mentioned below:

Details Description
Entry age (Last Birthday) Minimum- 18 years, Maximum- 50 years
Maturity Age (Last Birthday) Minimum- NA, Maximum- 60 years
Plan tenure Minimum- 10 years, Maximum- 20 years
Premium payable Minimum Yearly – Rs.10,000, Monthly – Rs.1000
Premium payable Maximum Yearly – Rs.1,00,000, Monthly – Rs.10,000
Premium Paying Term Equal to plan term
Sum Assured 10 times the annual premium paid
Premium payment mode Monthly and yearly

FAQs

1. How many withdrawals can I make under the SBI Life eWealth Insurance Plan?

You can make a maximum of 2 withdrawals with the plan.

2. Is a settlement option available with SBI Life eWealth Insurance Policy?

No, there is no settlement option available with this plan.

SBI Life eWealth Insurance Customer Care Number

You can Call on their toll-free number 1800 103 4294 or SMS on ‘Ebuy Ew’ to 56161. Alternatively, you can also email them at online.cell@sbilife.co.in

Conclusion

SBI Life eWealth Insurance is the perfect plan for your family’s security and wealth creation. You can remain stress-free as well as gain investment benefits with this plan.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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