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. It offers a guaranteed bonus at different stages during the policy tenure. There is a proper eligibility criterion to invest in the same. Let's check the same below.

SBI Life Smart Wealth Builder: Eligibility

What Are The Key Features of SBI Life Smart Wealth Builder Plan?

The plan offers a bundle of helpful features to cater to multiple needs of the insured. Below is the list of the same.

Maturity Benefit: On reaching the maturity date, the plan will offer fund value as a maturity benefit. The fund value will be a total value of units held across all associated unit-linked funds.

Death Benefit: In case of demise 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.

Investment Options: The plan provides the flexibility to choose between 7 different fund options to invest your funds.

Flexibility: The plan offers the opportunity under which you can increase or decrease the sum assured from the 6th policy year and onwards. There will be no premium allocation charge from 11th policy year, no policy administration fees for the initial 5 years under regular & limited premium policies and it allows partial withdrawals from 6th policy year onwards.

Mortality Charge: On the first working day of every month, the mortality charge will get deducted from the fund value. It will be determined based on your age and associated risk.

Switching Charge: You get two free switches during the policy tenure.

Partial Withdrawal Charge: 1 free partial withdrawal is allowed during the same policy year.

Free Look Period: The plan will come out with a free look period of 15 days. Under the same, if you wish to cancel the plan, you can easily do it and get a refund.

How Does This Plan Work?

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 and achieve their goals such as Riya's education, her marriage, etc. He also wants to ensure his family's security in case of any mishappenings. He decided to invest in SBI Life - Smart Wealth Builder with the policy tenure of 30 years and an annual premium payment of Rs 50,000 with Rs 5,00,000 as the sum assured.

Case 1 - Maturity Benefit: In case of insured survival till the end of the policy tenure or maturity, the fund value will be paid in a lump sum. The maturity benefit can be taken in instalments through the settlement option. There will be guaranteed additions at specific durations within the policy tenure that enhance the fund value.

Case 2 - Death Benefit: In case of demise of the insured during the policy tenure, the higher of sum assured or fund value is payable. This plan provides financial security to the family.

Why Should You Buy SBI Life's Smart Wealth Builder Plan?

With the hope of a secured future, we always plan to invest in an adequate investment option. SBI Life's Smart Wealth Builder plan is the one that offers dual benefits of investment and protection. As it comes out with a diverse range of funds options to invest in, it has become a profitable investment. Moreover, it is a tax-efficient policy which is suitable for investors. By staying invested under this plan for a long tenure, you can maximize your market-linked returns.

Which Documents Are Required For Buying SBI Life's Smart Wealth Builder Plan?

• Age proof which includes any document such as pan card/birth certificate/ /passport/driving license, etc.
• Identity proof.
• Address proof such as electricity bill or bank account statement etc.
• Income proof which includes IT return/ employer certificate.

What Is Excluded Under This Policy?

In the case where the insured commits suicide within a year from the date of policy issuance or the date of policy revival, the policy will get void. Fund value as per the date of death will be paid to the beneficiary.