SBI Life – eWealth Insurance is a non-participating Online Unit Linked Insurance Plan (ULIP). SBI Life, one of the most preferred insurance company after LIC of India has recently launched a new Online Unit Linked Insurance Plan, eWealth plan.
SBI Life has already couple of ULIP plans in their kitty like SBI Life – Smart Wealth Builder, SBI Life – Saral Maha Anand, SBI Life – Smart Wealth Assure, SBI Life – Smart Scholar, SBI Life – Smart Elite, SBI Life – Smart Power Insurance. But this time they want to make sure that a ULIP plan ia available online and most importantly without any premium allocation charges. Let’s find out the key features & benefits of SBI Life eWealth Insurance ULIP plan.
Key Highlights of SBI Life eWealth ULIP plan
- One can choose from Growth & Balanced option while investing in this plan. This is clearly telling the concept of pure equity based Growth option and a balanced less risk option.
- Min entry age is 18 years and max entry age is 50 years. The max age of policy maturity is 60 years.
- Policy term could be any of 10-20 years and the premium payment term is also similar to that.
- Buy this plan completely online. In fact this is the first online ULIP plan from SBI Life. This will be less costly due to online purchase facility.
- The minimum premium can be paid as Rs 10,000/ year or Rs 1,000/month basis.
- Benefits of both life insurance & equity investment. Al ULIPs promise the same thing and to get some decent benefit from any ULIP plan, you should invest for a longer term.
- There is a lock-in period of 6 years under this SBI life e wealth ulip plan. One can go for partial withdrawal from 6th year onward. Maximum 2 partial withdrawal is possible in a year.
- On maturity policy holder will get the fund value on the day as maturity amount.
- In case of death during the policy tenure, nominee will get the highest of Sum assured value or 105% of total premium paid or fund value.
- There is a free lock-in period in which one can review the policy documents after receiving them and return the policy within first 30 days in case not satisfied with any terms & condition.
- One can surrender a ULIP plan after 5 years of premium payment only. Before that your policy will be lapsed and the fund value maturity will be considered till that date only.
For more details about this policy, read SBILife eWealth ULIP brochure.
What are the charges on SBI Life – eWealth ULIP
The major highlight of this policy is ZERO premium allocation charges. But besides that there are many other typical ULIP plan charges like
- Policy administration charges
- Fund management charge
- Discontinuance charge
- Partial withdrawal charges
- Mortality Charges
- Medical Expenses on Revival
How to buy SBI Life eWealth ULIP online?
SBI is claiming that one can buy SBI Life eWealth ULIP online by following 3 simple steps only.
- Go to SBILife Online Policy portal and Click on BUY NOW button of eWealth policy.
- In the next screen, provide basic details and calculate premium amount as per your desired sum assured value.
- Then pay the premium amount and upload the self attested KYC & all other necessary documents online. Finally submit your application.
Should I buy SBI Life eWealth ULIP online
ULIP plans are very expensive in the initial years due to many charges applied on them. But if one can stick for a longer term more than 15 years then a decent return can be expected. Read the policy documents and check out your premium details by using SBI Life – eWealth Insurance premium calculator before investing.