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SBI Life e-Wealth Insurance Plan

SBI Life’s e-Wealth Insurance Plan is a unit linked plan which offers wealth maximization through automatic allocation of premiums for a higher return. The plan provides two investment objectives and the policyholder can choose an objective as per his risk appetite. There is no premium allocation charge under the plan which can be easily bought online.

Key features of the plan

  • The premiums are invested under Automatic Asset Allocation (AAA) strategy wherein the company allocates the premium to three funds depending on the choice of investment objective chosen by the policyholder.
  • The policyholder can choose from two investment objectives – Growth and Balanced. The former has a higher equity exposure while the latter provides balanced growth through lower equity exposure.
  • The plan does not levy any premium allocation charges.
  • The plan is available online and can be bought easily.
  • Regular premiums are required to be paid throughout the plan tenure.

How does the plan work?

Step 1 – the policyholder chooses the premium amount, plan term and the premium paying frequency. The Sum Assured is then calculated as 10 times the annual premium paid.

Step 2 – the policyholder also chooses the plan option. There are 2 strategies which are Growth and Balanced. Premiums are then invested in three funds, Equity Fund, Bond Fund and Money Market Fund according to the Automatic Asset Allocation Strategy which depends on the plan option selected. The Automatic Asset Allocation strategy works on the ‘Years to Maturity’ principle. Initially, the allocated premium is invested in equity oriented funds in a pre-defined ratio based on the plan option selected. As the plan approaches maturity, the funds are reallocated to debt-oriented funds in a pre-defined proportion. Under this strategy, the funds are reallocated from equity exposure to debt exposure to protect returns generated from market volatility. In Growth Option, equity exposure is higher compared to Balanced Option where exposure is lower.

Step 3 – the policyholder can make partial withdrawals or switch his investments if Investor Selectable Portfolio Strategy is chosen.

Step 4 – in case of death during the plan term, the death benefit is paid.

Step 5 – if the insured survives the plan tenure, the maturity benefit is paid.

Example

Bihan, aged 30 years, buys the plan for a term of 20 years. The premium he chooses to pay is Rs.50, 000 and the Sum Assured is Rs.5 lakhs.

Option 1 – He opts for Growth option. The premium is invested in Equity Fund in any ratio between 60% and 80% and the remaining is invested in either of or in both Bond Fund and Money Market Fund. As the plan approaches maturity, the exposure is reduced from Equity Fund and increased in Bond Fund and Money Market Fund. If Bihan dies during the term, death benefit is paid. If he survives, maturity benefit is paid.

Option 2 – He opts for Balanced Option. The allocated premium is invested in Equity Fund in any ratio between 55% and 75% and the remaining is invested in either of or in both Bond Fund and Money Market Fund. As the plan approaches maturity, the exposure is reduced from Equity Fund and increased in Bond Fund and Money Market Fund. If Bihan dies during the term, death benefit is paid. If he survives, maturity benefit is paid.

Bihan can make partial withdrawals, switch between funds and also pay top-up premiums during the plan tenure.

Plan benefits

  • Death benefit – if the life insured dies during the plan term and due premiums have been paid, the death benefit would be payable. The death benefit is higher of -
    1. Sum Assured
    2. Fund Value

    Provided that the death benefit is at least 105% of the total premiums paid till death
    Moreover, the Sum Assured would be deducted for any partial withdrawals made during two years prior to death

  • Maturity Benefit – when the plan matures, the available Fund Value is paid to the policyholder. The policyholder can receive this maturity benefit in lump sum or in instalments over a 5-year period after maturity through Settlement Option feature.
  • Partial withdrawals – the policyholder can make partial withdrawals after the first 5 years. The minimum amount of withdrawal is Rs.5000 and the maximum amount is limited to 15% of the Fund Value. One withdrawal is free every policy year after which a charge would be paid on each exceeding withdrawal. A maximum of 2 withdrawals can be made in a year and a maximum of 5 withdrawals are allowed during the entire plan tenure.

Eligibility

  Minimum Maximum
Age at entry (in completed years) 18 years 50 years
Age at maturity (in completed years) NA 60 years
Term of the plan 10 years 20 years
Premium paying options Regular pay
Premium Paying term Equal to plan term
Annual premium amount Yearly – Rs.10,000
Monthly – Rs.1000
Yearly – Rs.100,000
Monthly – Rs.10,000
Sum Assured 10 times the annual premium

What is not covered in the policy?

In case of suicide committed within 12 months of inception or revival of the plan, the available Fund Value is paid to the nominee.

FAQs