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Overview
SBI Smart Wealth Builder is a market-linked insurance plan that offers life cover with investment opportunities through various fund options. Whether you're planning for retirement, your child's future, or wealth creation, it's important to understand how the plan works before investing. This page explains SBI Smart Wealth Builder's features, benefits, charges, fund options, eligibility, and whether it is the right choice for your financial goals.
If you have 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:
- Flexibility to pay premiums for 7, 10, or 12 years
- Accidental Death and Accidental Total and Permanent Disability Benefit
- Free look period of 15 days
- Tax Benefits
- Life Insurance Coverage
- Switching Option
Key Features
How to Buy SBI Life Smart Wealth Builder Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Hover on the 'Life Insurance' tab.
- Choose the ULIP plan you want to buy.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of the SBI Life Smart Wealth Builder Plan
There are various benefits to buying the SBI Life Smart Wealth Builder Plan. Let’s understand each of them in detail:
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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.
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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.
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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.
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Switching Option: Policyholders receive two free switches during the policy tenure.
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Choice of Multiple Investment Funds: You can invest in multiple funds at the same time.
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.
How to Buy SBI Life Smart Wealth Builder Plan Online via SBI Life Insurance
- Visit the official website of SBI Life Insurance.
- Hover over 'Products' from the top menu.
- Click on 'Individual Life Insurance' and choose the SBI Life Smart Wealth Builder Plan.
- Click on 'Buy Now' and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you to discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Instead, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy SBI Life Smart Wealth Builder Plan
Here is the list of documents required to buy the SBI Life Smart Wealth Builder Plan:
- 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 (for salaried individuals).
Plan At a Glance
| 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 |
In a Nutshell
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.
