SBI Life Smart Wealth Builder has been designed to cater both the financial and insurance aspects of the policy holder. It is a ULIP (unit linked non-participating insurance plan) based insurance plan.

This single product alone can meet the investment and insurance requirements of the policy holder, further allowing him to manage his funds with flexibility.

The policy also secures the insured’s family with a life cover in the event of any unforeseen mishap. Based on the term of the policy, the insured also receives attractive additions to his funds.

What Does SBI Life Smart Wealth Builder Offer To Its Customers

This policy allows the customers to invest in a smart way while building wealth as well as protecting family in the event of any unforeseen mishap:

• It secures the insured’s family with financial protection in the case of death of the insured.
• The policy holder gains through assured periodic additions to his funds.
• Customers can manage their funds flexibly.
• The policy allows customers to liquidate money by partially withdrawing from the 6th policy year or on 18 years of age.

What Are The Key Features Of SBI Life Smart Wealth Builder

The key features of SBI life smart wealth builder are:

• It allows life coverage to the policy holder.
• The policy offers assured additions after completion of 10 years of policy which increases the fund value of the policy.
• The percentage of assured additions depends on the term plan and premium payment option chosen.
• Assured additions can be up to 125% on a single annual regular premium for a policy term of 30 years.
• The policy holder enjoys flexibility in increasing or reducing the sum assured and frequencies of premium payments from the 6th year of policy.
• The policy allows customers to choose from any of the several plan types for paying premium –

             o Regular premium

             o Limited premium

             o Single premium

• For Regular and Limited premium paying term (LPPT) plans, the policy holder is not charged any Policy Administration fees for the first 5 years.
• Policy holder has the opportunity to invest in any of the seven funds available and can switch between them.
• Premium allocation charges are not applicable anymore from the 11th year of policy.
• Based on the age of the policy holder, the policy offers a minimum sum assured with a life insurance cover.

What Are The Different Types Of Fund Available For Investment In SBI Life Smart Wealth Builder

SBI Life Smart Wealth Builder Offers 7 different funds for investment:

• Equity Fund
• Bond Fund
• Balanced Fund
• Equity Optimizer Fund
• Money Market Fund
• Growth Fund
• Top 300 Fund

What Benefits Can Customers Reap From Life Smart Wealth Builder

The policy holder gets the benefit of maturity, death and tax benefit from SBI life smart wealth builder:

• On the completion of the policy term, the policy holder receives the total fund value.
• If the policy holder expires, higher of the sum assured is payable, less any partial withdrawals if any, with a minimum fund value of 105% of premiums paid.
• This policy allows customers to claim for the following tax benefits:

       o Section 80C – If during the financial year, the premium paid is over 10% of               the sum assured, then the benefit remains restricted up to 10% only of the                sum assured.

        o Section 10 (10D) – During the maturity or surrender of the policy, the policy               holder can claim tax exemption provided the premium paid has not                           exceeded 10% of the sum assured in any of the financial year.

     o In the event of the demise of the policy holder, the proceeds are totally             exempted from tax.

Who Can Be A Part Of SBI Life Smart Wealth Builder

The following is the eligibility criteria for becoming a part of SBI life smart wealth builder:

• The policy requires the minimum entry age of the life insured to be 7 years.
• For Regular Premium and Limited Premium, the maximum entry age of the life insured can be 60 years.
• For Single Premium, the maximum entry age of the life insured can be 65 years.
• The policy allows the maximum age of maturity to be 70 years.
• An Application Form or Proposal Form has to be filled up by the policy holder informing with correct medical history and has to attach address proof and other KYC documents. Based on the age of the insured and the sum assured, medical examination may be required.

What Are The Specifications Of SBI Life Smart Wealth Builder

• The policy term ranges between 5 years and 30 years for Single premium payment.
• The policy term ranges between 10 years and 30 years for Limited and Regular premium payment.
• The term for paying premium for Regular premium payment is equal to the policy term.
• For a Limited premium with a policy term of 10 years, the term for paying premium is 5 or 8 years.
• For a Limited premium with a policy term of 15-30 years, the term for paying premium is 5, 8 or 10 years.
• Premium can be paid on a yearly basis.