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  • SBI Life - Kalyan ULIP Plus

    SBI Life

    Overview

    SBI Life - Kalyan ULIP Plus is a unit linked group insurance plan, which is non-participating. The uniqueness of this plan is that it offers both the primary policyholder (employer) as well the group member (employee) the same features and benefits. The plan will help you manage the funds for all your fund management needs. From Gratuity, Superannuation to Leave Encashment, this plan will cover it all.

    The Conditions Required to be Met in Order to Take Up the SBI Life - Kalyan ULIP Plus:

    Particulars

    Minimum

    Maximum

    Entry Age

    18 years

    79 years

    Maturity Age

    80 years

    Group Size

    10 member/employees

    No limit

    The Main Features of The Kalyan ULIP Plus:

    1. This is a unit-linked, non-participating group plan, wherein the master policyholder is the employer.
    2. The Kalyan ULIP Plus plan offers you a great platform to manage the funds for the group for the below mentioned schemes:

    Scheme to choose from

    Defined Benefit scheme

    Defined Contribution scheme

    Hybrid Scheme which is a combination of both the Defined Benefit and Defined Contribution schemes.

    1. The premiums will be paid by the master policyholder/ employer as per the scheme rules of life insurance , the minimum premium at the time of inception that needs to be paid is Rs. 50, 000.
    2. The premium payment can be made with payment options chosen by the policyholder. The premium can be made at any time of the year depending on the valuation report of the funds.
    3. You can choose between 6 different fund options to make your investments in:

    Group Growth Plus Fund II

    Group Balanced Plus Fund II

    Group Debt Plus Fund II

    Group Short Term Plus Fund II

    Group STO Plus Fund II

    Group Money Market Plus Fund

    1. Manage your funds in efficient manner, by using the option of switching between funds at any time. When you want to switch between the fund options you need to move at least a 5% amount into a different fund.
    2. You can also redirect your future premiums that are yet to be paid to your choice of funds as per your needs. Per policy year you can make 4 offline redirections and online redirections totally free
    3. For any superannuation scheme, both switching and redirection of premiums and funds are not allowed.
    4. For you loyalty, you can earn loyalty units for investing with us. At the end of each policy year these loyalty units will get accrued and the first credit will be after the policy has completed 2 years, and then will be added annualy.
    5. Make use of the Systematic Transfer Option, by using this fund you will simply invest your monies into this fund, and SBI Life will automatically invest the same Group Growth Plus Fund II in 12 installments for a period of 3 policy months from the contribution date.
    6. Provide all employees under this plan with life cover of Rs. 1, 000 under the Leave Encashment and Gratuity schemes.
    7. Free - look period of 15 days will be provided to go through the terms and conditions of the plan and if the employer/ master policyholder disagrees with the policy they can return the policy.

    The Main Advantages or Benefits of the Kalyan ULIP Plus:

    Type

    Details

    Scheme Benefit

    In this scheme, in the event of death, resignation, retirement, etc. the benefit will be payable. This amount will be paid from the policy account to either the master policyholder or the group member.

    Insurance Benefit

    In the event of the death of the member the sum assured will be paid to the nominee by the master policyholder. Only the Leave Encashment and Gratuity schemes are applicable for insurance.

    Tax Benefit

    As per the Income Tax Act 1961, the tax benefits will be applicable

    Investment of Funds Can Be Done as Per The illustration Below:

    Name of fund

    Equity and Equity Instruments

    Debt

    Money Market Instruments

    Risk

    Group Growth Plus Fund II

    35% - 60%

    25% - 65%

    0% - 40%

    High

    Group Balanced Plus Fund II

    20% - 35%

    40% - 80%

    0% - 40%

    Medium - High

    Group Debt Plus Fund II

    0% - 20%

    40% - 100%

    0% - 40%

    Low - Medium

    Group Short Term Plus Fund II

    0%

    25% - 100%

    0% - 75%

    Low

    Group STO Plus Fund II

    0%

    0%

    100%

    Low

    Group Money Market Plus Fund

    0%

    0%

    100%

    Low

    The Charges That Will Need to Paid to SBI Life:

    Type

    Charges

    Allocation

    Nil

    Administration

    Defined Benefit scheme - Nil

    Defined Contribution scheme and other schemes - Rs. 20 per annum per member

    Fund Management

    0.60% per annum

    Mortality

    Rs. 1 per annum per member for a Rs. 1, 000 sum assured

    Switching Funds

    Nil

    Surrender

    0.05% of the fund with a cap of Rs. 5, 00, 000

    Redirection of Funds

    Nil

    Service Tax, Education Cess, GST

    as applicable

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