SBI Life Saral InsureWealth Plus (SIWP)

About SBI Life Saral InsureWealth Plus Plan (SIWP)

The SBI Life Saral InsureWealth Plus Plan is an individual, unit-linked, non-participating Life Insurance product to aid your financial goals.

SBI Life offers the best investment plan that provides the features of both insurance and investments. SIWP is a monthly savings plan that allows you to build your savings systematically, navigating market fluctuations effectively.

This investment plan combines life insurance coverage with wealth creation through market-linked investments. The SBI Life Saral InsureWealth Plus Plan aims to provide financial security and the opportunity for wealth appreciation, which makes it a versatile option for individuals seeking both protection and investment growth.

Key Features of SBI Life Saral InsureWealth Plus Plan

The key features of the SBI Life Saral InsureWealth Plus Plan are as follows:

• Easy Monthly Insurance for Dream Realization: Simplified monthly insurance for hassle-free planning towards achieving your dreams.

• Choose from 8 Fund Options: Flexibility to select from a range of 8 fund options based on your risk appetite and financial goals.

• Systematic Monthly Withdrawal for Regular Payouts: You can enjoy the convenience of a systematic monthly withdrawal feature for steady payouts, keeping your policy in force.

• Fund Value Boosters with Loyalty Additions (from the 6th Policy Year): The plan also offers fund value boosters and loyalty additions, which enhance the policy's value starting from the 6th year of the policy.

• Option of Partial Withdrawal (from the 6th Policy Year): You can exercise the option of partial withdrawal from the 6th year onward. This provides flexibility in managing your financial needs.

Eligibility Criteria of SBI Life Saral InsureWealth Plus Plan

The following table mentions the eligibility criteria you need to fulfil to buy this best ULIP Plan in India 2024:

Benefits of SBI Life Saral InsureWealth Plus Plan

The major benefits offered by SBI Life Saral InsureWealth Plus Plan are listed below:

1. Death Benefit:

   The death benefits are provided to your beneficiary as per the following conditions:

   Entry Age	Before Risk Commencement	After Risk Commencement
   Below 8 years	The insurance company pays Fund Value at death notification	Death Benefit paid, considering age at entry (8 years and above)
   8+ years	Higher of: Fund Value Basic Sum Assured – APW* 105% of Premiums - APW	--

   *APW: Applicable Partial Withdrawal

   IMPORTANT NOTE:

   • For minors, no immediate benefit to death.

   • The policy can continue with the new policyholder or surrender for surrender value.

2. Maturity Benefit:

   • At maturity, you receive the fund value calculated at the prevailing NAV on the maturity date in a lump sum.

   • If the Life Assured is a minor, the policy automatically vests in them upon turning 18 years old.

3. Loyalty Additions:

   • Loyalty Additions are rewarded to active policies from the 6th Policy year onward.

   • Your policy qualifies for Loyalty Additions if it is in force and all premiums are paid.

   • Loyalty additions are a percentage of the average fund value over the last 12 policy months.

   Last Day of nth Policy Year	Loyalty Additions (% of Avg. Fund Value)
   1-5th policy year	NIL
   6-10th policy year	0.2%
   11-25th policy year	0.3%

4. Tax Benefits:

   • You can claim a deduction for the premiums paid under Section 80C of the Income Tax Act.

   • The maturity proceeds you receive upon policy completion are completely tax-free under Section 10(10D) of the Income Tax Act.

   • The death benefit received by your nominees is also tax-free under Section 10(10D) of the Income Tax Act.

People also read: What is ULIP

Policy Details of SBI Life Saral InsureWealth Plus Plan

The key features of the SBI Life Saral InsureWealth Plus ULIP plan are listed below:

1. Settlement Option:

   • The nominee, beneficiary, or legal heir can choose to receive Death Benefits in instalments over 2 to 5 years.

   • Options include yearly, half-yearly, quarterly, or monthly payouts.

