SBI ULIP Plans
SBI Life Smart Wealth Builder is an individual, unit-linked, and non-p ...Read More
A quick read on what this SBI ULIP Plans term plan covers and why it might be a fit for you.
SBI Life Smart Wealth Builder is an individual, unit-linked, and non-participating life insurance plan. It offers a dual benefit of insurance and investment. The plan provides a guaranteed bonus at different stages during the policy tenure. It is specifically designed for achieving life goals such as higher education for your children, marriage, buying a house, or travel.
With SBI Life Smart Wealth Builder, you can build a financial corpus to fulfill your long-term financial goals. Continue reading to explore more about the plan.
SBI Life Smart Wealth Builder Plan offers you a range of benefits including:
A quick honest summary — the strengths and the trade-offs.
Eligibility criteria pulled straight from the policy wording.
Let's understand how the SBI Life Smart Wealth Builder Plan works with a simple premium illustration.
Mr. Verma is looking for a ULIP plan that helps him create a lump sum amount to fulfill his financial needs.
His financial advisor advised him to buy the SBI Life Smart Wealth Builder Plan. He visited PolicyX.com.
Let's understand how the SBI Life Smart Wealth Builder Plan works for him with a premium illustration table.
| Age of policyholder | Annual Premiums | Sum Assured | Policy tenure | Premium Payment Tenure | Maturity Benefits |
| 35 years | Rs 71,000 | Rs 7,10,000 | 15 years | 15 years | Rs 12,29,919 |
Key Takeaways: At the end of the policy tenure, maturity benefits of Rs 12,29,919 are paid to the policyholder.
There are various benefits to buying the SBI Life Smart Wealth Builder Plan. Let’s understand each of them in detail:
Death Benefits: In case of the insured's death, the beneficiary will receive the fund value or sum assured as the death benefit. This will be around 105% of the total basic premiums paid till the date of death.
Maturity Benefit: The plan offers fund value as a maturity benefit upon vesting. The fund value will be the total value of units held across all associated unit-linked funds.
Flexibility: The plan offers the opportunity for the insured to increase or decrease the sum assured from the 6th policy year onwards. There will be no premium allocation charge from the 11th policy year, no policy administration fees for the initial 5 years under regular & limited premium policies, and it allows partial withdrawals from the 6th policy year onwards.
Switching Option: Policyholders receive two free switches during the policy tenure.
Key features that make SBI Life Smart Wealth Builder stand out.
Free Look Period
The plan comes with a free look period of 15 days. If you are dissatisfied with the terms and conditions of the plan, you can cancel it and receive a refund.
Grace Period
The plan provides the assured with a grace period of 30 days. The policyholder can pay the due policy premium within this grace period, failing which the policy is subject to lapse.
Surrender
In case of surrendering the policy before the completion of the 5th policy year, the Fund Value will be transferred to the discontinued policy fund.
Multiple fund options to choose from
SBI Smart Wealth Builder plan offers enhanced investment opportunities through 11 varied Fund Options.
Keep these documents handy when applying for SBI Life Smart Wealth Builder.
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 (for salaried individuals).
You can buy the SBI Life Smart Wealth Builder Plan offline by visiting one of their nearest branch offices. One of their representatives will help you buy the plan.
Here are the key features of the SBI Life Smart Wealth Builder.
| What’s Good Here | What’s Missing |
| Flexible-Premium Payment | Premium Offset |
| Switching Option | Premium Continuance |
| Guaranteed Bonus | Auto Cover Continuance |
| 1 Free Partial Withdrawal | Top-up Premium |
If you are looking for a ULIP plan that allows you to manage your policy with your own strategy and choice of funds, then the SBI Life Smart Wealth Builder Plan is a suitable option.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800 - 420 - 0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
The 5 most-asked questions about SBI Life Smart Wealth Builder, answered.
PolicyX content is researched in-house and reviewed by an IRDAI-certified insurance specialist before publication.
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