SBI Life – Smart Wealth Builder is a Unit linked, Non-participating Insurance Plan that offers its subscribers to enjoy the addition of wealth. This addition is managed by investing the premium paid in the market and reaping the retune into their personal net worth. Not only this policyholder can also ensure their life at the same time. This features made this plan the best plan for you to enjoy the benefit. The Linked Insurance products do not offer any liquidity during the first five years of the contract and after that this money becomes liquid in nature.
Investment Fund option –
- Equity fund: The objective of this fund is to provide high exposure targeting high return.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Equity and equity related instruments | 80% | 100 | High |
| Debt instruments | 0% | 20% | |
| Money market instrument | 0% | 20% |
- Top 300: The objective of this investment is to provide the long-term capital appreciation by investing in stocks of top 300 companies in the term of market capitalization on NSE.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Equity | 60% | 100 | High |
| Cash and money market instrument | 0% | 40% |
- Equity optimizer funds: The objective of this is to provide equity exposure targeting higher returns through long-term capital gains.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Equity and equity related instruments | 60% | 100 | High |
| Debt instruments | 0% | 40% | |
| Money market instrument | 0% | 40% |
- Growth fund: To provide long-term capital appreciation through investment primarily in equity and equity related instruments with a small part investment in debt and money market for diversification and risk reduction.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Equity and equity related instruments | 40% | 90 | Medium to High |
| Debt instruments | 10% | 60% | |
| Money market instrument | 0% | 40% |
- Balanced fund: To provide accumulation of income through investment in both equity and fixed income securities with an attempt to maintain a suitable balance return and safety.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Equity and equity related instruments | 40% | 60% | Medium |
| Debt instruments | 20% | 60% | |
| Money market instrument | 0% | 40% |
- Bond fund: The objective of this fund is to provide relatively safe and less volatile investment option mainly through debt investment and accumulation of income through investment in fixed income securities.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Equity and equity related instruments | 60% | 100% | Low to Medium |
| Debt instruments | 0% | 40% |
- Money Market Fund: the objective of the fund is to park the fund in the liquid and safe instrument to avoid risk on the temporary basis.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Equity and equity related instruments | 0% | 20% | Low |
| Debt instruments | 80% | 100% |
- Discontinued policy fund: The objective of this fund is to achieve a relatively less volatile investment return mainly through debt investment and accumulation of income through investment in fixed interest securities and liquid investments. This fund will earn a minimum guaranteed interest rate of 4% p.a.
| Assets | Minimum | Maximum | Risk profile |
|---|---|---|---|
| Money market instrument | 0% | 40% | Low |
| Government securities | 60% | 100% |
Benefit of Smart Wealth Builder
Maturity benefit
On the survival of the policyholder, the sum assured during the policy period will be paid as a lump sum amount. The maturity benefit can also be availed in monthly installments during this period the fund will be remained invested and the
Death benefit
In case of unfortunate demise of the policyholder, the higher of sum assured or fund value is payable with a minimum of 105% of the total premium paid till the date of imitation of death
Additional benefit
Switching option
You can switch between the available 7 fund options as per your needs. The minimum amount of switching is Rs. 5000. Two switches are allowed free of charges in one policy year. Rs. 100 will be charged after that and the left off switching will be carried forward.
Partial withdrawal
Partial withdrawal is allowed from the 6th policy year or the attainment of age 18 by the life assured. Minimum partial withdrawal is Rs.5000 and maximum is 15% of the fund value. One free partial withdrawal is allowed in one policy year and a maximum of 2 withdrawal is allowed in a policy year and a total of 5 for the entire policy term less than policy term of 10 years or below and 10 times for policy term of 10 years and above.
Eligibility for Smart Wealth Builder
| Age Limit | Minimum: 7 Years | Maximum :
For Regular Premium And Limited Premium: 60 Years For Single Premium: 65 Years |
||
| Maturity Age | 70 Years | |||
| Plan Type | Regular Premium/Single Premium/ Limited Premium | |||
| Policy Term | Regular Premium-10, 15, 30 years
Limited Premium-10, 15, 30 years Single Premium-5 to 30 years |
|||
| Premium Frequency | Single or annual | |||
| Premium Paying Term | Regular premium
LPPT |
|||
| Policy term (in years) | PPT(in years) | |||
| 10
15-30 |
5/8
5/8/10 |
|||
| Single premium- 5 to 30 years | ||||
| Premium Range | Minimum (in Rs) | Maximum (in Rs) | ||
| Plan type | ||||
| Regular Premium
Limited Premium Single Premium |
30,000
40,000 65,000 |
3,00,000 | ||
|
Sum Assured |
Minimum (in Rs) | Maximum (in Rs) | ||
| Age below 45 years | Age 45 or above | Age below 45 years | Age 45 or above | |
| Regular Premium | Higher of (10 X AP)or (0.50X term X AP) | Higher of (7 X AP)or (0.25 X term X AP) | 20 X AP | 20 X AP |
| Limited Premium | 15 X AP | 15 X AP | ||
| Single Premium | 1.25 X SP | 1.1 X SP | 3 X SP | 1.25 X SP |
Surrender value
You can surrender the policy at any time during the policy period. Once the policy is surrendered then the policy cannot be revived.
If the surrender is requested within first 5 years
You will get guaranteed interest rate of 4% p.a. of your investment. In this case, lock-in will apply
If the surrender is requested after the first 5 years
If the policy is surrendered after five years then the fund value will be paid and the policy will terminate.
Tax Benefit of Smart Wealth Builder
There is also a tax benefit provided under this policy, the tax redemption will be subject to the income tax law under section 80C.
Free lookup period
You have an option to return the policy before 30 days of the receipt of the policy day. In case you disagree with the policy terms and condition then you can return the policy and the full payment of the installment paid will be returned after deducting the documentation charges.
Revival of Smart Wealth Builder
You can revive the policy within 2 years from the date of first unpaid premium provided that all the due premium will be paid till date.
Exclusion
The benefits that this life insurance plan offers will be affected if the policyholder commits suicide. The fund value will be paid to the nominee as on the date of intimation of death and the policy will be ceased.
