SBI Life smart wealth builder plan is a ULIP plan typically designed to achieve long term wealth creation. Mostly people concentrate on investing in short term with highest return from investment, but this may go negative with loss also. But if you are planning to build wealth in long run, then you might get benefited with such a plan from SBIlife called sbi life smart wealth builder plan.
In this article, I will be sharing various details about this new sbi life smart wealth builder plan review, premium calculator, benefits & key highlights, maturity benefit, surrender value, return on investment etc at one place.
SBI Life smart wealth builder plan – Features & benefits
SBI life smart wealth builder plan is a typical non-linked unit linked insurance plan which will help you to save money for future and also take care of your insurance need. In this policy, you will get various flexibility to control the policy premium and return on investment. Here is the key details of this policy.
- As ULIP plans has various charges, this policy will waive off the premium allocation charges from 11th policy year onward.
- There will be no policy administration charges for first 5 years for Regular and Limited Premium Paying Term. This will help you to get more value from the investment.
- You will also get a Guaranteed Additions up to 125% of one annual regular premium on a regular premium policy, for a 30 year policy term, subject to the Policy being in force till the maturity date. This will be applicable from the 10th policy year onward.
- Choose from the list of 7 funds designed by the experts of SBI life insurance.
- Get life insurance converge as per your desired sum assured value. You will also get a flexibility to increase/decrease your Sum Assured from 6th policy year onward
- On completion of the policy term, you will get the fund value of that time as maturity value which means the products is linked with market risk. But the investment will not be that much risky as the funds are not of high risky.
- As death benefit, you will get the higher value of either fund value or sum assured value or 105% of total premium paid to your family while claiming SBI Life wealth builder plan.
- You will get income tax exemption under Section 80C and section 10(10D).
Eligibility of SBI Life smart wealth builder plan
|Age* at Entry||Min: 7 years
|Age* at Maturity||70 years|
|Plan Type||Regular Premium / Limited Premium / Single Premium|
|Policy Term^||Regular & Limited Premium Payment – 10 years, 15 to 30 years (both inclusive)
Single Premium – 5 to 30 years
|Premium Payment Term||For LPPT:
5/8 Years for Policy Term of 10 Years.
5/8/10 Years for Policy Term of 15-30 Years (both inclusive)
Regular Premium – Same as Policy Term
Single Premium – One-time payment at policy inception
How To buy SBI Life Wealth Builder Plan
First of all you have to visit to the official page of SBI wealth builder plan and there you will find more details about this policy. It’s better to follow the SBI wealth builder plan brochure to get to know more details about the funds.
Next, calculate the premium amount using the SBI life wealth builder premium calculator online and find out how much premium you have to pay for the desired sum assured value. After that you have to contact SBI life insurance adviser to visit your place or you can also visit to your nearest SBI life branch and collect the insurance policy application form and the apply for this policy.
Investing in ULIP plans can be good or may not be and that depend up on your expectation from investment and also how much risk you can take. This kind of policies can give good return on average of 7-8% maximum in long term only. But if you want to get more return from investment and also a high life insurance coverage then you have to go for a term insurance plan with mutual fund investment.
You can write your feedback or experience in case you have invested in this policy. SBI life is a good company and their products are good to invest. But one should understand that the need of life insurance and investment should not be mixed together. Write a comment below and share your personal knowledge or any query you want to get answered here.