SBI Life Unit Plus SuperPlan 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.
· 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
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 thepolicy 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
Sum Assured (in Rs.)
Higher of 10XAP
0.5 x Term x AP
20 X AP
Policy Term (in years)
Premium Payment Term (in years)
Entry Age of Policyholder (in years)
Age at Maturity (in years)
Single Premium (in Rs.)
Single and Yearly
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
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 9Investment 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.
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.
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