Read on to know more about SBI Life Smart Wealth Builder’s eligibility criteria, features & benefits, exclusions, premium calculation, and more.

The following are the requirements that need to be met in order to be eligible for SBI Life Smart Wealth Builder.

Here are the details regarding the parameters of SBI Life Smart Wealth Builder:

– There are three types of plans: Regular Premium, Limited Premium Payment Term (LPPT), and Single Premium.

– The minimum age to apply for this policy is 2 years, while the maximum age is 55 years.

– The minimum age at maturity should be 18 years, and the maximum age allowed is 70 years.

– For Regular Premium plan, the premium payment term can range from 12 to 30 years, which will be equal to the policy term.

– In case of LPPT plan, premium payment terms can vary from 12 to14 years, or from15 to19 years or from20 to30years. Corresponding options for policy terms include7years/10years/12years/15years respectively.

– Single Premium option allows a policy term ranging from5to30 years with a one-time payment at inception.

– The premium frequency options available are either single or annual payments.

-The basic sum assured under regular premium and limited premium payment term plans is calculated as ten times the annualized premium. For single premium policies it would be1.25 times higher than that of single premiums.

Can I withdraw SBI Smart wealth Builder policy?

The Smart Wealth Builder SBI ULIP Plan has a lock-in period of 5 years. Once the policy enters its 6th year, policyholders have the option to make partial withdrawals from their Fund Value. Each policy year, policyholders are entitled to one free partial withdrawal.

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List:

– The Smart Wealth Builder SBI ULIP Plan requires a minimum lock-in period of 5 years.

– After completing the initial 5-year lock-in period, policyholders can start making partial withdrawals on their Fund Value.

– Policyholders are allowed to make one free partial withdrawal per policy year.

SBI Life Smart Wealth Builder: Features and Benefits Explained

Here is the list of the key features and benefits of SBI Life Smart Wealth Builder.

Exclusions in SBI Life Smart Wealth Builder

Mr. Anurag Kashyap, a 35-year-old engineer and working professional, is seeking to fulfill his financial responsibilities and achieve short-term monetary objectives while ensuring the security of his family through the SBI Life Smart Wealth Builder Plan. After receiving recommendations from acquaintances and conducting online research, he came across this plan which appeared to be an excellent investment opportunity.

Policy Term & PPT, Plan Type, Annualized Premium Amount, Sum Assured, Premium, Maturity Benefit for SBI Life Smart Wealth Builder are as follows: 30 years policy term with regular premium payment. The annual premium amount is Rs. 50,000 and the sum assured is Rs. 5,00,000. The maturity benefit will be the fund value at maturity which can vary depending on the assumed rate of return: at a rate of 4%, it will be Rs. 21,74,877 and at a rate of 8%, it will be Rs. 42,95,463.

Frequently Asked Questions

Every partial withdrawal in excess of the first free partial withdrawal within the same policy year will incur a fee of Rs. 100. The money will be recouped through unit cancellation. Free unused partial withdrawals cannot be carried over to the following policy year.

From the sixth year of the policy or when the insured person turns 18, whichever happens earlier, it is possible to make partial withdrawals.

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From the second year of the policy, customers can make use of the premium redirection feature. This service is provided at no additional cost.

The death benefit of SBI Smart Wealth Builder: What is it?

1. A minimum payout of 105% of all basic premiums paid up to the date of death notification.

2. The higher value between the fund value or Sum Assured will also be payable as part of the Death Benefit.

The duration of SBI Smart Wealth Builder?

To be eligible for SBI Life – Smart Wealth Builder, certain criteria must be met. The premium payment term varies depending on the policy term chosen. For a policy term of 10 years, the limited premium payment term is either 5 or 8 years. On the other hand, for a policy term ranging from 15 to 30 years, the limited premium payment term can be either 5, 8, or 10 years.

In order to avail of this plan and enjoy its benefits, individuals need to fulfill these eligibility requirements. By adhering to the specified premium payment terms mentioned above, policyholders can ensure that their investment in SBI Life – Smart Wealth Builder aligns with their financial goals and objectives.

It is important for potential customers to carefully consider their desired policy and premium terms before making any decisions regarding this wealth-building plan offered by SBI Life Insurance Company Limited. By understanding and meeting these eligibility criteria upfront, individuals can make informed choices about securing their financial future through this comprehensive insurance product.

Does SBI Wealth Builder have tax exemptions?

Tax Benefits:

– Premiums paid towards the SBI Smart Wealth Builder plan are eligible for tax deduction under Section 80C of the Income Tax Act, 1961.

– The maximum deduction that can be claimed under this section during a financial year is Rs. 1,50,000.

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How do I verify the value of my SBI Smart Wealth Builder fund?

To inquire about the current value of your funds, simply give a missed call on 022-62458501. This convenient method allows you to stay updated on the status of your investments with SBI Life Smart Wealth Builder. By providing this service, SBI Life aims to ensure that customers have easy access to their fund information without any hassle.

Should one consider investing in SBI Life Insurance?

The SBI Life Smart Wealth Builder offers excellent policy coverage, with a rate of 90 percent. Moreover, the claims made through this policy are approximately five percent higher than the amount invested. This means that customers can expect to receive significant returns on their investment.

In addition to its attractive coverage and high claim amounts, the services provided by the Policybazaar team have been commendable so far. They have consistently delivered efficient and timely assistance to policyholders. This level of service is crucial in ensuring a smooth experience for customers throughout their journey with SBI Life Smart Wealth Builder.

Furthermore, this plan not only serves as a good investment option but also provides tax-saving benefits. By investing in this wealth builder policy, individuals can enjoy potential growth while simultaneously reducing their tax liabilities. This makes it an appealing choice for those looking to secure their financial future while optimizing tax savings.

Is SBI Life Insurance secure?

SBI Life Insurance is a highly regarded life insurance company in India, known for its wide range of customizable products that cater to diverse financial needs. With an impressive claim settlement ratio of 94.52% from 2021 to 2022, SBI Life Insurance has established itself as one of the most trusted insurers in the country. Whether you are looking for protection plans, savings plans, or investment options, SBI Life Insurance offers comprehensive solutions tailored to suit your requirements.