SBI ULIP Plans

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About SBI ULIP Plans

Being one of the renowned & trusted life insurance companies, SBI Life has served millions of families across India. The company, with its motive to serve its customers in the best way possible, offers a wide range of insurance products. Since 2001, the company has been looking after all the financial needs of its customers and has come up with a wide range of wealth creation plans that allow you to live without any financial baggage.

To cater to your wealth creation needs, SBI comes up with 8 ULIP plans. Unit Linked Insurance plans are an investment-cum-life insurance policy. It offers two-fold benefits - investment when the policyholder is alive & post-death benefits to the nominee. Read along to explore more about SBI ULIP Plans.

Features of SBI ULIP Plans

  • Enjoy life cover along with investment.
  • Option to choose from Multiple Funds.
  • Offers Free-look period of 5 days.
  • Wealth creation with the flexibility of Systematic Monthly Withdrawal.
  • Avail hassle-free investment management through automatic asset allocation.

Benefits of SBI ULIP Plans

  • One can make unlimited fund switches at any point of the time during the policy term or during the settlement period.
  • SBI ULIP Plans offers Death as well as Maturity Benefits.
  • Avail Tax Benefits as per the prevailing laws

Claim Settlement Ratio of SBI Life Insurance

While analyzing the performance of a life insurance company, Claim Settlement Ratio is an important aspect. With the 'Customer-First approach of SBI Life Insurance, the company always ensures to stand with its customers at the time of need and to offer them a hassle-free claim settlement process. As per IRDAIs Annual Report 2019-2020, the CSR of SBI Life was 94.52, which shows the company has a good claim settlement capacity.

Take a look at the below graphs to get an insight into the claim settling capability of SBI Life in the last 4 years:

Claim Settlement Ratio Of SBI Life

Claim Settlement Ratio Of SBI Life from 2016-2020

*Data from IRDAI Annual Reports

Lets compare the Claim Settlement Ratio of SBI Life with other top life insurance companies.

Claim Settlement Ratio of Top Life Insurance Companies

CSR of Top Life Insurance Companies

*Data from IRDAI Annual Reports

What Are The Different ULIP Plans Offered By SBI Life Insurance Company?

Wealth Creation With InsuranceSBI Life e Wealth Insurance
SBI Life Smart InsureWealth Plus
SBI Life Saral InsureWealth Plus
SBI Life Smart Wealth Builder
SBI Life Smart Wealth Assure
SBI Life Smart Power Insurance
SBI Life Smart Elite
SBI Life Smart Privilege

Lets explore more about these plans:

  1. SBI Life eWealth Insurance

    SBI Life eWealth Insurance is a ULIP product that helps you to secure your family and grow your wealth. The plan also provides required financial cover to your family in case of any eventuality.

    Key Features:

    • Two Plan Options: Under the same, you will get two plan options (Growth and Balanced) to cater to your multiple needs.
    • Partial Withdrawals: The plan allows you to make partial withdrawals from the 6th year of the policy.

    Eligibility:

    Entry age5 years to 50 years
    Maximum Maturity Age60 years
    Policy tenure10 years to 30 years
    Premium payment modeRegular
  2. SBI Life Smart Insure Wealth Plus

    SBI Life Smart Insure Wealth Plus is an individual, unit-linked and non-participating life insurance plan. It ensures your familys protection in the case of an eventuality and offers death benefits to the nominee.

    Key Features:

    • Different investment strategies: The plan comes out with the choice of 3 Investment Strategies to cater to different needs of customers - Trigger Strategy, Auto Asset Allocation Strategy and Smart Choice Strategy.
    • Fund options: The plan offers 9 fund options under the Smart Choice strategy.

