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Investment Plans 5009 views March 11, 2020
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.
Table of Contents
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:
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.
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 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 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 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 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.