SBI Life Saral InsureWealth Plus Plan
SBI Life – Saral InsureWealth Plus (SIWP) is a simple and hassle-free option for life insurance coverage with the added benefit of wealth creation. This is a disciplined monthly savings insurance plan that helps you increase your savings gradually, brick by brick, by setting money aside each month. This method of saving is the most effective strategy to weather market ups and downs. There is no upper age limit for investing here, and you may do so regardless of the risk profile you like.
This plan gives you the desirable EMI option so you can set aside a set amount each month and benefit from full life insurance coverage when it matures. Read on to know more about SBI Life Saral InsureWealth Plus’s eligibility criteria, features & benefits, exclusions, premium calculation, and more.
Here is the eligibility criteria for SBI Life – Saral InsureWealth Plus insurance plan.
|Age at Entry|
Minimum- 0 Years, Maximum- 55 Years
If the age of entry is less than 8 years, the risk would start after the policy’s first year and 11 months had passed. If the entering age is 8 years or older, the risk would start right away. The policyholder/proposer can be the child’s parents, grandparents, or legal guardians when a minor’s life is assured. As per our Board’s approved underwriting policy, this shall be the case.
|Age at Maturity|
Minimum- 18 years, Maximum- 65 Years
If the life assured is a minor, the policy term should be chosen wisely, according to the requirements of the minimum policy term, to ensure that the life assured is a major at the time the policy matures.
|Plan Type||Regular Premium Product|
|Policy Term (PT)||10, 15, 20, and 25 years|
|Premium Payment Term (PPT)||Same as Policy Term|
|Premium Amount (in multiples of Rs. 100)||Minimum: Rs 8,000 Per month||Maximum: No Limit (Subject to Board Approved Underwriting Policy)|
|Basic Sum Assured||Annualized Premium^ X 10 The maximum Basic Sum assured shall be as per Board Approved Underwriting Policy|
|Target Market||The product is available to customers all over India.|
Features & Benefits of Saral InsureWealth Plus
Here is the list of the features and benefits of choosing SBI Life Saral InsureWealth Plus.
- Maturity Benefit
The Fund Value at the current NAV on the maturity date will be the amount of the maturity benefit due. It is given as a lump sum or by the settlement arrangement. When the life assured turns 18 years old, the policy immediately vests in the life assured if the life assured is a minor.
- Death Benefit
The higher the Fund Value as of the date of notifying the firm of the death, the Sum Assured, or 105% of all premiums paid up until the date of death would be paid as the death benefit amount. The fund value is payable for Life Assured policies with entry ages less than eight years. The amount of any relevant partial withdrawals (APW) made in the two years immediately before the Life Assured’s passing will be deducted from the Sum Assured.
- Systematic Monthly Withdrawal
From the eleventh policy year onward, this is applicable. 6 months is the very minimum time frame, while 1.25% of Fund Value is the highest monthly amount permitted. You may change the Systematic Monthly Withdrawal amount at any time as long as you give three months’ notice in advance.
Throughout the length of the insurance, you are permitted an unlimited number of free switches.
- Premium Redirection
From the second policy month forward and at any time during the policy term, you can make free premium redirections.
- Settlement Option
You have a choice of a length of 2, 3, 4, or 5 years from the date of maturity for the settlement period. The payments can be made monthly, semi-annually, quarterly, or yearly.
- Partial Withdrawal
After the fifth policy year, partial withdrawals are permitted. After the tenth policy year, any partial withdrawal is free of charge.
- Grace Period
The grace period for premium payment is 15 days after the due date.
- Free Look Period
Within 15 days or 30 days for distance marketing, you may examine the terms and conditions of this policy. You have the choice to inform the insurer of your objections and return the insurance.
- Tax Benefits
You are eligible for a tax deduction under Section 80C of the Income Tax Act for the premium you paid for SBI Life’s Saral Insure Wealth Plus. By Section 10 (10D) of the IT Act, the benefits received are also not subject to income tax.
Exclusions Under SBI Life Saral InsureWealth Plus
The nominee or beneficiary of the policyholder is entitled to the fund value, as it stood on the date of death if the policyholder commits suicide within a year of the policy’s start date or the date on which it is renewed.
How Does the SBI Life Saral InsureWealth Plus Insurance Plan Work?
Rajesh is 30 years old and has taken an SBI Life – Saral InsureWealth Plus policy for which he is paying a monthly premium of Rs. 10000 (i.e. Rs. 1,20,000 p.a) for a policy term of 25 years with a Sum Assured of Rs. 12 lakh. He has opted for a 100% Equity Fund. Let’s see the benefits available under the plan.
|Age||Monthly Premium||Policy Term||Sum Assured||Benefit|
|30 Years||Rs. 10000||25 Years||Rs. 12 Lakhs|
Total Benefit payable (Fund Value) at the assumed investment return
@4% Rs. 39,64,305
@8% Rs. 69,07,359
@4% Rs. 25,71,600
@8% Rs. 37,72,227
Frequently Asked Questions
Listed below are the frequently asked questions related to SBI Saral InsureWealth Plus.
Yes. The policy may be reinstated within two years after the day it was discontinued.
Yes. Options for both systematic monthly withdrawals and partial withdrawals are available concurrently.
Every partial withdrawal over the one free partial withdrawal per policy per year during the first six to ten policy years would incur a fee of Rs. 100. Unit cancellation will be used to recover the payment. There would be a cap on the partial withdrawal fees of Rs. 500 per transaction. However, the IRDAI must first approve any revisions to the fees.