SBI Life eWealth Insurance Plan Review, Benefits, Eligibility and more: SBI Life offers a number of life insurance plans. One of these is Jeevan Bima e-Wealth Insurance Plan, an online Unit Linked Plan. This plan offers both the benefits of wealth creation and life insurance cover. This insurance plan helps the policyholder to secure his insurance needs and grow money through attractive returns. Know in detail about this SBI Life eWealth Insurance Plan.
SBI Life eWealth Insurance Plan
SBI Life eWealth Insurance Plan is a non-participating unit linked life insurance plan, which offers the benefits of both wealth creation and life insurance cover. This plan helps you reap the benefits of market linked returns through the facility of automatic asset allocation. Under this plan, you can choose one of the two option plans Growth Plan and Balanced Plan.
This type of insurance plan helps the policyholder to secure his insurance needs and maximize your money through attractive returns. The plan helps invest in high-risk equity instruments in the initial years to maximize market-linked returns and gradually move to lower-risk debt instruments to hedge your investments against short-term volatility or move towards money market instruments.
SBI Life eWealth Insurance Plan Options
Growth Plan
Under this option the exposure is high targeting reasonable returns in equity in long term during the initial years of the policy term. As the policy term increases, the debt/money market exposure gradually increases and the equity exposure gradually decreases.
Under this plan, here your premium is invested in equity funds, bond funds and money market funds in different percentages. As given below:
Balanced Plan
The equity exposure in the initial years of the policy term under this plan option is lower as compared to the growth plan. Overall exposure to Debt/Money Markets Balanced approach offers higher investment as compared to Growth Plan.
Under this plan, here your premium is invested in equity funds, bond funds and money market funds in different percentages. As given below:
SBI Life eWealth Insurance Plan Eligibility Criteria
| Name of Insurance: | SBI Life eWealth Insurance Plan |
| Entry Age: | 5 to 50 years |
| Coverage (Basic Sum Assured): | 10 times the annualized premium |
| Premium Paying Term: | till the policy term |
| Policy Term: | 10 to 30 years |
| Maturity Age: | Minimum: 60 Years |
| Official website: | www.sbilife.co.in |
SBI Life eWealth Insurance Plan Features
The key features of SBI Life eWealth Insurance Plan are as follows:
- Dual benefits of life insurance cover and market linked returns
- The policyholder can choose between a growth plan or a balanced plan depending on his risk appetite.
- Premium starting as low as Rs 2,000 per month
- eWealth insurance plans have a policy term of 10 to 30 years.
- It provides easy wealth management with automatic asset allocation.
- You can make partial withdrawals from the 6th year of the policy.
- The premium you pay for this policy will be eligible for tax benefits under section 80C of the Income Tax Act.
- Maturity benefits will also be eligible for income tax benefits under section 10(10D).
SBI Life eWealth Insurance Plan Benefits
Death Benefit
Fund Value or Sum Assured (whichever is higher) is paid for the policy in force, and a death benefit of 105% of the minimum premium amount is paid on death of the policyholder.
Maturity Benefit
If your policy is in force, you will get the fund value after the completion of the policy term.
Tex Benefits
In this policy, tax benefit is available on the premium under section 80C of the Income Tax Act. Maturity benefits will also be eligible for income tax benefits under section 10(10D).
Grace Period
A grace period of 30 days is available for annual premium payment. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
You can surrender your policy anytime during the policy term and receive the surrender value. But once surrendered, the policy cannot be revived thereafter.
Revival
If the premium is not paid within the grace period, the policy lapses. SBI Life eWealth Insurance provides the option to revive the policy within 3 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date.
Free look period
If the insured disagrees with any of the terms and conditions given in the policy contract, he can return the policy within 30 days from the date of purchase of the policy. With SBI Life eWealth Insurance Plan you get a free look period of 30 days.
The Bottom Line:
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