• Home
  • Life Insurance
  • General Insurance
  • Blog
  • About Us
  • Contact Us

Policy Dunia

Policies For All

  • Home
  • Policy Status
  • NAV
  • Premium Calculator
  • Online Payment
  • Forms
  • Recruitment
  • Login
Home » Blog » Life Insurance » SBI Life Smart Wealth Builder Insurance Plan

SBI Life Smart Wealth Builder Insurance Plan

April 1, 2016 By policydunia

3.9 / 5 ( 36 votes )

SBI-Life-Smart-Wealth-Build

Policy Highlights

  • 1 SBI Life Smart Wealth Builder Insurance Plan Introduction
  • 2 SBI Life Smart Wealth Builder Insurance Plan Eligibility criteria
  • 3 SBI Life Smart Wealth Builder insurance Plan Features
  • 4 SBI Life Smart Wealth Builder Insurance Plan Benefits
  • 5 SBI Life Retire Smart Pension Policy Buying Procedure
  • 6 Additional Information Available in SBI Life Smart Wealth Builder Insurance Plan
  • 7 SBI Life Smart Wealth Builder Maturity and premium calculator
  • 8 Customer Care Details of SBI Life Smart Wealth Builder Insurance
  • 9 FAQ on SBI Life Smart Wealth Builder Insurance Plan
  • 10  Additional Documents and Forms available in SBI Life Smart Wealth Builder
  • 11 About SBI Life Smart Wealth Assure
  • 12 About SBI Life Smart Power Insurance
  • 13 About SBI Life smart scholar policy
  • 14 About SBI Life Saral Maha Anand Policy

SBI Life Smart Wealth Builder Insurance Plan Introduction

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance. SBI is the largest and most trusted bank in India. SBI Life understands your changing financial and insurance needs. To meet these changing needs SBI Life Insurance Company Introduces SBI Life Smart Wealth Builder Unit Linked plan.

SBI Life – Smart Wealth Builder is a unit linked, non participating, insurance plan. It is an attempt to meet all your financial and insurance needs through a single product. SBI Life Smart Wealth Builder helps you to create Long term wealth. You can choose your required life insurance cover subject to minimum or maximum level using SBI Life Smart Wealth Builder Insurance plan.

SBI Life Smart Wealth Builder Insurance Plan Eligibility criteria

Entry Age
  • Minimum: 7 Years
  • Maximum:
    • For Regular & Limited Premium: 60 years
    • For Single Premium: 65 years
Maturity Age
  • Maximum: 70 years.
Policy term
  • Regular Premium:10,15 to 30 years(both inclusive)
  • Limited Premium paying term:10,15 to 30 years(both inclusive)
  • Single premium: 5 to 30 years(both inclusive)
Plan Type
  • Regular premium/limited premium/single premium
Premium Frequency
  • Single or Annual

Premium Paying Term

Regular Premium: Same as policy term.

Limited Premium Paying Term:

Policy term Premium Paying term
10 5/8
15 to 30(both inclusive) 5/8/10

Single Premium: One time payment at policy inception.

Premium Range(in Multiples of Rs.100) :

Plan type Premium frequency Minimum Maximum
Regular premium Annual Rs.30,000 Rs.30,000
Limited premium Annual Rs.40,000
Single premium Rs.65,000

Sum Assured Range:

Premium Minimum Maximum
Age below 45 years Age above 45 years Age below 45 years Age above 45 years
Regular Premium Higher of [10*Ap] or [0.5*term*AP] Higher of [7*Ap] or [0.25*term*AP] 20*AP(annualised premium) 20*AP
LimitedPremium 15*AP 15*AP
Single Premium 1.25*SP 1.1*SP 3*SP 1.25*SP

SBI Life Smart Wealth Builder insurance Plan Features

  • Guaranteed additions up to 125% are available on regular annual premium.
  • You will get a guaranteed additions depending on the policy term, for higher policy term higher the guaranteed addition.
  • Guaranteed additions starting from as early as 10th policy year.
  • There is no Administration fee for Regular and limited premium paying term for first 5 years, thereby increases your fund value.
  • No premium Allocation Charge from 11th year on wards.
  • You will get enhanced investment opportunity through 7 varied Fund Options
  • You will get Life Insurance coverage, with minimum Sum Assured based on your age.
  • Flexible product with an option to increase/decrease your Sum Assured from 6 th  policy year onwards.
  • You will have the choice of paying premiums regularly or for limited period or through lump sum.
  • You can get Maturity Benefit in periodic installments through settlement option.

SBI Life Smart Wealth Builder Insurance Plan Benefits

Maturity Benefit:

  • On completion of Policy Term, Fund Value will be paid in a lump sum.
  • The Maturity benefit is available in Settlement option in SBI Life Smart Wealth Builder Insurance Plan.
  • It helps you to get periodic installments of maturity benefit within 2 to 5 years from the date of maturity.

