SBI ULIP Plans
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SBI ULIP Plans

To cater to your wealth creation needs, SBI comes up with 8 ULIP plans. Unit Linked Insurance plans are an investment-cum-life insurance policies. It offers two-fold benefits - investment when the policyholder is alive & post-death benefits to the nominee. Read along to explore more about SBI ULIP Plans.

Features of SBI ULIP Plans

SBI ULIP Plans offer several features to the policyholders that allow them to invest to achieve their future milestones. Take a look below:

  • Enjoy life cover along with investment.
  • Option to choose from Multiple Funds.
  • Offers Free-look period of 5 days.
  • Wealth creation with the flexibility of Systematic Monthly Withdrawal.
  • Avail hassle-free investment management through automatic asset allocation.
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Benefits of SBI ULIP Plans

Below mentioned are some of the benefits that one may avail while investing in SBI ULIP Plans:

  • One can make unlimited fund switches at any point of the time during the policy term or during the settlement period.
  • SBI ULIP plans offer death as well as maturity benefits.
  • Avail Tax Benefits as per the prevailing laws

Key Features of SBI Life Insurance

SBI Life Insurance is amongst the most trusted insurance providers in India. With so many life insurance companies available in India, choosing the right insurance company can be a hectic task. You must choose the right insurer and the right plan that will best suit the potential needs of your family. So, before choosing any life insurance company, you need to check some important factors of the insurance company such as claim settlement ratio, solvency ratio, annual premium, and operating network.

To get more insight into SBI Life Insurance Company's performance, take a look at the below key features that will help you to analyze the company based on its performance:

  • Solvency Ratio
    SBI Life Insurance has a Solvency Ratio of 2.33 as per the IRDAI annual report 2020-21. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.
  • Claim Support
    Claim support of an insurer is a metric that helps you analyze its claims-settling ability. As per the IRDAI annual report of 2020-21, the claim support of SBI Life Insurance is 93.09%.
  • Annual Premium
    As per the annual report of IRDAI 2020-21, the Annual premium of SBI Life Insurance is 50,254.17 Cr.
  • PAN India Presence
    SBI Life Insurance has a wide presence with over 40,000 partner branches and 970 offices in PAN India. SBI Life ensures that the policyholder can directly visit their nearest branch office for any of their policy-related or claim-related queries.
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ULIP Plans Offered By SBI Life Insurance Company

SBI Life Insurance company offers 6 ULIP plans to suit all your investment needs. Read more about the plans below to choose your best-suited plan:

SBI Life- eWealth Insurance

A ULIP product that helps you to secure your family and grow your wealth. The plan also provides the required financial cover to your family in case of any eventuality.

Unique Features

  • Partial withdrawals
  • Automatic Asset Allocation
  • Two plan options available

SBI Life Saral Insure Wealth Plus

A monthly savings plan, which helps you to build your savings & offers 8 different funds options.

Unique Features

  • Systematic Monthly Withdrawals
  • Fund Value Boosters
  • Partial WIthdrawal from 6th year

SBI Life Smart Insure Wealth Plus

An unit-linked systematic Investment Insurance Plan with market-linked returns and life cover.

Unique Features

  • Return of Mortality charges
  • Regular monthly payout
  • Choice of 3 Investment Strategies

SBI Life Smart Privilege

The plan allows you to grow your wealth with the help of 11 funds and unlimited free switches.

Unique Features

  • Loyalty Additions
  • Partial Withdrawals
  • Single premium payment

SBI Life Smart Wealth Assure

An individual unit-linked and non-participating life insurance plan that offers market-linked returns along with the life insurance coverage.

Unique Features

  • Accidental Death Benefit Option
  • One-time premium payment
  • Liquidity through Partial Withdrawal

SBI Life Smart Wealth Builder

Comprehensive life coverage and enhanced investment opportunity & offers guaranteed additions, which are based on the policy tenure.

Unique Features

  • 125% Guaranteed Additions
  • Market linked returns
  • 11 varied funds to choose from

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Ulip Plans Companies

Invest and secure your life goals by choosing any of the below-mentioned ULIP plans as per your requirements.

How To Buy SBI Life ULIP Insurance Plans?