2. Systematic Monthly Withdrawal (SMW):

   • You can withdraw money in a planned manner for regular expenses or fixed monthly payout.

   • SMW Amount Limit: Rs. 5,000 to 1.25% of Fund Value

   • Minimum SMW Duration: 6 months

   • You can set Start and End dates for SMW and modify the amount anytime with 3 months' notice.

   • If policy lapses, the SMW facility ceases after the grace period.

   • You can choose the SMW period within the policy term.

   • SMW stops on death intimation.

   • You can perform both partial withdrawal and SMW simultaneously.

3. Fund Switching:

   • Switch funds anytime during the policy term and settlement period.

   • Make as many free switches as you want during the policy term and settlement period.

   • Start with a switch amount as low as Rs. 5,000.

   • Switch any amount or percentage between funds, with a minimum proportion of 1%.

4. Premium Re-direction:

   • Redirect premiums for free starting from the 2nd policy month at any time during the policy term.

   • Modify future premium allocations by notifying SBI Life in writing two weeks before the relevant premium due date.

   • Re-direction applies only to future premiums and does not impact existing units.

5. Partial Withdrawals:

   • Make partial withdrawals after the 5th policy year or at age 18, whichever is later.

   • A maximum of 4 partial withdrawals per policy year, with a total of 10 (for 10-year policies) or 15 (for policies over 10 years) allowed.

   • Minimum withdrawal: Rs. 5,000 (in multiples of ₹1,000).

   • Maximum withdrawal: Up to 15% of Fund Value as of the withdrawal request date.

   • One free withdrawal annually from the 6th to 10th policy year; additional withdrawals are chargeable.

   • Partial withdrawals after the 10th policy year are free of charge.

   • Rs. 100 per withdrawal (beyond the free one) during the 6-10 policy years, recovered by cancelling units.

   • Partial withdrawals are not allowed if the fund value falls below 50% of the total premiums paid.

Working on SBI Life Saral InsureWealth Plus Plan

You can follow the steps mentioned below to learn the workings of the SBI Life Saral InsureWealth Plus Plan:

Step 1: Select Your Desired Policy Term:

• Choose the duration for which you want to remain covered under the SBI Life Saral InsureWealth Plus Plan (SIWP).

Step 2: Determine Your Preferred Premium Amount:

• Decide the amount you wish to pay as your premium for the selected policy term.

Step 3: Choose Your Fund Pattern:

• Explore and select the fund pattern that aligns with your financial goals from a variety of fund options provided.

Step 4: Investment of Premiums in Chosen Fund Options:

• Your paid premiums, after deducting Premium Allocation Charges and applicable taxes, are invested in the fund options you have chosen. This ensures your money is actively working towards your financial objectives.

Investment Fund^†† Options Offered by SBI Life Saral InsureWealth Plus Plan^††

SBI Life Saral InsureWealth Plus Plan offers 8 investment funds, which are as follows:

Disclaimer: †† Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Discontinued Policy Fund (General Fund):

• This is a special segregated fund offered by the company.

• Unlike other investment options, this fund is not available for direct selection by policyholders.

• The fund aims for a relatively stable investment return.

• Focuses on less volatile options, primarily through debt instruments and liquid assets.

• Seeks income accumulation via investments in fixed-income securities and liquid assets.

• Refund of discontinued policy proceeds occurs after completing the lock-in period or at the end of the revival period.

• In applicable cases, the refund can also take place on the date of surrender.

People also read: ULIP Calculator

Charges under the SBI Life Saral InsureWealth Plan

The list of charges levied under the SBI Life Saral InsureWealth Plan is as follows:

Exclusions

Suicide Clause

If the policyholder passes away within 12 months of starting or reviving the SBI Life Saral InsureWealth Plus Plan, the nominee receives the fund value as of the date of death. Additionally, any charges, excluding FMC, incurred after the death will be reimbursed and added back to the fund value.