Death Benefit:

  • Higher of the Fund Value or Sum Assured is payable with a minimum of 105% of total basic premiums paid till the date of intimation of death.
  • Sum Assured will be reduced to the extent of partial withdrawals made in the last 2 years for age on death below 60 years and for age on death 60 years & above.

Income Tax benefit:

  • In Life insurance you can pay up to 1,00,00 as premium every year without paying any tax under Section 80CCC.
  • A tax-free death benefit is also available under Section 10(10D).
  • On vesting or Surrender / Discontinuance the policyholder can commute up to 1/3 rd of the policy proceeds as per the income tax act 1961. For more information regarding Tax Benefits, visit www.taxqueries.in.

SBI Life Retire Smart Pension Policy Buying Procedure

Documents needed to apply SBI Life Smart Pension Policy are given below

  • Identity Proof
  • Age Proof
  • Income Proof
  • Address Proof
  • PAN Number

SBI Life Retire Smart Pension Policy Claim Procedure

List of documents to be submitted during claim procedure.

  • Death certificate
  • Duly filled claim form
  • Policy document

Required claim procedure documents are attached below.

SBI Life Smart Wealth Builder Insurance Plan Claim Form

Additional Information Available in SBI Life Smart Wealth Builder Insurance Plan

Free Look Period:

  • You can review the terms and conditions of the policy within 15 days for the policies sourced through any of the channel mode other than distance marketing and 30 days for distance marketing.
  • You have the option to return the policy by stating the reasons for objection.

Grace Period:

A Grace Period of 30 days will be allowed in SBI Life Smart Wealth Builder Insurance Plan.

Discontinuance of Premium:

On discontinuance of premium you can either

  • Revive the Policy within a 2 years from the date of discontinuance, if you have paid all the due premiums the policy will continue.
  • Complete withdrawal from the policy.
  • Convert the policy into paid up policy.(Option is available only when 5 years full premium has been paid).

NAV Computation:

NAV of the Fund shall be computed as

(market value of investment held by fund + value of current assets – value of current liabilities & provisions.) / (number of units existing in valuation date).

Policy Revival:

  • SBI Life Smart Wealth Builder Provides you a Revival period of 2 years from the date of discontinuance.
  • You Can continue your policy by paying all due premiums during this revival period.
  • If you stop paying premium during first five years the policy and if you want to revive your policy discontinuance charges will be added to your premium to revive your policy.
  • If you stop paying the premium after five policy years, you can revive your policy by paying due premium.

Suicide Exclusion:

  • If the Life assured whether sane or insane commits suicide within one year from the date of commencement or from the date of revival the policy will be expired.
  • In such case the fund value as on date of intimation of death to the company will be payable.
  • And all benefits under this policy will cease.

Switching option:

You can switch your investments among the 7 funds to suit your changing investment needs. Minimum switch amount is 5000/-

Premium redirection facility:

Premium redirection facility is available from 2nd policy year onwards. This facility is free of charge.

Partial withdrawals:

  • Partial withdrawal facility is available from 6th policy year.
  • One free partial withdrawal in a policy year is allowed. A 100/- per withdrawal will be charged on excess of partial withdrawals.
  • A maximum of 2 partial withdrawals can be made in one policy year and not more than 5 partial withdrawals are allowed in entire policy term.
  • Minimum Partial withdrawal allowed is 5000/-
  • Partial withdrawals will not be allowed if the fund value is reduced to less than 50% of the total premium paid.

Funds Available in SBI Life Smart Wealth Builder Insurance Plan

The Different Funds available in SBI Life Smart Wealth Builder are

  • Equity Fund
  • Top 300 Fund
  • Equity Optimizer Fund
  • Growth Fund
  • Balanced Fund
  • Bond Fund
  • Money Market Fund
  • Discontinued Policy Fund

The detailed Information about Funds will be available in SBI Life Smart Wealth Builder brochure.

Charges Available in SBI Life Smart Wealth Builder

Fund Management Charges: A certain fixed percentage of funds before calculating NAV will be charged on daily basis.

Fund Name Fund Management Charge
Equity Fund 1.35% p.a
Top 300 Fund 1.35% p.a
Equity optimiser Fund 1.35%p.a
Growth Fund 1.35%p.a
Balanced Fund 1.25%p.a
Bond Fund 1.00%p.a
Money Market Fund 0.25%p.a
Discontinued Policy Fund 0.50%p.a

Discontinuance charges: Discontinuance charges are expressed as percentage of annual premium or Fund value

Year of discontinuance Discontinuance charges
1 Lower of 1%(single premium or fund value) subject to maximum of Rs.6000.
2 Lower of 0.5%(single premium or fund value) subject to maximum of Rs.5000.
3 Lower of 0.25%(single premium or fund value) subject to maximum of Rs.4000
4 Lower of 0.1%(single premium or fund value) subject to maximum of Rs.2000
5 onwards  NIL

Miscellaneous Charges:

To issue an additional / duplicate copy of fund statement an amount of Rs.100 per statement will be charged.

