SBI Life eWealth Insurance Policy
SBI Life eWealth Insurance Policy
  • Wide Range of Funds
  • No Premium Allocation Charges
  • Tax Benefits Under 80C
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SBI Life eWealth Insurance Policy

SBI Life eWealth Insurance Plan is a non-participating unit-linked plan which offers good market-linked returns to the policyholders. There are two plan options under SBI Life eWealth Insurance Policy- the Growth Plan and Balanced Plan. In the Growth Plan, the equity exposure is higher during the initial years of the policy term. Whereas, the equity exposure under the Balanced Plan is lower in the initial policy term. The returns are as per the plan opted at the end of the policy tenure. One can buy the policy if s/he fulfils the eligibility criteria mentioned here.

Eligibility :

CriteriaDetails
MinimumMaximum
Entry Age5 Years50 Years
Premium Range (Yearly)Rs. 24,000No limit
Premium Payment ModeRegular
Maturity AgeUp to 60 years

SBI Life eWealth Insurance Plan - Key Features

The features of SBI Life eWealth Insurance Policy are:

  • Policyholders get a chance to grow their wealth at an excellent rate along with life insurance cover.
  • Policy buyers are free to choose a policy term between 10 years and 30 years.
  • Under SBI eWealth Insurance policy, the premium payment tenure is equal to the policy term. For example, if SBI eWealth Policy has been bought for a policy term of 30 years then the premium payment tenure will also be 30 years.
  • The insured is free to choose the premium payment frequency. The premiums can be paid either yearly or monthly.
  • The fund value increases gradually as there are no premium allocation charges.
  • The policyholder can go for partial withdrawals of funds. The partial withdrawal of funds can be done from the 6th year of the policy.
  • The insured can enjoy hassle-free wealth management through Automatic Asset allocation.
  • Policy buyers can avail the online premium calculator facility. They just need to fill in their details and the premiums can be calculated using the premium calculator. A premium calculator is available on SBI Life Insurance official site under the tab “Tools & Calculators”.

SBI Life eWealth Insurance Plan - Benefits

The benefits provided under SBI Life eWealth Insurance Policy are:

Maturity Benefit: The policyholder can cherish the maturity benefit after completion of the policy term subject to the conditions that the policy is in force and all the policy premiums have been paid regularly.

SBI Life eWealth Maturity Benefit

Death Benefit: Under the death benefit, the beneficiary mentioned in the policy get higher of the following:

  • Fund value
  • (Sum assured) - (Applicable partial withdrawals)
  • 105% of the total premiums paid till the date of death of the insured.

SBI Life eWealth Death Benefit

Tax Benefits: All the premiums paid under the SBI Life eWealth Insurance Policy are tax-free as per section 80C of the Income Tax Act, 1961. The maturity benefits provided to the policyholder and the death benefit offered to the beneficiary under the policy are also tax-free according to section 10 (10D) of the Income Tax Act, 1961.

Flexibility: You know your investment requirements better, so you are free to choose among the plan/fund options according to your risk appetite.

Affordability: SBI Life eWealth Insurance plan is available at affordable premiums. The starting premium under the plan is Rs.2000/- per month.

Liquidity: The liquidity of the amount is permissible under the plan after the completion of the lock-in period of 5 years.

Exclusion

In the case of insured's suicidal death within the 12 months from the inception/ revival date of the policy, the beneficiary is entitled to get the fund value available on the date of intimation of insured's death.

FAQs

No, settlement option is not available under the SBI Life eWealth Insurance Policy.

The top-up facility is not allowed under the eWealth Insurance Plan.

The sum insured can not be increased or decreased under the eWealth Insurance Policy.

The premiums paid under the plan can not be redirected. It is finalized at the time of inception of the policy.

A maximum of 2 withdrawals can be made in a policy year under eWealth Insurance Policy.

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Last updated on 27-02-2020