SBI Life Wealth Assure is an investment cum insurance plan offered by SBI Life. SBI Life Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif.
SBI Life is a single premium Unit linked non-participating Life Insurance Plan which offers market-linked returns along with insurance coverage, with only a one-time premium. This plan is an excellent combination of security, flexibility, affordability and liquidity. Note: All information has been sourced from the official website of SBI Life.
The features of this plan are:
The benefits of this plan are:
Death Benefit
The death benefit payable will be higher of the Fund Value or Sum Assured, with a minimum of 105% of Single Premium paid. The Sum Assured will be reduced to the extent of partial withdrawals made in the last two years for age on death below 60 years, and for age at death 60 years and above, all partial withdrawals made from 58 years onwards.
Accidental Death Benefit
Under this rider option, the accidental death benefit sum assured is payable on the death of the life assured due to an accident. This benefit is in addition to the base sum assured payable. The benefit is paid in lump sum and accident is defined as, ‘a sudden, unforeseen and involuntary event caused by external/visible and violent means.’
Maturity Benefit
The maturity benefit payable on completion of the policy term is the Fund Value.
Settlement Option
The maturity benefit can also be availed in installments under the Settlement Option. You get periodic installments of your maturity proceeds within 2-5 years from the date of maturity. Payments will be made in the form of yearly, monthly, half-yearly or quarterly basis, as chosen by you.
Partial Withdrawals
A maximum of two partial withdrawals can be made in one policy year and not more than 5 partial withdrawals are allowed in the entire policy term in case of policy term less than 15 years and not more than 10 partial withdrawals for policy term of 15 years and above.
Tax benefits under Sections 80C and 10(10D) of the Income Tax Act 1961 are applicable.
| Terms | Criteria |
|---|---|
| Age at Entry | Min: 8 years Max: 65 |
| Age at Maturity | 75 years |
| Policy Term | 10 to 30 years |
| Premium Payment Term | Single Premium |
| Single Premium Amount (x 100) | Min: Rs. 50,000 No such limit on maximum amount |
| Sum Assured | Min: For ages below 45 years: 1.25 x SP For ages 45 years and above: 1.10 x SP Max: For ages below 45 years: 5 x SP For ages 45 years and above: 3 x SP |
| Accidental Death Benefit Option | Min: Rs. 25,000 Max: Equal to basic sum assured subject to a maximum of Rs. 50 lakhs |
Free Look Period
You can review the terms and conditions of this policy within a period of 15 days or 30 days for distance marketing. You have the option to return the policy to the insurer stating the reasons for your objection.
Surrender Option
You can surrender your policy at any time during the policy term. If you surrender within the first 5 years:
What is Discontinuance Charge?
Discontinuance charge is expressed as a percentage of Single Premium or Fund Value. It also depends on the year of discontinuance.
| Year of Discontinuance | Applicable Charges |
|---|---|
| 1 | Lower of 1% of Single Premium or Fund Value subject to a maximum of Rs. 6000 |
| 2 | Lower of 0.5% of Single Premium or Fund Value subject to a maximum of Rs. 5000 |
| 3 | Lower of 0.25% of Single Premium or Fund Value subject to a maximum of Rs. 4000 |
| 4 | Lower of 0.1% of Single Premium or Fund Value subject to a maximum of Rs. 2000 |
| 5 | Nil |
What are Mortality Charges?
It is the amount charged every year by the insurer to provide life cover to the policyholder on the life of the Life Insured. It can otherwise be called the Cost of Insurance. Mortality charges are deducted on the 1st business day of each policy month from Fund Value by way of cancellation of units.
What is Accidental Death Benefit Charge?
Accidental Death Benefit Charges are recovered on a monthly basis, on the 1st working day of each policy month by way of cancellation of appropriate number of units.
The documents required for this plan are:
Suicide - In case of death due to suicide within 12 months from the date of inception of the policy or from the date of the revival of the policy, the nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the date of death.
Exclusions under Accidental Death Benefit Option
