Investment Plans 2972 views March 11, 2020

SBI Life Savings Plans

SBI Life Insurance Limited is one of the leading insurance companies in India. SBI Life offers a wide range of insurance products to its customers. It offers term insurance plans, retirement plans, endowment insurance plans, health insurance plans, savings plans or unit-linked insurance plans.
The savings plans offered by SBI Life provide the dual benefit of life insurance cover as well as savings. With savings plans of SBI Life, the holder of the policy can protect his/her family against financial loss on death of the breadwinner and also helps the holder of the policy to build the funds for short term as well as long term goals.

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Features of SBI Life Savings Plans

SBI Life offers various savings products to fulfil the variant needs of its customers. Each savings insurance plans offer unique features. The key features of the savings plan offered by SBI Life are as follows:

  1. These plans offer the dual benefit of life insurance coverage and opportunity to save thereby enabling the policyholders to create wealth.
  2. The plan provides financial security and protection to the policyholder in his/her absence and helps to build funds for future goals
  3. On the death of the insured during the term of the policy, the sum assured in the plan is paid to the beneficiary or nominee of the plan as a death benefit
  4. The plan also offers tax benefits under section 80C and 10(10D) of the Income Tax Act for pay-outs and premiums paid for the plan
  5. These savings plans offer participating benefits which offers participation in the bonus declared by SBI Life. These bonuses increase the amount paid on maturity or death
  6. These plans are affordable as there are attractive premium discounts offered on these plans
  7. Many of these plans also promise guaranteed and loyalty additions
  8. These are long term investment plans with tenures of up to 30 to 35 years

Types of SBI Life Savings Plan

SBI Life offers the following five types of savings plans which include money back and child insurance plans. Each SBI Life Savings Plan has unique features and benefits which cater to various insurance needs of individuals.

SBI Life Smart Bachat plan

Smart Bachat Plan is an endowment assurance plan with limited premium payment tenure. This plan offers the holder of the policy two options which include only endowment plan and endowment plan with rider benefit which are in-built with the plan. The inbuilt rider includes an accidental death benefit and total permanent disability benefit. The period of premium payment for the plan can be 5 years,7 years, 10 years and 15 years and the period of the policy can be from 10 years to 25 years. At the end of the term of the policy, survival benefit is paid by the insurance company which includes guaranteed sum assured in the plan, vested simple accrued reversionary benefit and terminal bonus (if any) as declared by SBI Life.

SBI Life Subh Nivesh Plan

Subh Nivesh Plan is an endowment insurance plan which offers two main options to the holder of the policy which includes plain endowment plan and endowment plan with coverage for a whole life. It is a non-linked insurance policy which provides profit endowment for the whole life of the insured. This plan provides income, savings, as well as life coverage through single or regular payment premium option. The term of the plan can be selected for up to a period of 30 years or till the policyholder attains 100 years of age. There are three add-on riders available with the plan and simple reversionary bonuses as declared by the insurance company are paid throughout the term of the policy. The policyholder can receive the basic sum assured in the plan in monthly instalments after the maturity of the plan.

SBI Life Smart Money Back Gold Plan

Smart Money Back Gold Plan offered by SBI Life offers money-back benefits to the holder of the policy. It pays fixed and regular cash flows at specific intervals. The plan provides survival benefit which is 110% of the total sum assured paid till the maturity of the plan. Smart Money Back Gold plan is a customize insurance policy which also offers an additional range of riders and four types of variants which can be selected by the policyholder with a policy term of 12 years, 15 years, 20 years and 25 years

SBI Life Smart Platina Assure Plan

Smart Platina Assure plan is a non-linked endowment assurance policy with no participating benefits. It is a savings plan which offers the dual benefit of life insurance as well as savings benefit. It offers guaranteed returns with limited premium payment option. This plan offers security to the insured by protecting his/her family in their absence. The plan is flexible as it offers to choose between yearly or monthly payment of premium and can be easily applied or purchased online. This plan helps to minimise risk and provide guaranteed additions to the insured.

SBI Life Smart Champ Insurance Plan

Smart Champ is an individual savings life insurance product offered by SBI Life. It is a non-linked insurance plan which also offers participating benefits to the holder of the policy. It helps the individual to secure their child’s future events like a child’s education. The plan offers various smart benefits by paying four equal instalments annually after the child attains 18 years of age. The plan is reliable as it secures the future of the child and is also flexible as it offers the policyholder to choose the option of the premium payment.

Conclusion

SBI Life Savings plans help the individuals to create savings along with life insurance cover. It helps the holder of the policy to create a guaranteed and lump-sum corpus by investing in a long term product. Endowment insurance policies are called saving plans that pay guaranteed benefits on the death of the insured individual or on the maturity of the plan. These savings plans are hence suitable for those individuals who are risk-averse and wants to create secured and guaranteed return corpus for their and their family’s future.

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