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
Premium Paying Term
Regular Premium: Same as policy term.
Limited Premium Paying Term:
|Policy term||Premium Paying term|
|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|
Sum Assured Range:
|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|
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
- 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.
- 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.
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.
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 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).
- 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.
- 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.
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 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|
|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|
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: firstname.lastname@example.org
- 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