SBI Life Smart Wealth Builder Maturity and premium calculator

By using Sbi Life Smart Wealth Builder Premium calculator you can find minimum premium has to be paid to buy SBI Life Smart Wealth Builder Insurance Plan. By using this you can also compare your insurance plan with other plans and you can select your preferred scheme. The below information is required to calculate minimum Premium has to be paid.

  • Proposer Name.
  • Date of Birth.
  • Plan type.
  • Policy Term.
  • Premium Amount.
  • Premium Paying Term.
  • Fund Option.

Customer Care Details of SBI Life Smart Wealth Builder Insurance

  • Call center number:1800 22 9090.
  • Email id: info@sbilife.co.in
  • Contact address:
  • SBI Life Insurance company Ltd,
  • Registered & corporate office:Natraj,
  • M.V Road & western express highway junction,
  • Andheri(east),mumbai-400 069.

FAQ on SBI Life Smart Wealth Builder Insurance Plan

1.What happens If I want Loan against your Policy?

Ans:There is no such facility is available in this policy.

2.What happens in case of death of the policy holder?

Ans: Nominee will receive the all the benefits available under the policy.In case of Suscide,No additional benefits will be given to the nominee.

3.What are the different unit linked plans available in SBI Life Insurance?

  • SBI Life Smart Wealth Builder.
  • SBI Life Smart Wealth Assure.
  • SBI Life Saral Maha Anand.
  • SBI Life Smart Scholar
  • SBI Life Smart Elite
  • SBI Life Smart Power Insurance.

For information about Tax on Insurance Policies www.taxqueries.in

 Additional Documents and Forms available in SBI Life Smart Wealth Builder

SBI Life Smart Wealth builder brochure

SBI Life Smart Wealth Builder policy document

Smart Wealth Builder Single Pager

About SBI Life Smart Wealth Assure

About SBI Life Smart Power Insurance

About SBI Life smart scholar policy

About SBI Life Saral Maha Anand Policy

Filed Under: Life Insurance, SBI Life

Comments

  1. rakesh kumar shukla says

    September 24, 2015 at 1:49 pm

    savi plan ko paper me focus kerna

    Reply
  2. Spandana says

    October 1, 2015 at 4:50 am

    Need more details

    Reply
  3. Dhanpati Ratani says

    October 25, 2015 at 11:45 am

    Pls.i want to know about sbi life wealth builder plan. If premium 50000/-per year ppt 5 years. Term 10 years.
    Then how much will be rerurn on after10 years.

    Reply
  4. Dhanpati Ratani says

    October 25, 2015 at 11:55 am

    Pls.i want to know in sbilife wealth builder plan. I paying 50000/- per year
    Ppt 5 years. Term 10 years.Then how much will be return after 10 years.
    Pls. Reply

    Reply
    • Dhanpati Ratani says

      February 14, 2016 at 6:03 pm

      In sbi smart wealth builder i paying 50000 per year. Ppt is 5yrs. Term 10 yrs.how much i get return. After 10 yrs.

      Reply
  5. kiran Tukaram Shinde says

    October 30, 2015 at 7:25 am

    SBI Life Smart Wealth Builder Insurance plan ke baare mein jankari chaiye. pls call me .

    Reply
  6. Usha pandey says

    October 31, 2015 at 11:56 am

    I have taken this policy today with 5 lakhs yearly premium for five years. I am told this policy is linked with unit. What is this unit? It is not explained any where on your web site. What is the current value of unit share? How to monitor is value every day?

    Reply
  7. GR Babu says

    December 17, 2015 at 6:42 pm

    I have been recommended to take SBI Life smart wealth builder and made a payment through online ETF made by my banker SBH on 29.11.15. the concerned person assured the policy would be issued within 15 days but to my surprise the team at Hyderabad did not do so and asked me to talk to call centre which was the worst system I have ever come across they took 10 minutes to clear my call after a long waiting and finally could not materialize as the phone no. was not correctly entered in the system. Had it been LIC or ICICI Prudential or any other insurer it would have been materialized long before by now. I have never expected SBI life is such a useless organization with careless people and long waiting customer care call centre. Please improve your system and educate your executives properly.

    GR Babu

    Reply
  8. partha pratim pramanick says

    January 13, 2016 at 3:08 pm

    what will be the value of fund rs 100000 per year after 10 years of regular premum

    Reply
  9. ashok kumar says

    February 8, 2016 at 9:43 pm

    Is it required to take sbi wealth builder policy for personal loan and how much amount I will get if I pay 30000/- per year after maturity.

