SBI Life Smart Wealth Builder is a unit linked non participating insurance policy. It is an effort for meeting all your monetary as well as insurance requirements through a single product. You can select your needed life insurance cover subject to least or utmost level with SBI Life Smart Wealth Builder Insurance plan. In this plan the minimum return is definite and the maximum returns is mainly depend performance of the market.
- Eligibility criteria:
|Age of entry||Ø Minimum: 7 Years
The features of SBI Life Smart Wealth Builder plan are as following:
The benefits of SBI Life Smart Wealth Builder Policy are as following:
In case of demise of the insured person, the nominee gets the higher of the Fund Value or Sum Assured is owed with a least of 105% of whole basic premiums compensated till the date of intimation of demise. Moreover, the sum assured will be reduced to the point of limited withdrawals made in the last 2 years for age on death underneath 60 years and for age on demise 60 years and over.
On ending of Policy Term, Fund Value will be compensated in a lump sum to the policyholder. The Maturity benefit is obtainable in the Settlement option in this plan which helps you in getting the intermittent installments of maturity benefit in 2 – 5 years from the date of maturity.
In Life insurance you can compensate upto the Rs. 1,00,00 as premium each year without paying any tax under Section 80CCC. Moreover, a tax-free death benefit is too obtainable under Section 10(10D).
This policy gives you a Revival period of 2 years from the time of discontinuance.
You can review the terms and conditions of the plan within 15 days for the policies sourced by any of the conduit mode other than distance marketing as well as 30 days for distance marketing. Additionally, you can call off the plan in 15 days of receipt of plan document, if you are not influenced with the Terms and Conditions of the plan.
A Grace Period of 30 days will be permissible in SBI Life Smart Wealth Builder Insurance Policy.
NAV of the Fund shall be calculated as the market value of investment held by fund plus value of current assets subtracting the worth of current liabilities and provisions.
You can switch your investments amid the 7 funds for suiting your changing investment requirements. Moreover, the Minimum switch amount is Rs. 5000/-.
The premium which is paid by the policyholder is invested across the investment funds, which increases your fund value. The fund value is rewarded in form of Guaranteed Additions at the ending of the certain Policy tenure. Below is the percentage of GA – for regular, limited as well as single premium policies.
A sure fixed percentage of funds before calculating NAV will be charged on every day basis.
The discontinuance charges are expressed as the percentage of yearly premium or Fund value.
To issue an extra or the duplicate copy of fund statement a charge of Rs. 100 per statement will be charged.
Furthermore, the snapshot of SBI Life Smart Wealth Builder is given below: