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SBI ULIP Plans: Overview
To cater to your wealth creation needs, SBI offers 8 ULIP plans. Unit Linked Insurance Plans are investment-cum-life insurance policies. They offer two-fold benefits: investment while the policyholder is alive, and post-death benefits to the nominee. Read along to explore more about SBI ULIP Plans.
SBI ULIP Plans ensure to look after your investment needs by offering:
- Enjoy life cover along with investment
- Option to choose from multiple funds
- Systematic monthly withdrawal
- Hassle-free investment management
Benefits of SBI ULIP Plans
There are multiple benefits of SBI ULIP Plans. Read below to understand the advantages provided by these plans.
Helps You Grow Your Money
SBI ULIP Plans help you grow your money over a period of time. If you invest in these plans, you can create a lump sum for your financial requirements.
Death Benefits
This plan comes with life coverage. In case of the policyholder's demise during the policy tenure, death benefits are paid to the nominee.
Option to Choose from Multiple Funds
You can choose from the multiple funds in which you want your money to be invested.
Systematic Monthly Withdrawal
This plan helps you create wealth with the flexibility of systematic monthly withdrawal.
Automatic Asset Allocation
Avail hassle-free investment management through automatic asset allocation.
Riders You Can Avail With SBI ULIP Plans
| Name of the Rider | Benefits |
|---|---|
| SBI Accidental Death Benefit Linked Rider | At the time of commencement of the insurance plan, you have the option to add the Accidental Death Benefit Linked Rider. Under this rider, the nominee will receive the rider sum assured in case of the life assured's death due to an accident. |
Exclusions of SBI ULIP Plans
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive only the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.
Documents Required to Purchase SBI ULIP Plans
Here is the list of documents required to buy SBI ULIP Plans:
- Photo ID Proof
- Age Proof
- Address Proof
- Medical Records
- Income Proof
Photo ID Proof
Photo ID Proof (any one of the following): Passport, Aadhaar card, PAN card, Driving license.
Age Proof
Age Proof (any one of the following): Passport, Aadhaar card, PAN card, Driving license.
Address Proof
Address Proof (any one of the following): Utility bill, passport, voter ID, ration card.
Medical Records
Medical Records of the policyholder, if requested.
Income Proof
Income Proof (any one of the following): Bank statement, last three months' salary slips (if you are salaried).
How to Calculate Premiums for SBI ULIP Plans
- Step 1: Visit the official website of SBI Life Insurance Company.
- Step 2: Hover over 'Products', click on 'Individual plan', and choose the plan you want to buy.
- Step 3: Click on the 'buy now' button and fill in the required details.
- Step 4: Tap on 'Next' and select a plan as per your requirements.
- Step 5: Select the cover option you want and make your payment. Once the payment is made, you will receive a payment confirmation at your registered email address.
How to Port Your Policy with PolicyX.com
- Step 1: Visit the official website of PolicyX.com.
- Step 2: Click on the 'ULIP Plan' tab under 'Life Insurance' from the top menu.
- Step 3: A new page will appear.
- Step 4: Fill out the form at the top of the page with the required details.
- Step 5: Select your income and city, then click 'Proceed'.
- Step 6: Update your education and occupation details.
- Step 7: Choose your preferred plan and click 'Buy this plan'.
- Step 8: Select the policy term, premium payment period, investment amount, and riders (if required), then proceed to pay.
