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Financial emergencies don’t arrive with prior notice. We may not know what may hit our national Economy or the monthly budgets in our homes. Many-a-times, people often end up spending too much money that nothing is left to save. This is where planning comes in. With a well-established planning strategy, you can save in a disciplined manner so that nothing can shake your financial standing.
And do you know what the best option is? An insurance plan that gives you triple benefits of EMI, Investment and Life Cover. SBI Life Smart InsureWealth Plus is the plan for you. It gives you the perfect opportunity to cover your future with full security.
This article covers the top features and benefits of the plan.
This SBI Life Insurance is an individual, unit-linked, non-participating life insurance product with multiple features encouraging savings and investment to suit your risk appetite.
With SBI Life Smart InsureWealth Plus, you can choose from three investment strategies for a lifetime of security. They are mentioned below:
If you wish to get the benefits of the equity Market swings, this strategy is the best one to opt for. It will help in capitalising returns.
If you are an aggressive investor, this is the strategy to go for. It is meant for targeting high long term returns through high equity exposure for a longer period.
If you are an active investor with a goal for high growth over a period of time, this is the best option for you. You can choose from the 9 funds available with this option and also avail the flexibility of switching between them.
With this plan in-force, you can avail loyalty additions from the end of the 11th policy year and on regular intervals till the maturity of the policy.
The details are mentioned below:
|Last Day of the Policy (nth)||Loyalty Addition (% of the average fund value)|
With this plan, you can avail the systematic monthly withdrawal option from the 11th year of the policy for your regular expenses. This is an absolute amount with a minimum monthly amount of Rs. 5000 in multiples of Rs. 1000.
On maturity, you will get the fund value calculated with the existing NAV on the maturity date along with the Return on Mortality Charges (ROMC), which is paid in a lump sum. In case the life assured is a minor, the policy will vest in the life assured on reaching 18 years of age.
In case of death of the life assured aged 8 years and above the higher of the following will be provided:
In case the death of the life assured under 8 years the following will be applicable:
This benefit is available under the Smart Choice Strategy. You can avail this at any point during the tenure of the policy or at settlement.
This option is available with the Smart Choice Strategy when you can make unlimited free premium redirections from the 2nd policy month onwards during the term of the policy.
Talk to our investment specialist
With this plan, you can avail partial withdrawal option from the 5th policy year or one the completion of 18 years.
You are eligible for income tax benefits as mentioned under the relevant section of the Income Tax Act, 1961.
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.
The nomination under this plan will be as per Section 39 of the Insurance Act, 1938.
The assignment will be as per Section 38 of the Insurance Act, 1938.
The eligibility criteria for the plan are mentioned below.
Take a look at the policy term and premium amount.
|Entry Age||Minimum- 0 Years (30 Days), Maximum- 55 Years|
|Maturity Age||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 Amount (in multiples of Rs. 100)||Minimum- Rs. 4000 per month, Maximum- No limit (Subject to Board Approved Underwriting Policy)|
|Basic Sum Assured||Annualised Premium *10|
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 firstname.lastname@example.org
SBI Life Smart InsureWealth Plus is a great way to save and secure your family’s future.
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