    Eligibility:

    Entry Age30 days to 55 years
    Maturity Age18 years to 65 years
    Policy Term10,15, 20 and 25 years
    Premium Payment TermSame as policy tenure
  3. SBI Life Saral Insure Wealth Plus

    SBI Life Saral Insure Wealth Plus is an individual unit-linked and non-participating life insurance product. It is a monthly savings plan that helps you to build your savings gradually. Not just this, the plan is available on an easy monthly insurance basis that helps to achieve all your financial goals.

    Key Features:

    • Fund Options: It comes out with 8 different funds options, where you can invest as per your risk appetite.
    • Monthly Withdrawals: The plans offer systematic monthly withdrawal to facilitate regular payouts provided the policy is in force.

    Eligibility:

    Entry Age30 days to 55 years
    Maturity Age18 years to 65 years
    Policy TermRegular premium product
    Premium Payment TermSame as the policy term
  4. SBI Life Smart Wealth Builder

    SBI Life Smart Wealth Builder offers comprehensive life coverage and enhanced investment opportunities. The plan also offers guaranteed additions, which are based on the policy tenure. Under this plan, one is eligible to make partial withdrawals from the 6th policy year in case of an emergency.

    Key Features:

    • Guaranteed Additions: The plan offers guaranteed additions - 125% of one annual regular premium (depending on the policy term).
    • Enhanced Investment: Enhanced investment opportunity with the help of 11 varied funds. It offers flexibility for switching and redirection.

    Eligibility:

    Entry Age7 years to 55 years
    Maturity Age18 years to 70 years
    Policy TypeRegular Premium/ Limited Premium/ Single Premium
    Premium FrequencySingle/Annual
  5. SBI Life Smart Wealth Assure

    SBI Life Smart Wealth Assure is an individual unit-linked and non-participating life insurance plan. The plan offers market-linked returns along with life insurance cover and comes out with the required financial security for your family against any eventuality.

    Key Features:

    • Flexibility: It allows you to choose from 7 different funds to deal in per your risk appetite and changing investment requirements.
    • Liquidity: The plan allows you to make partial withdrawals during the policy tenure (from the 5th policy year) to deal with any unforeseen expenses.

    Eligibility:

    Entry Age8 years to 60 years
    Maturity Age70 years
    Policy Tenure10 to 30 years
    Premium Payment TermSingle Premium
  6. SBI Life Smart Power Insurance

    SBI Life Smart Power Insurance is a unique plan that allows wealth creation with the help of a reasonable premium. The plan comes out with different fund options - Trigger Fund and Smart Funds, and two plan options - Level Cover Option and Increasing Cover Option.

    Key Features:

    • Maturity Benefit: In case the life assured survives till the end of the policy tenure, the plan offers fund value in a lump sum as maturity benefit.
    • Death Benefit: In case of an unfortunate demise of the life assured during the policy tenure, the plan will pay death benefits to the nominee. It will be higher of the fund value as on the date of intimation of death, the basic sum assured or 105% of the total premiums.

    Eligibility:

    Entry Age18 years to 45 years
    Maturity Age65 years
    Policy Tenure10 to 30 years
    Premium FrequencyYearly/half-yearly/quarterly/monthly
  7. SBI Life Smart Elite Plan

    SBI Life Smart Elite is a unit-linked insurance plan that comes out with dual benefits of investment and insurance. It grants useful features that offer great control to the investor to manage their investment. Along with this, the plan offers an Accident death benefit cover, where you will receive an in-built accidental death benefit cover.

    Key Features:

    • Multiple Options: The plan comes out with two protection plan options - gold option and platinum option.
    • Flexibility: The plan offers the flexibility to choose premium payment terms as per your requirements. It allows you to modify your fund allocation as per changing market situations.

    Eligibility:

    Entry Age18 years to 60 years
    Maturity Age65 years
    Policy TypeLimited premium/ single premium
    Premium FrequencySingle/yearly/half-yearly/quarterly/monthly
  8. SBI Life Smart Privilege

    SBI Life Smart Privilege is an individual, unit-linked and non-participating life insurance plan. The plan allows you to grow your wealth with the help of 11 funds and unlimited free switches. It offers a life insurance cover along with market-linked returns that assures complete financial protection.

    Key Features:

    • Loyalty Additions: The plan provides loyalty additions to its customers that help them to grow their funds.
    • Liquidity: The plan offers liquidity with the help of partial withdrawals from the 6th policy year or 18 years of age (whichever is later).

    Eligibility:

    Entry Age8 years to 55 years
    Maturity Age18 to 70 years
    Policy TypeRegular premium/ limited premium/ single premium
Points To Remember Before Investing

What is the Claim Settlement Process of SBI ULIP Plans?

For its customers convenience, SBI Life offers a hassle-free claim settlement process. Just follow the below-mentioned steps to experience the quick and easy claim settlement process.

  • Intimate the company by filing an online claim.
  • You can also visit the SBIs nearest branch or reach out to the companys representatives via email.
  • You can also post the duly filled claim form to SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706.
  • Submit all the necessary documents.
  • Once the company receives the documents and claim request form, they will make a decision and will settle the claims.

Documents Required For filing Claim

Mandatory Documents

  • Claim Form
  • Claimants photo ID proof
  • Original or Attested Death Certificate issued by the local authority
  • Original Policy Document
  • Claimants current address proof
  • Direct Credit Mandate form

Additional Documents

  • Copy of FIR/Punchnama Report/Post Mortem
  • Hospital treatment certificate
  • Medical attendants certificate
  • Employers certificate (for salaried individuals)
  • Copy of Police Final Report/Inquest Report/Magistrates verdict/Chemical Analysis Report

How To Buy SBI ULIP Plans?

Buying an SBI ULIP plan is an easy & hassle-free process. Follow the below steps and secure your future by investing in any of the above policies:

Buy SBI ULIP Plans

FAQs

1. What is the age eligibility to purchase SBI Life Smart Wealth Plus Plan?

In order to buy the plan, the minimum age eligibility is 30 days and maximum age eligibility is 55 years.

2. What is the premium for SBI Life Smart Wealth Assure Plan?

SBI Life Smart Wealth Assure has a single premium payment facility and the premium amount to be paid is Rs.50,000 onwards.

3. What is the policy term of SBI Life Smart Wealth Builder?

The policy term of SBI Life Smart Wealth Builder Plan is:

  • For regular premium and limited premium payment- 10 Years, 15 Years to 30 Years
  • For single premium payment - 5 Years to 30 Years

4. What are the riders available under ULIPs?

Accidental death rider and critical illness rider are available under the ULIPs.

5. Which of the SBI ULIPs offers an annual premium facility?

SBI ULIPs offering an annual premium facility are:

  • SBI Life Smart Wealth Builder
  • SBI Life Smart Power Insurance
  • SBI Life Smart Elite
  • SBI Life Smart Privilege Plan
  • SBI Life Saral Maha Anand
  • SBI Life eWealth Insurance

6. Is the amount liquidation possible between the policy term?

No, partial liquidation of the fund is possible only after completion of the lock-in period.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.9/5 (27 Total Rating)

October 4, 2021

Munmum Pathak

Pune

I have been meaning to thank policyx for helping me with the claims process...They were diligent and made the process so smooth

September 30, 2021

Rahul Kakoti

Allahabad

SBI has been my go-to for almost every finance stuff...got a decent cover through policyx this time! they have extensive knowlege and im happy

September 28, 2021

Guni Das

Chandigarh

amaaaaaazing team at policyx.com! super helpful and ready to give any aid as and when asked! thankssss y all

September 28, 2021

Himanta Biswa

Mysore

truly great support staff at policy man! they helped me compare options and weighed in with interesting insights...finally bought life cover from SBI life!...

September 27, 2021

Salman A

Bengaluru

very good work ethics at SBI nsurance...policyx agent helped me buy a policy from here. So it helped !

Last updated on 16-07-2021

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