SBI Life eWealth Insurance
The eWealth Insurance plan offered by SBI Life is an online unit linked insurance plan that aims to help you amass more wealth. As with all ULIPs, this plan offers both and the benefits of liquidity through partial withdrawals.
The investments made through this policy allow you money to be put in equity or debt markets with the goal to expose more to the equity markets in the first few years. The policy can be taken for 10 to 20 years and offers the convenience of paying the premiums in easy to afford monthly payments or the regular annual payments.
Key features of SBI Life eWealth Insurance
The features of the plan cover a host of things like:
- The policy is a therefore it offers the potential of having your wealth grow at an impressive pace.
- The sum assured under this policy is the maturity value of the funds as of the date of the policy maturing or the actual sum assured, whichever is higher.
- The minimum tenure for this policy is 10 year and the maximum is 20 years.
- The premium paying term remains the same as the term of the policy itself, which means that if you have taken the policy for 15 years then you'll have to pay the premium also for 15 years.
- You have a choice when it comes to paying the premiums. You can either pay them annually or on a monthly basis. The minimum annual premium that can be paid is Rs. 10,000 and the maximum is Rs. 1 lakh. For monthly payments the minimum monthly payment is Rs. 1,000 and the maximum is Rs. 10,000.
- You will also get to go in for a Balanced plan or a Growth plan based on what kind of growth you want from the policy and your own appetite for risks.
- This policy does not have any premium allocation charges which means that more funds are available for investment in the markets.
Benefits of SBI Life eWealth Insurance
The benefits of the are many of which, maturity and death benefits are just the beginning.
- The death benefits of this policy are the highest of the maturity value of the funds or the sum assured. In either case, you can be assured that the benefits will be at least 105% of the premiums you have paid.
- Once the policy matures, the maturity benefits paid to you will be the value of the funds as of the date of maturity.
- The premiums that you pay towards this policy will be eligible for tax benefits under section 80C of the IT Act.
- The maturity benefits will also eligible for income tax benefits under section 10(10D).
- This policy comes equipped with the Automatic Asset Allocation facility which will expose more of your capital to the equity markets in order to accelerate the growth.
- This policy can be bought online thus negating the need to consult agents and spending time waiting to consult someone from the company.
- If you have an urgent need for cash then you can take a partial withdrawal from the funds provided your policy has been in effect for a minimum of 6 years.
Eligibility Criteria for SBI Life eWealth Insurance
To be able to apply for this policy, you need to fulfil certain eligibility criteria which is as follows.
- The minimum age for being able to take this policy is 18 years and the maximum is 50 years.
- The maximum maturity age is set to 60 years.
Conclusion
The eWealth Insurance plan from offers you the opportunity to have your wealth grow through the markets while providing you with the security of a life insurance policy and the benefits of a sound investment which can help you with your financial needs after the 6th year of the policy.
FAQs on SBI Life eWealth Insurance
- What is SBI Life eWealth Insurance?
It is an online non-participating unit linked insurance plan that offers the dual benefits of life insurance protection and market-linked wealth creation through equity and debt investments.
- What is the minimum and maximum policy term?
The policy term ranges from 10 to 20 years, with equal premium paying terms.
- What is the minimum premium amount?
Minimum annual premium is ₹10,000 and minimum monthly premium is ₹1,000. Maximum annual premium is ₹1 lakh and monthly premium is ₹10,000.
- Are partial withdrawals allowed?
Yes, partial withdrawals are permitted after the completion of 6 policy years, providing liquidity when needed.
- Are there any tax benefits?
Premiums paid are eligible for deduction under Section 80C, and maturity/death benefits are tax-exempt under Section 10(10D) of the Income Tax Act.
- How often can I switch funds?
You can switch between funds twice every year without any charge.
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