SBI Life SMART WEALTH BUILDER

investment

SBI Life Smart Wealth Builder is a Unit-Linked Investment Plan which also provides the benefits of a life insurance plan. The plan offers a choice of 11 different fund options which can be switched by you up to 2 times free of charge during a policy year. The plan features no premium allocation charges from the 11th policy year and no policy administration charges for the first 5 policy years. 

The plan rewards you for staying invested in the policy for a long period of time by providing guaranteed additions. A maximum of 2 partial withdrawals are allowed under the plan after the completion of the lock-in period of 5 years. Out of these 2 partial withdrawals, 1 is allowed free of any extra cost. You can also choose to redirect your premium from the 2nd policy year without incurring any charges.

Best Features of SBI Life Smart Wealth Builder

Following are the best features of SBI Life Smart Wealth Builder:

  • Fund Options- The plan offers 11  fund options to offer a wide array of investment avenues to you.
  • Guaranteed Additions- The plan provides guaranteed additions starting from the 10th policy year and thereafter every 5th policy year. 
  • Low Charges-  The plan levies no policy administration charges during the first 5 years of the policy. The premium allocation charges also get exempted from the 11th policy year.
  • Partial Withdrawals - After 5 policy years, you can make partial withdrawals up to 2 times during a policy year, subject to a maximum of 10 times during the entire policy term. Only 1 partial withdrawal during a policy year is allowed free of any extra cost.
  • Fund Switching-  The plan allows you to switch the fund options up to 2 times during a policy year without any charge. Further switches within the same policy year are charged with INR 100 per switch.
  • Premium Redirection Option- Under this option, the premium can be redirected without any charge after 2 policy years.

Benefits of SBI Life Smart Wealth Builder 

SBI Life Smart Wealth Builder offers the following benefits to its investors - 

  1. Death Benefit

In case of unfortunate death of the life assured, the highest of the following is paid to the nominee as the death benefit - 

  • Fund value is available on the date of death 
  • Basic sum assured less partial withdrawals in the immediately preceding 2 years
  • 105% of all the premiums paid till the date of death less partial withdrawals in the immediately preceding 2 years

The nominee can choose to receive the above benefit either as a lump sum or over a period of 2 or 5 years in the form of yearly, half-yearly, quarterly, or monthly installments.

          2.Maturity Benefit

In case of survival of the life assured till the date of plan maturity, the fund value is paid in lump sum as the maturity benefit.

         3. Guaranteed Additions

The plan provides Guaranteed Additions from the 10th policy year as a reward for your long-term commitment to the plan. The additions are equivalent to a percentage of the annual premiums in the case of Regular and Limited Premium paying policies and to a percentage of the fixed Single Premium in the case of Single Premium paying policies.

Policy Year EndRegular Premium Policy

Limited Premium Paying Term Policies

Single Premium Policy

7 PPT

10 PPT 

12 PPT

15 PPT

10

5%5%5%5%5%5%

15

15%10%10%10%10%5%

20

25%10%15%15%20%5%

25

35%10%20%25%30%7%

30

45%15%25%30%35%8%

SBI Life Smart Wealth Builder Eligibility

The plan comes with the following eligibility conditions -

Eligibility Criteria For SBI Life Smart Wealth Builder

Minimum Age at Entry


 

7 years

Maximum Age at Entry


 

55 years

Minimum Age at Maturity

18 years

Maximum Age at Maturity

70 years

Policy Term

  • Regular Premium- 12-30 years
  • Single Premium- 5-30 years
  • Limited Premium- 12-30 years

Premium Payment Term (PPT)

  • Regular Premium- Same as policy term
  • Single Premium-  One-time payment
  • Limited Premium:


 

 For policy term of 12-14 years- 7 years

 For policy term of 15-19 years- 7/10/12 years

 For policy term of 20-30 years- 7/10/12/15 years



 

Premium Payment Frequency

Single or Annual

Minimum Premium Amount

  • Regular Premium- INR 30,000
  • Single Premium-  INR 65,000
  • Limited Premium-  INR 40,000


 

Maximum Premium Amount

INR 3 Lakh, subject to underwriting

Basic Sum Assured

  • Regular Premium and Limited PPT- 10 x Annualised Premium
  • Single Premium-  1.25 x Annualised Premium

SBI Life Smart Wealth Builder Fund Options

SBI Life Smart Wealth Builder provides the following 11 fund options to invest your hard-earned money:

Fund Name

Asset Class


 

 


 

Equity and Equity                             Debt Instruments                                      Money                                                                                                     Related Securities                                                                                             Market                                                                             


 

Fund Composition

Risk Involved

Equity Fund

80%-100%

0%-20%

0%-20%

High Risk

Top 300 Fund

60%-100%

-

0%-40%

High Risk

Equity Optimiser Fund

60%-100%

0%-40%

0%-40%

High Risk

Growth Fund

40%-90%

10%-60%

0%-40%

Medium to High Risk

Balanced Fund

40%-60%

20%-60%

0%-40%

Medium Risk

Bond Fund

-

60%-100%

0%-40%

Low to Medium Risk

Money Market Fund

-

0%-20%

80%-100%

Low Risk

Bond Optimiser Fund

0%-25%

75%-100%

0%-25%

Low to Medium Risk

Pure Fund

80%-100%

-

0%-20%

High Risk

Midcap Fund

80%-100%

0%-20%

0%-20%

High Risk

Corporate Bond Fund

70%-100%

0%-30%

0%-30%

Low to Medium Risk

SBI Life Smart Wealth Builder Review

SBI Life Smart Wealth Builder is a cost-effective investment plan accompanying the benefits of a life insurance plan. The plan provides enough flexibility to its investors by offering 11 distinctive fund options which can be switched for a maximum of 2 times without any charge during a policy year. Also, the charges levied under this plan are comparatively lower than its alternatives. 

Moreover, the plan rewards its investors for staying invested in it by providing guaranteed additions. The plan also helps you maintain financial liquidity through its feature for partial withdrawals. SBI Life Smart Wealth Builder is an ideal ULIP for people looking for a plan with minimal charges and flexible premium payment term along with varying fund options.

SBI Life Smart Wealth Builder FAQs
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  • Registration No. 700. Valid till 16/02/2023
  • CIN - U66000DL2019PTC355671