The Smart Wealth Assure plan offered by SBI Life is also a unit linked insurance plan that comes with the option of a paying the entire premium in one lump sum. It also offers policyholders both death and maturity benefits. One distinct benefit of this plan is that it can be taken at the very young age of 8 years. What’s more, there is no limit on the amount you can pay as the premium for this policy and it can be taken for periods of up to 30 years.
Key features of SBI Life Smart Wealth Assure
The key features of this policy include the following features.
- The policy is a unit linked insurance plan which means that your investments earn from investments in the debt of equity markets.
- Even though this policy is a ULIP there is a sum assured. The minimum sum assured is 1.25 times the single premium paid if you are under 45 years of age and 1.10 times if you are over 45 years of age. The maximum sum assured will be 5 times the single premium for those younger than 45 years and 3 times for those older than 45 years.
- The tenor of this policy can be anything between 10 years and 30 years.
- There is no premium paying term under this policy since it requires that the premium be paid under a single pay policy.
- The policy also offers you the option to make partial withdrawals, after the first 5 years, should you ever have need of the money you invested.
- You can even optimise your investments chance for healthy growth by going in for a debt fund or an equity fund.
Benefits of SBI Life Smart Wealth Assure
The policy offers death and maturity benefits to the policyholders that can be enhances using riders too.
- Once the policy matures you will get the fund value as the maturity benefit under this policy.
- In case of the unfortunate event of you passing away the death benefits will be the highest of the sum assured and the fund value at the time of your death. You can however, rest assured that the minimum payout will not be less than 105% of the single premium that you paid.
- The cover provided by this policy can be enhanced with the accidental death rider which enhances the sum assured in case you die in an accident.
- The single premium that you pay towards this policy will be eligible for tax benefits under section 80C.
- If the premium you pay is more than 10% of the sum assured then the tax benefits you get will only be applicable to an amount equal to 10% of the sum assured.
The eligibility criteria for this policy is based on the entry and maturity ages for this policy.
- The minimum age at entry for this plan can be as low as 8 years of age.
- The maximum entry age can be 65 years.
- The maximum maturity age for this policy is 75 years old.
Since a unit linked plan always offers the potential for impressive and attractive growth, it is always advisable to invest in one as early as possible.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017