SBI Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Through PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from SBI Life Insurance company:

  • Visit the official website of SBI Life Insurance Company.
  • Click on 'Online Plans' on the navigation bar and select the category of plans you want to purchase.
  • Click on the 'Buy Now' button and fill in the required details.
  • Tap on 'Next' and select a plan as per your requirements.
  • Select the cover option you want and make your payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Claim Settlement Process of SBI ULIP Plans

For its customer's convenience, SBI Life offers a hassle-free claim settlement process. Just follow the below-mentioned steps to experience the quick and easy claim settlement process.

  • Intimate the company by filing an online claim.
  • You can also visit the SBI nearest branch or reach out to the company's representatives via email.
  • You can also post the duly filled claim form to SBI Life Insurance Co. Ltd, 8th level Seawoods Grand Central, Tower 2, Sector 40, plot No.R-1, Seawoods, Nerul, Navi Mumbai- 400706.
  • Submit all the necessary documents.
  • Once the company receives the documents and claim request form, they will make a decision and will settle the claims.

Documents Required For filing Claim

Mandatory Documents

  • Claim Form
  • Claimants photo ID proof
  • Original or Attested Death Certificate issued by the local authority
  • Original Policy Document
  • Claimant's current address proof
  • Direct Credit Mandate form

Additional Documents

  • Copy of FIR/Punchnama Report/Post Mortem
  • Hospital treatment certificate
  • Medical attendant's certificate
  • Employers certificate (for salaried individuals)
  • Copy of Police Final Report/Inquest Report/Magistrates verdict/Chemical Analysis Report

How to Contact SBI Life Insurance Company?

SBI Life Insurance Co. Ltd,8th level Seawoods Grand Central, Tower 2,Sector 40, plot No.R-1, Seawoods, Nerul,Navi Mumbai- 400706.

info@sbilife.co.in

Toll-Free Number: 1800 267 9090 (Available from 9:00 am to 9:00 pm IST)

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SBI ULIP Plans: FAQs

1. What is the age eligibility to purchase SBI Life Smart Wealth Plus Plan?

In order to buy the plan, the minimum age eligibility is 30 days and maximum age eligibility is 55 years.

2. What is the premium for SBI Life Smart Wealth Assure Plan?

SBI Life Smart Wealth Assure has a single premium payment facility and the premium amount to be paid is Rs.50,000 onwards.

3. What is the policy term of SBI Life Smart Wealth Builder?

The policy term of SBI Life Smart Wealth Builder Plan is:

  • For regular premium and limited premium payment- 10 Years, 15 Years to 30 Years
  • For single premium payment - 5 Years to 30 Years

4. What are the riders available under SBI ULIP plans?

Accidental death rider and critical illness rider are available under the ULIPs.

5. Which of the SBI ULIPs offers an annual premium facility?

SBI ULIPs offering an annual premium facility are:

  • SBI Life Smart Wealth Builder
  • SBI Life Smart Power Insurance
  • SBI Life Smart Elite
  • SBI Life Smart Privilege Plan
  • SBI Life Saral Maha Anand
  • SBI Life eWealth Insurance

6. Is the amount liquidation possible between the policy term?

No, partial liquidation of the fund is possible only after completion of the lock-in period.

7. How do I check the policy status of my SBI Life ULIP plan?

To check the policy status of your SBI ULIP Plans, log in to the e-portal and enter your customer id, date of birth, and policy number, and the next page will show you all the details of your policy.

8. What is the process for renewing SBI Life ULIP plans?

You can renew your SBI Life Ulip plan by paying the due premiums through one of the following ways:

  • Through SMS
  • Online
  • Cash/Cheque

9. How I can cancel my SBI Life Insurance ULIP plan?

To cancel your SBI Life Insurance ULIP plan, you need to submit a duly filled surrender form along with the other required documents at your nearest SBI Branch. After verifying your documents, your policy will be canceled.

10. What are the premium payment modes available for SBI ULIP plans?

SBI Life Insurance offers 10 modes to pay your premium amount:

  • Direct payment at SBI life Branch by Post or Courier
  • Electronic Clearing Service (ECS)
  • Direct debit
  • Credit card
  • Online payment
  • Through mobile app
  • Cash at an authorized center
  • National Automated clearing house

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Naval Goel

Reviewed By : Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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