SBI Life - Kalyan ULIP Plus

Overview

SBI Life - Kalyan ULIP Plus is a , 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 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 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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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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