SBI Life eWealth Insurance Plan: Customers can either pay them annually or on a monthly basis. However, the minimum annual premium that can be paid is Rs. 10,000 and the maximum is Rs. 1 lakh.
New Delhi: Bank customers, if you are planning to buy any insurance plan, here’s one big scheme offered by SBI for you. Known as eWealth Insurance plan, it is being offered by SBI Life. This is an online unit linked insurance plan (ULIP) that aims to help you amass more wealth and this plan also offers dual benefits of wealth creation and life insurance cover. Notably, the investments made through this policy will allow your money to be put in equity or debt markets with the goal of exposing more to the equity markets in the first few years. You can opt for this plan for 10 to 20 years as it offers the convenience of paying the premiums in easy to afford monthly payments or the regular annual payments.
SBI Life eWealth Insurance: Key Features
- The SBI policy offers the potential of having your wealth grow at an impressive pace.
- The minimum tenure for this policy is 10 year and the maximum is 20 years.
- The premium paying term for the scheme 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.
- Customers can either pay them annually or on a monthly basis. However, the minimum annual premium that can be paid is Rs. 10,000 and the maximum is Rs. 1 lakh. And for the monthly payments the minimum monthly payment is Rs. 1,000 and the maximum is Rs. 10,000.
- Customers need to know that the policy does not have any premium allocation charges which means that more funds are available for investment in the markets.
- This insurance policy offers life coverage as well as a chance to grow your wealth at an impressive rate
- The policy provides easy wealth management with Automatic Asset Allocation.
- There are no allocation charges on the payment of the premium amount.
- You can withdraw partial amounts from the sixth year of the policy.
Key Advantages of SBI Life eWealth Insurance Plan
Security: In case of death, your family is financially secured and there is automatic adjustment of your funds based on the market fluctuations.
Flexibility: According to your risk appetite, you can choose the plan option you want to invest in.
Simplicity: Customers can easily purchase the policy online in a hassle-free manner.
Liquidity: This plan offers you mobility to withdraw partial amounts to meet any unforeseen expenses.
What Are The Benefits of SBI Life eWealth Insurance
Maturity Benefit: After you purchase the policy, then you will get the fund value once the policy term has been completed.
Death Benefit After the policy is purchased, and the fund value or sum assured (whichever is higher) is paid, 105% of minimum premium amount is recompensed on the intimation of death of the policy holder.
Tax Benefits: The policy offers tax saving benefits to the policyholder as per the Indian Income Tax Act, 1961. However, these benefits vary from time to time and are subjected to policy terms and conditions. It’s advisable that you consult with your tax advisor for further details.