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  • SBI Life Endowment Plans

    SBI Life

    Life has to come to an end one day, so we must protect it and cherish it always. You might die at any time, there is no knowing. But we must ensure that our loved ones are not affected because of your death. It doesn’t necessarily have to be your death, after you retire, you must ensure that you have enough money to sustain. Endowment plans happen to be the best option for you. An endowment policy is a life insurance that is designed to pay a lump sum amount after a specific term on its maturity or on death. SBI has a range of endowment policies to offer to you. You can avail the benefits of the plan and if necessary you can also surrender the policy at any time you are in need of cash. The surrender value will be determined by the provider.

    Endowment policies offered by SBI Life Insurance

    Following are the endowment plans that have been offered by SBI:

    1. SBI Life - Smart Money Back Gold: SBI Life - Smart Money Back Gold plan is a savings plan which offers added advantage of life cover and cash inflow. This is a participating traditional money back plan.

    Features and Benefits:
    • The minimum sum assured is Rs.75,000. There is no maximum limit.
    • Minimum entry age is 14 years and maximum entry age is 55 years.
    • Money back options and a fixed cash inflow option is available.
    • Survival benefit is paid till maturity. 110% of sum assured will be paid to you.it can be availed before maturity and at maturity.
    • You will get rebates on large sum assured.
    • You can choose from the wide range of riders for additional benefits.
    • Death benefit will be payable to the nominee in the event of your death during the term of the plan.
    • Policyholder will be eligible for income tax benefits and exemptions as per the pertaining Income Tax Laws of India.

    2. SBI Life - Shubh Nivesh: SBI Life- Shubh Nivesh is a non-linked plan with profit endowment assurance product that has an option of Whole Life cover. You can save, earn income and get insurance cover on yourself and your family.

    Features and Benefits:
    • Minimum age at entry is 18 years.
    • Minimum sum assured is Rs.75,000. There is no maximum limit.
    • This is a savings plan and you can also avail whole life insurance as well.
    • You can choose between Single and Regular premium payment mode.
    • You can opt for additional riders at a nominal cost. You get the option to receive basic sum assured at regular intervals.
    • The policy holder can avail tax benefits as per prevailing tax laws of India.
    • You get maturity and death benefit based on the plan option chosen by you. Plan options available to you are endowment option and endowment with Whole Life.
    • You can also use deferred maturity payment option to get income on regular intervals.

    3. SBI Life – eShield: This is an individual, non-linked, non-participating pure term plan.

    Features and Benefits:
    • Minimum age at entry is 18 years and the maximum age at entry is 70 years.
    • The minimum sum assured is Rs.20,00,000. There is no limit for maximum sum assured.
    • This plan allows you to offer security to your family at an affordable premium.
    • You get rewards for maintaining a healthy lifestyle.
    • You get additional benefit of Accidental death Benefit.
    • Tax benefits under Section 80C and 10(10D) of Income Tax Law, 1961 are available to you.
    • You get death, maturity and surrender benefit with this plan.

    4. SBI Life - Smart Guaranteed Savings Plan: This is a traditional non-participating individual savings plan. It provides your savings a boost with guaranteed additions.

    Features and Benefits:
    • The minimum age at entry is set at 18 years and the maximum age at entry is set at 50 years.
    • The sum assured depends on the premium that you have chosen.
    • You get guaranteed additions at the end of each policy year.
    • Premiums can be paid for a limited period of 7 years.
    • For the in-force policies, you get death and maturity benefits.
    • You will be eligible for Income Tax benefits and exemptions as per the prevailing tax laws of India.

    5. SBI Life - Smart Champ Insurance: This is an individual non-linked, participating life insurance plan. You can protect your child’s future educational needs with this plan.

    Features and Benefits:
    • The minimum age at entry for life assured is 21 years and the maximum age is 50 years.
    • The minimum age at entry for the child is 0 years and the maximum age is 13 years.
    • The minimum basic sum assured is Rs.1 lakh and the maximum sum assured is Rs.1 crore.
    • You get immediate payment for insured event.
    • If you are financially burdened, then the future instalment premiums will be waived.
    • You get to pay one-time premium or limited premium.
    • You can avail benefits on death and survival.
    • Tax benefits and exemptions are applicable to this plan.

    6. SBI Life - Smart Income Protect: This is a smart way to ensure that you are financially secured for your future.

    Features and Benefits:
    • Minimum age at entry is 8 years and the maximum age is 60 years.
    • The minimum sum assured is Rs.1 lakh. There is no limit on the maximum sum assured.
    • You get insurance cover as well as regular income.
    • Guaranteed annual payouts are available.
    • You can customise your cover through a wide range of additional rider benefits.
    • You get maturity benefits as lump sum and in instalments.
    • You also get death benefit with this plan.

    7. SBI Life - Smart Money Planner: This is an individual non-linked plan with profit endowment assurance and an added guarantee feature.

    Features and Benefits:
    • Minimum age at entry is 18 years and the maximum age is 60 years.
    • The minimum sum assured is Rs.1 lakh and the maximum sum assured is Rs.5 crore.
    • You get regular income throughout the benefit payout period.
    • Life cover option is available.
    • Rebates are offered on large sum assured.
    • Tax benefits are applicable as per the prevailing tax laws of India.
    • Death, maturity and survival benefit is offered to the policyholder.

    8. SBI Life - Smart Humsafar: This is a non-linked, joint life, participating endowment plan. You get the benefit of saving and insurance cover with this plan. This plan is a good option for both husband and wife.

    Features and Benefits:
    • The minimum age at entry is 18 years and the maximum age at entry is 46 years.
    • The minimum sum assured is Rs.1 lakh and the maximum sum assured is Rs.5 crore.
    • You get joint life advantage, dual protection, premium waiver and secured savings.
    • You also get death benefit and maturity benefit with this plan.
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