SBI Life Unit Plus Super

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SBI Life - Unit Plus Super

 

SBI Life Unit Plus Super Plan is a unit linked insurance plan (ULIP), where the premiums are invested in the equity or debt markets as selected by the policyholder. The risk of investment is borne by the policyholder and not by the insurance company.

 

 

Key Features of SBI Life - Unit Plus Super

 

·         Unit linked insurance plan

·         Guaranteed Additions from 10th policy year onwards

·         Option to increase or decrease your Sum Assured from 6th Policy Year onwards

·         Choice of 4 rider benefits available

 

 

Benefits you get from SBI Life - Unit Plus Super

 

Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher.

 

Maturity Benefit – When the policy term is over, the policyholder will get the fund value

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

 

 

Eligibility conditions and other restrictions in SBI Life - Unit Plus Super

 

 

Minimum

Maximum

Sum Assured (in Rs.)

Higher of 10XAP

or

0.5 x Term x AP

20 X AP

Policy Term (in years)

10

30

Premium Payment Term (in years)

Single

30

Entry Age of Policyholder (in years)

7

65

Age at Maturity (in years)

NA

75

Single Premium (in Rs.)

65,000

1,50,000

Payment modes

Single and Yearly

 

 

Sample illustration of premium amount in SBI Life - Unit Plus Super

 

Premium = Rs.50,000

Age = 30 years

Policy Term = 20 years and 30 years

Premium Paying Term = Regular Pay

Sum Assured = Rs 10,00,000

Total Investment = Rs 50,000 X 20 years = Rs 10,00,000 and Rs. 50,000 x 30 years = Rs. 15,00,000


SBI Life Unit Plus Super Sample Illustration 

 

 

Additional Features and Benefits of SBI Life - Unit Plus Super

 

Riders – There are 4 riders available in this policy

1.       Criti Care 13 Rider

2.       Accidental Death Benefit Linked Rider

3.       Premium Payor or Waiver Benefit Rider

4.       Income Sustainer Rider

 

Investment Fund Options

There are 9 Investment Funds available

1.       Index Fund

2.       Equity Fund

3.       Top 300 Fund

4.       Equity Optimizer Fund

5.       Price Earning Manager Fund

6.       Growth Fund

7.       Balanced Fund

8.       Bond Fund

9.       Money Market Fund

 

Top-up - Not allowed in this plan

 

Switching - Minimum Switch amount is Rs. 5,000. Two Switches are allowed free of charge in a Policy Year.

 

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years or the life assured is 18 years old, whichever is later.

The minimum amount of partial withdrawal should be Rs. 5,000 and the Maximum Partial Withdrawal allowed is upto 15% of Fund Value as on withdrawal request date.

 

A maximum of 2 Partial Withdrawals can be made in one Policy Year and not more than 5 Partial Withdrawals are allowed in entire Policy Term in case of Policy Term 10 years or below and 10 Partial Withdrawals for Policy Term above 10 years.

 

                                             

What happens if?

 

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.

 

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

 

You want a loan against your policy - There is no loan available under this plan.

 

 

Alternate ULIPs from different insurance companies

 

Aegon Religare Future Protect Plan

Reliance Life Classic Plan

BSLI Dream Endowment Plan

 

 

Other ULIPs from SBI Life Insurance

 

SBI Life Smart Performer

SBI Life Saral Maha Anand

SBI Life Smart Scholar

SBI Life Smart Elite

SBI Life Smart Wealth Assure

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