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SBI Life Saral InsureWealth Plus — Top ULIP Plan for Your Family

Updated on February 23, 2021 , 28 views

Nick Murray, a well-known financial advisor and writer, once said that wealth isn’t primarily determined by investment performance but by the investor’s behaviour. Every good and wise investor agrees to this because a lot of your investment decisions are solely based on your emotions, feelings and behaviour. Experienced investors always suggest that the best way to make a profitable investment is to separate emotions and thinking.

SBI Life Saral InsureWealth Plus

But why are you reading about Investing in an article about insurance? Well, SBI Life Insurance’s Saral InsureWealth Plus is a unique plan that gives you the benefit of both insurance and investment.

This Unit Linked Insurance Plan is the best plan for you if you wish to closely track your investment and want to invest for a medium to long-term period. There is no age limit for investment here and you can invest irrespective of your risk profile type.

So what are you waiting for? This article will inform you about the SBI Life Saral InsureWealth Plus along with its features and benefits.

SBI Life Saral InsureWealth Plus

This is SBI Life Insurance, a unit-linked, a non-participating life insurance plan that offers the benefits of life cover, wealth creation as well as a systematic monthly withdrawal option. Yes, you read that right! This plan allows you the coveted EMI option so that you can put aside a fixed amount monthly and enjoy all the benefits of life cover at maturity.

1. Fund Options

SBI Life Saral InsureWealth Plus brings 8 different fund options so that you can choose the type of fund you want to invest in according to your risk appetite.

a. Pure Fund

With this fund, you can avail high equity exposure with higher returns in the long-term. This fund invests in equities of sectors other than

  • Banks, financial institutions and non-banking financial companies
  • Entertainment (Films, TV, etc), Hotels, Gambling, Contests, Lotteries
  • Alcohol-based chemicals, breweries, cigarettes, tobacco, distilleries
  • Sugar, hatcheries, leather, animal produce

b. Bond Optimiser Fund

The aim of this fund is to earn returns higher than pure fixed Income fund. This fund invests in a combination of government securities, money market instruments, corporate Bonds and up to 25% in equity instruments.

c. Midcap Fund

Midcap fund aims at providing high equity exposure by brining higher returns in long term. The fund mainly invests in Midcap companies.

d. Equity Optimiser Fund

This fund provides equity exposure via higher returns through long-term Capital gains.

e. Corporate Bond Fund

This fund aims to earn a steady income for the policyholder. It invests in debt instruments and optimises returns for the portfolio by mainly investing in corporate bonds of medium-term maturities.

f. Equity Fund

This fund provides high equity exposure targeting higher returns in the long-term.

g. Growth Fund

With this fund, you can avail long-term capital appreciation through investment mainly in equity and equity-related instrument. A small part is invested in debt and money market for diversification and reduction of risk.

2. Maturity Benefit

On maturity, you will get the fund value calculated at the existing NAV on the maturity date. This will be paid in a lump sum. Furthermore, if the life assured is a minor, the policy will be given the benefits as soon as the minor turns 18 years old.

3. Death Benefit

In case of death of the life assured aged 8 years and above the higher of the following will be provided:

  • The fund value as on the date of intimation of death to the company
  • Basic sum assured less applicable partial withdrawal (APW)
  • 105% of total premiums received up to the date of death

In case the death of the life assured under 8 years the following will be applicable:

  • On the death of the minor lives before the date of commencement of the policy, the company will pay the fund value as on the intimation of death to the company.
  • On the death of the minor lives after the date of commencement of the policy, the company will pay the death benefit as said for the age entry 8 years and above.

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4. Settlement

The heir/nominee can receive death benefits in instalment over 2 to 5 years under the ‘settlement option’ as yearly, half-yearly, quarterly or monthly payout as required from the date of death.

5. Loyalty Additions

The company rewards policyholders with loyalty additions beginning from the end of the 6th policy year and on regular intervals till the commencement of the selected policy term.

Last Day of the Policy Years Loyalty Addition (% of the average fund value)
1-5 NIL
6-10 0.2%
11-25 0.3%

6. Systematic Monthly Withdrawal Option

With the SBI Life Saral InsureWealth Plus plan, you have the systematic monthly withdrawal (SMW) option. You can avail this benefit from the 11th policy year to meet your regular expenses or have a fixed monthly payout. All you have to do is to submit an application for the same and then you can withdraw your money from the fund value in a disciplined manner.

7. Switching Option

With this plan, you also can avail of the switching Facility at any point during the term of the policy and settlement period. You can make unlimited switches during any time in the policy during the period of settlement. The minimum switch amount is Rs. 5000.

8. Premium Redirection Option

The premium redirection option allows you to make free redirection from the 2nd month of policy and anytime during the policy term.

9. Partial Withdrawals

With this plan, you can avail partial withdrawal option from the 5th policy year or on the completion of 18 years.

10. Tax Benefits

You are eligible for income tax benefits as mentioned under the relevant section of the Income Tax Act, 1961.

11. Grace Period

You will get a grace period of 15 days from the due date for premium payment. Remember that your policy will be treated as policy in-force during the grace period.

12. Surrender

You can surrender the policy at any time during the policy term.

13. Nomination

The nomination under this plan will be as per Section 39 of the Insurance Act, 1938.

14. 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.

Pay close attention to premium mount and basic sum assured:

Details Description
Entry Age Minimum: 0 years (30 days), Maximum: 55 years
Maturity Age Minimum: 18 years, Maximum: 65 years
Plan Type Regular Premium Product
Policy Term 10
Premium Frequency Monthly
Premium Paying Term Same as Policy Term
Premium Amount Minimum: Rs. 8,000, No such limit on maximum amount
Basic Sum Assured Minimum: Higher of Annualized Basic Premium x 10 or Annualized Basic Premium x 0.5 x Policy Term, Maximum: Higher of Annualized Basic Premium x 10 or Annualized Basic Premium x 0.5 x Policy Term

SBI Life Saral InsureWealth Plus Customer Care Number

Call their toll-free number 1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at info@sbilife.co.in

Conclusion

SBI Life Saral InsureWealth Plus is a great plan to secure the future of your loved ones with life cover and investment.

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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