SBI Life smart wealth assure policy is a single premium payment ULIP plan from SBI life. Single premium payment policies are god for one time investment and mostly used to save income tax in the end of financial years. Savings income tax is one of the key target of people and insurance companies are also trying to launch products which can match the requirement of investors to save tax as well as getting good return on future.
In this article I will be sharing the complete review of sbi life smart wealth assure, the key benefits, features, how to buy sbi life smart wealth assure, calculate premium, documents required to get this policy, surrender rules, loan facility, survival benefits, death benefits and many more useful information at one place.
SBI life smart wealth assure – Features & benefits
If you are thinking to invest your lump-sum money in an insurance product then this kind of single premium payment insurance plans are perfect for your investment need, considering that you are not interested to invest in high risk products. Here are the key highlights of this sbi life smart wealth assure policy.
- You can choose the options from mix of funds providing Market Linked Returns to get high return or moderate return as per your risk appetite.
- In case you want market linked return then your money will be invested in through 2 funds – Bond Fund & Equity Fund. This will help you to balance your portfolio and also get high return on long term.
- You just have to pay only once and then stay relaxed till the end of the policy term. Although the life cover will not be that much you can enjoy dual benefits of investment & insurance
- You can go for partial withdrawal as per the policy term and basic ULIP rules which not before completing 5 years.
- There is an option to get additional Accidental Death Benefit Option which you can ask for with the payment of little additional premium.
- As usual the fund value after completion of policy term will be paid as maturity benefit after deducting all necessary charges & taxes.
- As death benefit your family will get higher of any of the 3 like fund value or sum assured or 105% of total premium paid till date.
- You will get 10% of the sum assured as eligible for income tax exemption under section 80c as per the rules of income tax.
Eligibility of sbi life smart wealth assure
|Age* at Entry||Min: 8 years||Max: 65 years|
|Age* at Maturity||75 years|
|Policy Term||10 to 30 Years (both inclusive)|
|Premium Payment Term||Single Premium (SP)|
|Single Premium Amount (X 100)||Min: Rs 50,000|
Max: No limit
For Ages below 45 yrs : 1.25 x SP
For Ages 45yrs & above: 1.10 x SP
How to Buy sbi life smart wealth assure
SBI life smart wealth assure is a typical offline ULIP plan from SBI life that means you can’t buy this policy online. There are various charges applicable in ULIP plan and you should check the same before purchase by reading the sbi life smart wealth assure brochure completely. Not only that there will be many more information about the funds and how they will invest the same that you should know first.
You have to either call the SBI life customer care number or fill up the online form to ask an insurance adviser or viist to nearest SBI life branch office to collect the application form, KYC form and other necessary information to get this policy. Simply fill up the form and submit to the responsible person. Your policy will be send to you by post after paying the due single premium. I think its better to go with a SBI life insurance agent to make the process smooth.
Although ULIP plans are also targeting to provide a good life cover , but typically that was quite low. So, you have to analyse whether you need a high life insurance or insurance is not required and accordingly you can proceed with such plans.
If you think investment is the only purpose and you want to stick with a trusted company even if a moderate return with low risk the sbi life smart wealth assure may suite your requirement. But make sure you understand first how ULIP plan work in real time and how much return one can expect from such polices. Share your feedback and experience if any here by writing a simple comment below so that our reader can be benefited. Thanks for following website.