Investment Plans 1911 views March 21, 2020

Best SBI ULIP Plans

ULIPS ( United-linked insurance plans) are dual benefit plans that offer a combination of insurance and investment benefit. Policy-holders can enjoy this mix benefit by paying a premium, monthly or annually. A small part of the premium is used for life insurance coverage and the remaining part of the premium is invested in funds allocated in equity or debt or both keeping in mind your long-term goals.

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List of SBI ULIPs with key benefits & features:

SBI Life- Smart Privilege:-

Features:

  1. Flexibility benefit- The free switching option between 11 different funds and premium redirection option is available.
  2. Reliability Benefit- The loyalty additions from the 6th year of the policy enhances growth.
  3. Liquidity benefit- It takes care of financial emergencies through partial withdrawals from the 6th year of the policy or 18 years of the life assured attained whichever is later.
  4. Security: The plan gives life insurance coverage benefits.

Benefits:

  1. Death Benefit- Higher amount between fund value or sum assured is paid after deduction of any applicable partial withdrawals during the last 2 years prior to the death of the insured or 105% of the total premium received till the date of death after deducting the applicable partial withdrawals is paid on death claim intimation sent to the company.
  2. Maturity Benefit – A lump sum amount of fund value is received at the end of the policy term.

SBI Life – Smart Elite Plan:-

Features:

  1. Flexible options: Option of two protection plans available – Gold & Platinum.
  2. Security plus wealth: Switch and premium redirection option available for helping your wealth to grow. It also takes care of the financial security of your family in your absence.
  3. Partial withdrawal: Partial withdrawal can be done from the 6th year of the policy.

Benefits:

  1. Death Benefit-
    • For gold Option: Whichever is higher between fund value or sum assured is paid after deduction of any applicable partial withdrawals during the last 2 years prior to the death of the insured or 105% of the total premium received till the date of death after deducting the applicable partial withdrawals is paid on death claim intimation sent to the company.
    • For platinum Option: Whichever is higher of the fund value and sum assured or 105% of the total premium received till the date of death.
  2. Maturity Benefit – A lump sum amount of fund value is received at the end of the policy term.
  3. In-built accident cover benefit- In-built cover for an accidental benefit available for death due to accident and permanent disability from the accident.

SBI Life – Smart Power Insurance:-

Features:

  1. Huge Options:
    • Option investment in two funds are available – Trigger fund And Smart Fund
    • The option of two plan options available- Level cover Option and Increasing cover option
  2. Provides Security: It takes care of the financial security of your family in your absence.
  3. Partial withdrawal: Partial withdrawal can be done from the 6th year of the policy

Benefits:

  1. Death Benefit- Whichever is higher among fund value or sum assured after deduction of any applicable partial withdrawals during the last 2 years prior to the death of the insured or 105% of the total premium received till the date of death after deducting the applicable partial withdrawals is paid on death claim intimation sent to the company.
  2. Maturity Benefit – A lump sum amount of fund value is received at the end of the policy term.
  3. In-built Accidental Total & Permanent Disability benefit- 100% of the death benefit paid on TDP resulting from accident or illness and after that policy will get terminated.

SBI Life – Smart Wealth Assure Plan:-

Features:

  1. Flexible Options: Option is available to get market linked returns from a mix of seven funds.
  2. Provides Security: It takes care of the financial security of your family in your absence.
  3. Provides Liquidity: Partial withdrawal can be done from the 6th year of the policy.

Benefits:

  1. Death Benefit- Whichever is higher between fund value or sum assured after deducting the partial withdrawals is paid.
  2. Maturity Benefit – A lump sum amount of fund value is received at the end of the policy term.
  3. Accidental Death benefit- Additional Death benefit paid in the event of death from an accident.

SBI Life – Smart Wealth Builder plan:-

Features:

  1. Flexibility – The flexibility of 11 fund options help adjust your investments by switching between the various funds.
  2. Financial security- Financial protection can be provided to your family for any uncertain events through sufficient life coverage.
  3. Growth of wealth- The guaranteed additions are there to the fund value at the 10th policy year-end and after that at every 5th year, keeping a maximum of 125% of guaranteed additions available on regular premium plans with a policy term of 30 years.
  4. Liquidity- Partial withdrawals done, on the insured attaining 18 years of age, from the 6th policy year meets your financial emergencies.

Benefits:

  1. Death Benefit- Whichever is higher among fund value on the date of intimation or sum assured after deducting the partial withdrawals or 105% of total premiums till the date of death less partial withdrawals, is paid
  2. Maturity Benefit – A lump sum amount of fund value is received at the end of the policy term.

SBI Life – eWealth Insurance:-

Features:

  1. Flexibility – There is the flexibility of investment between Balanced & Growth Plan as per your risk appetite.
  2. Affordability- Affordable premiums as low as Rs 2,000 is charged without any allocation charges.
  3. Hassle-free purchase- Online purchasing facility makes the buying of these plans hassle-free
  4. Liquidity- Liquidity for meeting unseen financial needs can be met through Partial withdrawals from the 6th year of the policy.

Benefits:

  1. Death Benefit- Higher of fund value or sum assured after deducting of any applicable partial withdrawals in the last 2 years before the death of the insured or 105% of the total premium received till the date of death less the applicable partial withdrawals is paid on death claim intimation sent to the company.
  2. Maturity Benefit – Fund value is received at the end of the policy term.

SBI Life Saral Maha Anand Plan:-

Features:

  1. Flexibility – Flexibility of investment is offered through the three fund options that help in allocating investment in various funds as per your risk capacity.
  2. Financial security- Sufficient life cover is offered by the policy to secure your family’s future.
  3. Growth of wealth- The guaranteed additions to the fund value of up to 30% of annualized premium helps in improving your wealth.
  4. Liquidity- Partial withdrawals from the 6th year of the policy help in meeting your emergency financial needs.

Benefits:

  1. Death Benefit- Higher of fund value on the date of intimation or sum assured less the partial withdrawals made in the last 2 years before the death of insured or 105% of all premiums till the date of death is paid.
  2. Maturity Benefit – At the end of the policy term, the fund value is paid.
    Accidental Death Rider Benefit- For death due to accident, an additional death benefit is provided.

Conclusion:

ULIPS provides very convenient and cost-effective investment options. Policyholders not only receive the life coverage but also have ample wealth growth options through various investment fund options. Moreover, tax benefits under Section 80C for the premiums paid and under section 10(10) on the maturity benefit received can be enjoyed.

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