What is SBI ULIP?

Unit-Linked Insurance Plans commonly known as ULIPs are insurance cum market linked investment plans. The choice of a ULIP depends on the risk appetite and income of the investor. A part of the premium paid towards the ULIP policy is set aside for covering the life of the policyholder whereas the other larger portion is invested in shares, debt funds or in a balanced mix of both as per the choice of the policyholder.

Therefore, the ULIPs earn you high returns over a long period of time if you choose the funds wisely. The SBI Life offers you a variety of ULIP plans that provides you with different benefits and offers. Read on the article to know the most popular ULIP plans offered by SBI Life.

Different Unit Linked Insurance Plans Offered By SBI Life Insurance

The list includes:

SBI Life- Smart Elite

It is an Unit-Linked Insurance Plan which requires the policyholder to pay premium for a limited time period and then the policyholder can enjoy the protection and investment benefits. 

Features and Benefits:

• Minimum entry age for the policy is 18 years and the maximum is 60 years.
• The policy term ranges for 5 to 20 years.
• The modes of premium payment are- single, annual, half-yearly, quarterly and monthly. 
• The plan also provides inbuilt accidental benefits.
• The plan also offers tax benefits, death benefits and maturity benefits.

SBI Life- Smart Wealth Builder

It is a non-participating life insurance plan offered by SBI Life. It is also designed to meet your insurance and investment needs. 

Features and Benefits:

• There's no charge for premium allocation.
• This policy allows you to invest in 7 different funds.
• The first 5 years are free of policy administration charges.
• This plan also provides you with the tax benefits, death benefit and maturity benefits.
• 7 years is the minimum entry age.
• The maximum entry age is 65 years for single pay and 60 years for regular and limited pay.
• The policy terms are 10, 15 and 30 years.
• The premium payment modes are limited to only single and yearly.
• The maximum age at maturity for a policyholder should be 70 years.

SBI Life- eWealth Insurance 

Thus ULIP is an online based Non-Participating plan that provides you with both life insurance cover and market linked returns. 

Features and benefits:

• There is no premium allocation charge for the plan.
• Partial withdrawal of the lump sum is allowed. 
• You can choose between the two plans- Balanced and Growth.
• The minimum entry age is 8 years while the maximum entry age for the policy is 50 years.
• The maximum age at maturity for a policyholder should be 60 years.
• The sum assured can rise upto 10 times the annual premium.
• This plan also provides you maturity benefits, death benefit and tax benefits.

SBI Life- Smart Wealth Assure

It is a single premium ULIP which means that the individual needs to pay premium only once and can enjoy the benefits for the remaining policy tenure. 

Features and Benefits:

• This plan allows you to invest in bond funds and equity funds. 
• There is a flexibility for partial withdrawal.
• The minimum entry age is 8 years while the maximum is 65 years.
• The maximum age at the maturity of the policy is 75 years.
• There is only one time premium payment mode available. 
• The minimum premium amount is   Rs. 50,000 while there is no limit for the maximum premium payment. 
• This plan also provides you with tax benefits under Section 80C and Section 10(10D) of the Income Tax Act,1961. It also provides death benefits and maturity benefits.

Wrapping It Up

The SBI Life offers various ULIPs which cater the needs and requirements of the individuals. There are other ULIP policies by SBI Life which serve the interests of the policyholders. An individual should choose an ULIP, if he wishes to earn returns after a longer time period. The wealth created by the ULIPs can be used to meet his/ her long term goals like retirement plans, children's higher education, purchasing assets etc. The longer the funds stay invested, the higher will be the returns for the policyholder. 

Also Read: 

Reasons Why ULIPs Are Secured Long Run Investment

Difference Between Money Back Plans and ULIPs

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.