SBI Life Insurance is a leading life insurance company in India. It offers a diverse range of life insurance products to cater to individuals as well as group customers. SBI ewealth insurance plan is an online unit-linked plan from SBI Life. In this post, I’ll tell you all about SBI Life eWealth Insurance Plan: Grow Your Wealth with Insurance.
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SBI Life eWealth Insurance Plan
The SBI Life e wealth is an individual, non-participating online Unit Linked Insurance Plan (ULIP). The plan provides you with the dual benefits of life insurance cover and wealth creation. The plan allows you to avail market-linked returns, hassle-free, through its Automatic Asset Allocation feature.
In the AAA feature, the allocation in equity reduce and in debt or money market instruments increase as the policy term progresses. That means it allows a higher exposure to equity in the initial policy years. And gradually move towards less-risky instruments as the policy approaches the end of its term.
Thus, this ULIP policy helps you to not only secure your family’s future but grow your wealth as well. The policy can be taken for 10 to 30 years.
SBI eWealth Insurance Plan – Key Features
1. This is an online unit-linked insurance plan (ULIP).
2. You buy this plan online in three easy and simple steps.
3. It provides dual benefits of life insurance cover and market-linked returns.
4. Hassle-free investment through its Automatic Asset Allocation feature to maximize returns.
5. You can choose from two available options of Growth and Balanced as per your risk appetite.
6. The policy can be taken for a term of 10 to 30 years.
7. Pay premium either monthly or annually. Minimum premium Rs.24,000 for yearly mode and Rs.2,000 for monthly mode.
8. There are no Premium Allocation Charges, thus enhances the fund value.
9. Partial withdrawals are allowed in this plan from the 6th policy year onwards.
10. You can avail the facility of SBI eWealth Insurance Calculator for calculating the premium.
Plan Options under SBI Life e Wealth Policy
There are two plan options under the SBI e Wealth policy.
1. Growth plan
2. Balanced plan
Growth Plan: In this option, the equity exposure is higher in the initial policy years to target reasonable returns in the long term. The debt or money market investments gradually increase and equity investments decrease as the policy term progresses.
Balanced Plan: in this option, equity exposure is lower in the initial policy years as compared to Growth Plan. The overall exposure in debt or money market investments is higher offering a balanced approach.
Note: Plan option once chosen, at policy inception, cannot be changed later on during the policy term.
Advantages of SBI eWealth Insurance Plan
1. In the case of any eventuality, your family is financially independent and secured.
2. Your funds are automatically rebalanced based on the market fluctuations.
3. It invests in the plan option chosen by you as per your risk profile.
4. You can buy this policy online through a hassle-free process.
5. Avail market-linked returns without any allocation charges and pay a premium as low as Rs.2,000 per month.
6. The plan offers partial withdrawals to fund any unexpected expenses.
7. You can avail tax benefits are as per prevailing Income Tax Laws.
Benefit of SBI Life eWealth Insurance Plan
1. Maturity Benefit
On completion of the policy term, the fund value would be paid as maturity benefit. This benefit is applicable only for in-force policies.
2. Death Benefit
In the event of the death of the insured, higher of the following will be payable to the beneficiary:
- Fund Value
- Sum Assured less partial withdrawals made in the last 2 years immediately preceding the death of the insured.
- 105% of the total premiums paid up to the date of death less partial withdrawals made in the last 2 years.
Eligibility criteria for SBI Life e Wealth Policy
| Age at Entry (Last Birthday) | Minimum: 18 years | ||
| Maximum: 50 years | |||
| Age at Maturity (Last Birthday) | Maximum: 60 years | ||
| Policy Term | 10 to 30 years | ||
| Premium Payment Mode | Regular | ||
| Frequency for Premium Payment | Monthly and Yearly | ||
| Premium Paying Term | Same as the policy term | ||
| Premium Range | Frequency for Premium Payment | Premium Range | |
| Minimum | Maximum | ||
| Yearly | Rs.24000 | No limit (Subject to board approved underwriting policy) | |
| Monthly | Rs.2000 | ||
| Basic Sum Assured | Annualized Basic Premium X 10 | ||
How to buy eWealth SBI Life Insurance?
You can buy this policy via online mode in 3 simple steps at www.epolicy.sbilife.co.in:
1. First of all, choose your premium and policy tenure. Fill an online application form and make the payment.
2. Affix your signature in electronic mode.
3. Next, upload your self-attested KYC and other documents.
SBI Life e Wealth Calculator
You can avail the facility of SBI Life eWealth Insurance Calculator for calculating the premium. Just click here to calculate your premium for this policy.
Partial Withdrawals under SBI e Wealth Insurance Policy
Partial withdrawals are allowed with the following conditions.
1. Partial withdrawals are allowed in the plan from the 6th policy year onwards.
2. Only one free partial withdrawal is allowed in a policy year. A charge of Rs.100 per withdrawal would be applicable in excess of free partial withdrawal.
3. A maximum of 2 partial withdrawals are allowed in one policy year. Maximum 5 partial withdrawals are allowed in the case of 10 years policy term and 10 partial withdrawals for policy term above 10 years.
4. The minimum amount of partial withdrawal allowed is Rs.5,000 (in multiple of Rs.1,000). The maximum amount of partial withdrawal allowed is up to 15% of fund value.
5. Partial withdrawals will not be allowed if the fund value is reduced to less than 50% of the total premiums paid as a consequence of this withdrawal.
Click here for more information about this plan.
SBI eWealth Insurance Review
The SBI Life eWealth Insurance Plan provides you with the dual benefits of life insurance cover and wealth creation. The plan offers you the opportunity to avail market-linked returns, hassle-free, through its Automatic Asset Allocation feature. Thus, this ULIP plan helps you to not only secure your family’s future but grow your wealth as well.
Also Read: SBI Life eShield Term Plan: An online term insurance plan
Also Read: SBI Life Smart Platina Assure Plan with Assured Returns