SBI Life Smart Wealth Builder
  • Guaranteed Bonus During Policy Term
  • Free Look Period of 15 Days
  • 1 Free Partial Withdrawal
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SBI Life Smart Wealth Builder

SBI Life Smart Wealth Builder is an individual, unit-linked, and non-participating life insurance plan. It comes out with a dual benefit of insurance and investment. The plan offers 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, travel, etc.

With SBI Life Smart Wealth Builder one can build a financial corpus and can easily fulfill his/her 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:

why-choose
  • 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

Eligibility Criteria for SBI Life Smart Wealth Builder

Your Occupation

Entry age

Minimum Age - 7 years Maximum Age - 55 years

Mukhyamantri Amrutam Yojana

Maturity age

Maximum Maturity Age - 70 years

Your Gender

Policy tenure

5 to 30 years

Maternity Benefit Rider

Premium payment term

5 to 30 years

Dr YSR Aarogyasri Trust

Premium payment frequency

Annual, half-yearly, quarterly & monthly

Maternity Benefit Rider

Sum assured

10 X Annualized Premium

How Does the SBI Life Smart Wealth Builder Plan Work?

Let's understand how the SBI Life Smart Wealth Builder Plan works with a simple premium illustration.

Why Buy Term Insurance Online?

Problem

Mr. Verma is looking for a ULIP plan that helps him create a lump sum amount to fulfill his financial needs.

Solution

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 the maturity benefits of Rs 12,29,919 are paid to the policyholder.

Features of SBI Life Smart Wealth Builder

Here are some features of SBI Life Smart Wealth Builder:

SBI ULIP Plans

SBI Smart Elite Plan

SBI Smart Elite Plan

SBI Insurance company has been serving the finest insurance products to their customers, such as life insurance, health insurance, motor insurance, or...

Unique Features

  • 9 Investment Fund Choices
  • Switching Option Available
  • Surrender Policy Anytime

SBI Smart Elite Plan (Pros)

SBI Smart Elite Plan
  • 9 Investment Fund Choices
  • Switching Option Available
  • Surrender Policy Anytime

SBI Smart Elite Plan (Cons)

SBI Smart Elite Plan
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

SBI Smart Elite Plan (Other Benefits)

SBI Smart Elite Plan
  • Death Benefits
  • Maturity Benefits
  • Fund Switching

SBI Smart Elite Plan (Eligibility Criteria)

SBI Smart Elite Plan
  • Minimum entry age- 18 years
  • Maximum entry age- 60 years
  • Maximum sum assured- 105% of premiums
  • Maximum policy term- 30 years

SBI Life Smart Wealth Builder

SBI Life Smart Wealth Builder

SBI Life Smart Wealth Builder is an individual, unit-linked, and non-participating life insurance plan. It comes out with a dual benefit of insurance ...

Unique Features

  • Guaranteed Bonus During Policy Term
  • Free Look Period of 15 Days
  • 1 Free Partial Withdrawal

SBI Life Smart Wealth Builder (Pros)

SBI Life Smart Wealth Builder
  • Death Benefits
  • Maturity Benefits
  • Guaranteed Additions

SBI Life Smart Wealth Builder (Cons)

SBI Life Smart Wealth Builder
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

SBI Life Smart Wealth Builder (Other Benefits)

SBI Life Smart Wealth Builder
  • Guaranteed Bonus During Policy Term
  • Free Look Period of 15 Days
  • 1 Free Partial Withdrawal

SBI Life Smart Wealth Builder (Eligibility Criteria)

SBI Life Smart Wealth Builder
  • Minimum entry age- 7 years
  • Maximum entry age- 55 years
  • Maximum sum assured- 10* Annualized Premium
  • Maximum policy term- 30 years

SBI Saral Maha Anand

SBI Saral Maha Anand

SBI Life Saral Maha Anand is a unit-linked non-participating life insurance product that offers growth opportunities through capital market participat...

