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

*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

*Data from IRDAI Annual Reports

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

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 age	5 years to 50 years
   Maximum Maturity Age	60 years
   Policy tenure	10 years to 30 years
   Premium payment mode	Regular

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 Age	30 days to 55 years
   Maturity Age	18 years to 65 years
   Policy Term	10,15, 20 and 25 years
   Premium Payment Term	Same 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 Age	30 days to 55 years
   Maturity Age	18 years to 65 years
   Policy Term	Regular premium product
   Premium Payment Term	Same 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 Age	7 years to 55 years
   Maturity Age	18 years to 70 years
   Policy Type	Regular Premium/ Limited Premium/ Single Premium
   Premium Frequency	Single/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 Age	8 years to 60 years
   Maturity Age	70 years
   Policy Tenure	10 to 30 years
   Premium Payment Term	Single 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 Age	18 years to 45 years
   Maturity Age	65 years
   Policy Tenure	10 to 30 years
   Premium Frequency	Yearly/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 Age	18 years to 60 years
   Maturity Age	65 years
   Policy Type	Limited premium/ single premium
   Premium Frequency	Single/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 Age	8 years to 55 years
   Maturity Age	18 to 70 years
   Policy Type	Regular premium/ limited premium/ single premium

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:

• Visit the official website of SBI Life.
• On the top of the page, click on the products, and then select "Individual Life Insurance Plans".
• Click on the "Wealth Creation with Insurance", and choose the plan you want to invest in.
• Click on the "Buy Now" option, and fill in all the required details.
• The next page will show you the premium amount, maturity amount, and other details.
• Pay the premium online, and within a few minutes, you will receive your policy details at your registered e-mail address