SBI eWealth Insurance is an online insurance that offers their customers to increase their wealth by investing your money in equity and debt market. This plan provides the dual benefit of life insurance and wealth creation. Making money is a big part of our life. We grow older with the dream of making money and creating the wealth. This plan offers to invest your money to create your wealth and at the same time ensuring your life.
Plan Details of eWealth Insurance
This plan is offered with two plan options to choose from. The premium is an investment in the plan option chosen by you through “Automatic Allocation Feature” once chosen policy inception cannot be changed later. The two options that are offered with the plan are-
| Growth | During the initial policy period the equity exposure is higher
Gradually the debt market investment increases and equity investment decreases. |
| Balanced | The equity exposure is lower
The overall investment in growth market is higher to offer a balanced approach |
Benefit of eWealth Insurance
Death benefit
In the unfortunate demise of the insurer, while the policy is in force. The sum assured or 105% of the total premium paid till date will be provided to the beneficiary.
Maturity benefit
Once the policy gets matured the lump sum amount of the sum assured will be paid. Alternatively, the maturity benefit can be availed installments within the time period of the five years. The installments can be yearly, monthly and quarterly depends on your choice. During the settlement period, the amount of money shall be invested. In case of death during the settlement period, the lump sum amount will be paid immediately.
Taxes benefit
The subscriber of the policy can enjoy the tax benefit under the Income Tax Act, Section 80C.
Eligibility for eWealth Insurance
| Age limit | Maximum-18
Minimum-50 |
||
| Policy term | 10-20 years | ||
| Premium paying mode | Regular | ||
| Premium paying frequency | Yearly or monthly | ||
| Premium paying term | Same as policy | ||
| Premium range | Frequency | Minimum | Maximum |
| Yearly
Monthly |
10,000
1,000 |
1,00,000
10,000 |
|
Free lookup period
You will get a free lookup period of 30 days will be provided. If you are not satisfied with the policy, you can return the policy and your full money will be refunded by deducting the documentation charges.
Revival
There is a revival period of 2 years from the date of discontinuance. The premium in full till date has to be paid and after the payment, the policy will come into force again.
Exclusion
If the life assured commits suicide within 12 months from the date of inception of the policy or from the date of revival of the policy will be void.