Unique Features

  • Accidental Death Rider Benefits
  • Availability of 3 Fund Options
  • No medical Examination Required

SBI Saral Maha Anand (Pros)

SBI Saral Maha Anand
  • Guaranteed Additions of up to 30%
  • Requires no medical examination
  • Flexibility to choose from 3 fund options

SBI Saral Maha Anand (Cons)

SBI Saral Maha Anand
  • No pre-existing condition
  • Suicidal exclusion
  • No auto-cover continuance

SBI Saral Maha Anand (Other Benefits)

SBI Saral Maha Anand
  • Accidental Death Rider Benefits
  • Availability of 3 Fund Options
  • No medical Examination Required

SBI Saral Maha Anand (Eligibility Criteria)

SBI Saral Maha Anand
  • Minimum entry age- 18 years
  • Maximum entry age- 55 years
  • Minimum sum assured- Rs 10* AP
  • Maximum sum assured- Higher of 20 x annualized premium
  • Maximum policy term- 30 years
Tired of Pushy Sales? Get Insurance, Your Way Tired of Pushy Sales? Get Insurance, Your Way

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:

  • Death Benefits: In case of the death of the insured, the beneficiary will receive the fund value or sum assured as the death benefit. It 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 on reaching a vesting date. The fund value will be the total value of units held across all associated unit-linked funds.
  • Flexibility The plan offers the opportunity under which the insured can increase or decrease the sum assured from the 6th policy year and 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 Insured gets two free switches during the policy tenure.

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:

  • Regular Smoking
    Photo ID Proof
  • Your Occupation
    Age Proof
  • Pre-Existing Diseases
    Address Proof
  • Your Age
    Medical Records
  • Your Gender
    Income Proof
Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy SBI Life Smart Wealth Builder?

You can buy the SBI Life Smart Wealth Builder official website or one of their nearest branch offices.

Life Insurance
  • Step 1

    Visit the official website of PolicyX.com.

  • Step 2

    Hover on the ‘Life Insurance’ tab.

  • Step 3

    Choose the ULIP plan you want to buy.

  • Step 4

    Fill out the form at the top of the page with the necessary details.

  • Step 5

    Select your income and city. Click on 'Proceed'.

  • Step 6

    Update your education and occupation details.

  • Step 7

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 8

    Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.

Life Insurance
  • Step 1

    Visit the official website of SBI Life Insurance.

  • Step 2

    Hover over the 'Products' from the top of the menu.

  • Step 3

    Click on the 'Individual Life Insurance' and choose the SBI Life Smart Wealth Builder Plan.

  • Step 4

    Click on ‘Buy Now’ and you will be redirected to a new page.

  • Step 5

    Enter your name and contact information. One of their representatives will reach out to you and discuss the quotes.

  • Step 6

    Once discussed you can make the premium payment and get the policy documents.

Buying from their branch office

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.

Your Occupation

Exclusions of the SBI Life Smart Wealth Builder Plan

  • In case the policyholder commits suicide within 12 months of policy purchase then no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date whichever is higher is paid.

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 you must choose the SBI Life Smart Wealth Builder Plan.

For more info 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.

FAQs: SBI Life Smart Wealth Builder

1. What is the Basic Sum Assured available under SBI Smart Wealth Builder plan?

The Basic Sum Assured available under SBI Life Smart Wealth Builder are mentioned below: Plan Type Regular Premium & Limited Premium Payment Term 2 10 X Annualized Premium Single Premium 1.25 X Single Premium

2. Does SBI Smart Wealth Builder offer any rewards?

Yes, one can avail rewards for staying invested for longer policy tenure with Guaranteed Additions. For Regular & Limited Premium policies such guaranteed addition is a percentage of one annual premium. For Single Premium policies the guaranteed additions would be a fixed percentage of the single premium.

3. How many times can I switch between investment funds under SBI Wealth Builder Plan?

You can switch your investments among the available 11 funds as per your changing investment needs. There would be no extra charge up to the two switches, and after that, a charge of Rs. 100 will be levied per switch. The minimum switch amount would be 5K.

4. Am I eligible for any Tax Benefits under the Wealth Builder Plan?

The premiums paid by you are exempted as per the Income Tax Laws & are subject to change from time to time.

5. I bought SBI Wealth BUilder Plan 4 days ago. I am not happy with the terms & conditions of the plan, and want to cancel my policy. How can I do that?

If you are unhappy with the coverage or terms and conditions of the policy, SBI life insurance allows you to cancel it within 15 days of receiving the policy documents, as long as no claim has been filed.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

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Himanshu Kumar

Written By: Himanshu Kumar

Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.

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