    Reply
  10. HARISHCHANDRA NANGARE says

    February 12, 2016 at 7:21 am

    Smart whealth bbuilder mmaturity bbenefits

    Reply
  11. ASHOK SURANA says

    February 20, 2016 at 11:56 am

    Whether HUF ca take this plan

    Reply
  12. ATRIJIT BOSE says

    April 8, 2016 at 6:20 am

    My customer No. is 41716354, Proposal No. 1K-NA029755, Policy No. 1KO 40999306, Product Name : SBI life Smart Wealth Builder. Risk Date – 20th Jan 2016. Due to some unavoidable circumstances, I wish to avail the facility of ‘complete withdrawal from the policy’.

    Please advise me the right time of for the same with losing much of my premium amount i.e. Rs. 1,00,000/_. and what is the procedure for the same.

    Reply
  13. Mukesh Kumar Mishra says

    May 2, 2016 at 5:51 am

    how to know my fund value of my Policy no- 1K029214706

    Reply
    • Mukesh Kumar Mishra says

      May 2, 2016 at 5:53 am

      Please help me

      Reply
  14. Dhanpati Ratani says

    May 9, 2016 at 11:52 am

    Return of sbi smart wealthbuilder

    Reply
  15. MAHENDRA PANDEY says

    August 7, 2016 at 11:10 am

    Sir, I am a policy holder of SBI Life and my scheme name is SBI Life Smart Wealth Builder,my policy no is 1K029649901.Please relpy to my two queries:
    1. What is the present NAV and fund value of my policy as on 05/08/2016.
    2. Kindly iform me if premium of my policy will be auto debited from my SBI Account no 20070052741. If ECS option has been registered, please confirm.
    Regards,
    MAHENDRA PANDEY

    Reply
  16. Rahul Tiwari says

    October 31, 2016 at 3:01 pm

    How can I calculate the total fund/money, I will get after maturity?

    Reply
    • Rahul Tiwari says

      October 31, 2016 at 3:04 pm

      How can I calculate the total fund/money, I will get after maturity of my SBI Life Smart wealth builder?

      Reply
  17. S JEGADEESAN says

    February 6, 2017 at 4:42 pm

    Whether SBI Life Smart Wealth Builder is 100% Guaranteed Return? or it has any risk?

    Further it is Un listed company.Hence it has some relaxation to enjoy the public fud.Whether there is any chance to mis use.Because SBI is highly dangerous .

    Reply
  18. Shweta says

    March 1, 2017 at 5:21 pm

    Is there any fund type under the head SBI LIFE SMART WEALTH BUILDER which fetches the invested amount back with no fear of losing the amount invested ?
    Also I would like to know that if I have invested a 50k as annual limited premium n the policy term is 10 years then on the sum invested in first 5 years i.e. 250000 will i get any interest at the end of 6th year ?
    Is it beneficial to continue if I pay the premium for 5 years n take the fund value at the end of 10 years policy term ?
    Please guide me… its my hard earned money but keeping faith in the bank manager I have invested my money in sbi life smart wealth builder plan last year
    Thank you

    Reply
  19. Sushant says

    September 20, 2017 at 5:36 pm

    I want my” sbi life smart money builder” policies account statement & current NAV.How could I get it?

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

SBI Life Products

  • Child Plans
  • ULIP Plans
  • Pension Plans
  • Saving Plans
  • Term Insurance Plans

SBI Term Insurance Plans

  • SBI Life Smart Shield Plan
  • SBI Life Saral Shield policy
  • SBI Life eShield Policy
  • SBI Life Grameen Bima Policy

SBI Life Children Plans

  • SBI Life smart scholar policy
  • Sbi Life Smart Champ Insurance

SBI Life ULIPS PLANS

  • SBI Life Smart Wealth Assure
  • SBI Life Smart Wealth Builder
  • SBI Life Smart Power Insurance
  • SBI Life smart scholar policy
  • SBI Life Saral Maha Anand Policy
  • SBI Life Smart Elite Plan

SBI Life Savings Plans

  • SBI Life Smart Income Protect
  • SBI Life Smart Money Back Gold
  • SBI Life Smart Guaranteed
  • SBI Life Shubh Nivesh Policy
  • SBI Life Saral Swadhan plus
  • SBI Life Flexi Smart Plus Policy

SBI Life Pension Plans

  • SBI Life Annuity Plus Pension Plan
  • SBI Life Saral Pension plan
  • SBI Life Retire Smart Pension Plan
  • Copyright Notice
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions

Copyright © 2021 · Magazine Pro Theme on Genesis Framework · WordPress · Log in