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 fulfil his/her long term financial goals. Continue reading to explore more about the plan.
Understanding the workings of SBI Smart Wealth Builder is not a difficult task. Take a look below to get an insight of how the plan works, and how it can be beneficial for you.
1
Choose a policy term.
2
Decide the premium amount at your convenience.
3
Select the fund pattern from different fund options.
4
Invest premium allocation charges in a fund of your choice.
Let's understand this with the help of an example.
Mr. Shaam (age 35 years) is living happily with his family which includes his wife Seema and daughter Riya. He was looking for options through which he can build a corpus amount for Riya's education, her marriage, etc. He also wants to secure his family's future in case of any mishappenings. So, he decided to invest in SBI Life - Smart Wealth Builder with a policy tenure of 30 years and an annual premium payment of Rs 50,000 with Rs 5,00,000 as the sum assured.
Before investing in any plan, it is important for you to know all the features of the plan. SBI Wealth Builder Plan offers a myriad of features to cater to multiple needs of the insured. Take a look at them:
Through wealth maximisation, SBI Life Smart Wealth Builder strives to meet the policyholder's every need. Take a look below to explore the benefits that SBI Wealth Builder Plan offers you:
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.
In case of death of the insured, the beneficiary will receive the fund value or sum assured as the death benefit. It will be around 105% of total basic premiums paid till the date of death.
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.
The plan comes out with a free look period of 15 days. Under the same, if you wish to cancel or you are dissatisfied with the terms and conditions of the plan, the company can easily do it and get a refund.
Insured gets two free switches during the policy tenure.
1 free partial withdrawal is allowed during the same policy year.
SBI Smart Wealth Builder plan offers enhanced investment opportunities through 11 varied Fund Options. Below mentioned are the the fund options available and a brief information about them:
Equity Fund
Fund offers high equity exposure by targeting higher returns in the long term.
Assets | Minimum | Maximum |
Equity and its related instruments | 80% | 100% |
Money Market Instruments | 0% | 20% |
Debt Instruments | 0% | 20% |
Top 300 Fund
Fund provides a capital appreciation for the long term by investing in 300 company's stocks on NSE i.e., National Stock Exchange.
Assets | Minimum | Maximum |
Equity and its related instruments | 60% | 100% |
Cash and Money Market Instruments | 0% | 40% |
Equity Optimiser Fund
This fund provides equity exposure by targeting higher returns through capital gains of the long term.
Assets | Minimum | Maximum |
Equity and its related instruments | 60% | 100% |
Money Market Instruments | 0% | 40% |
Debt Instruments | 0% | 40% |
Growth Fund
Long-term capital growth using investment majorly in equity or its related instruments. A small part is invested in debt or money markets.
Assets | Minimum | Maximum |
Equity and its related instruments | 40% | 90% |
Money Market Instruments | 0% | 40% |
Debt Instruments | 10% | 60% |
Balanced Fund
Income accumulation is provided through equities investment primarily through debt instruments. The income accumulation is done through fixed securities of income.
Assets | Minimum | Maximum |
Equity and its related instruments | 40% | 60% |
Money Market Instruments | 0% | 40% |
Debt Instruments | 20% | 60% |
Bond Fund
In this, the safe and less volatile investment option is provided through debt instruments and income accumulation using fixed income securities.
Assets | Minimum | Maximum |
Money Market Instruments | 0% | 40% |
Debt Instruments | 60% | 100% |
Money Market Fund
It deploys the fund in liquid and safe instruments on a temporary basis to avoid market fluctuations.
Assets | Minimum | Maximum |
Money Market Instruments | 80% | 100% |
Debt Instruments | 0% | 20% |
Bond Optimiser Fund
Fund helps earn returns higher than a pure fixed income.
Assets | Minimum | Maximum |
Equity and its related instruments | 0% | 25% |
Money Market Instruments | 0% | 25% |
Debt Instruments | 75% | 100% |
Pure Fund
Fund aims to provide high equity targeting higher returns for the long term. The fund invests in equities other than banks, financial institutions, entertainment, hotels, gambling, contests, leather, animal products and breweries, distilleries.
Assets | Minimum | Maximum |
Equity and its related instruments | 80% | 100% |
Money Market Instruments | 0% | 20% |
Midcap Fund
It provides high equity exposure targeting higher returns for the long term by investing majorly in Midcap companies.
Assets | Minimum | Maximum |
Equity and its related instruments | 80% | 100% |
Money Market Instruments | 0% | 20% |
Debt Instruments | 0% | 20% |
Corporate Bond Fund
Provides steady income for the insured person by investing in debt instruments and standardized returns.
Assets | Minimum | Maximum |
Government Bonds | 70% | 100% |
Government Securities | 0% | 30% |
Money Market Instruments | 0% | 30% |
Parameters | Minimum | Maximum | |
Entry Age | 7 years | 55 years | |
Maturity Age | 18 years | 70 years | |
Plan Type | Regular Premium/ Limited Premium/ Single Premium | ||
Premium Payment Term | Plan Type | Policy Term (Years) | Premium Payment Term (Years) |
Regular Premium | 12 to 30 | Same as policy term | |
Limited Premium Payment Term (LPPT) | 12 to 14, 15 to 19, 20 to 30 | 7, 7/10/12, 7/10/12/15 | |
Single-Premium | 5 to 30 years | At the inception of the policy, One Time Payment is available | |
Premium Frequency | Single/Annual |
To understand the SBI Smart Wealth Builder Plan Calculation of premium, we at PolicyX.com have presented the premium illustration of the same. This graph illustrates the maturity benefit @4% and @8% by a healthy male of 35 and 40 years for a premium of Rs. 71,000, Sum assured 7,10,000, and policy term of 15 years. Assuming Equity Fund to be 100% for a regular premium.
Maturity Benefit of SBI Life Smart Wealth Builder
If the life assured commits suicide within 1 year from the commencement date or revival date of the policy, then the policy shall be null and void. Fund value as per the date of death will be paid to the beneficiary.
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