Build Wealth with SBI Life Smart Wealth Builder Plan

SBI Life Smart Wealth Builder is a ULIP or Unit Linked Investment Plan that offers both investment and insurance benefits. It allows policyholders to grow their wealth through market-linked returns while providing life coverage. 

There are 11 different investment funds that investors can choose under the Smart Wealth Builder plan and build their wealth over time. 

Eligibility Criteria

The SBI Life Smart Wealth Builder plan comes with the following eligibility conditions: 

Key Features of SBI Life Smart Wealth Builder Plan

Smart Wealth Builder plan by SBI Life Insurance offers several key features, as explained below. 

• Guaranteed Additions: You will get guaranteed additions according to the policy term, up to 125% of one annual regular premium. The higher the term, the higher the guaranteed addition. The commencement of these additions starts after the completion of ten years of the policy.  

• Life Insurance coverage: Policyholders get life insurance coverage throughout the policy term. 

• No Policy Administration fees: For Regular and Limited Premium Payment Term (LPPT) plans, customers can enjoy the first 5 years without any policy administration charges. 

• No Premium Allocation Charge: These charges are deducted every time a premium is paid. But from the 11th policy year until the end of the policy term, there will be no Premium Allocation charges levied. 

• Free Look Period: If you are satisfied with the plan after buying, the company provides a free-look period of 15 days. This means you can cancel the policy within 15 days of receipt of the policy documents. 

• Grace Period:  A grace period of 30 days is available for completing the premium payment after the due date. 

• Investment Flexibility: Get the flexibility of choosing investment opportunities from 11 varied fund options according to your risk appetite. 

• Partial Withdrawals: Smart Wealth Builder SBI ULIP Plan’s lock-in period is 5 years. After 6th policy year, investors can make partial withdrawals on the Fund Value. Here are some terms! 

1. • One partial withdrawal per policy year is free. For any additional withdrawals, a charge of ₹100 per withdrawal will be applied. 

   • Unused free withdrawals cannot be carried forward to future policy years.

   • You can make a maximum of 2 partial withdrawals in a particular policy year and 10 partial withdrawals during the entire policy term.

   • The minimum amount you can withdraw is ₹5,000, and it must be in multiples of ₹1,000. The maximum amount you can withdraw is up to 15% of the fund value on the date you request the withdrawal.

Key Benefits of SBI Life Smart Wealth Builder Plan

Below is the list of investment benefits offered by the SBI Life Smart Wealth Builder Plan. 

• Maturity Benefit (applicable only for in-force policies)

If the policyholder survives until the policy's maturity date, the fund value is paid out as a lump sum. This provides investors with a significant financial benefit at the end of the policy term.

• Death Benefit

In case of the unfortunate death of the investor, the nominee will receive the highest of the following amounts: 

1. The fund value on the date of death. 

2. The basic sum assured minus any partial withdrawals in the last 2 years. 

3. 105% of all premiums paid until the death, less any partial withdrawals in the last 2 years. 

• Tax Benefit

The policyholder can enjoy the following tax benefits with this plan:

1. Tax Deduction under Section 80C: Premiums paid are eligible for tax rebate under Section 80C of the IT (Income Tax)Act. If the premium paid during the financial year exceeds 10% of the Sum Assured, the deduction will be restricted to 10% of the Sum Assured.

2. Tax Exemption under Section 10(10D): Upon maturity or surrender of the policy, the proceeds are exempt from tax under Section 10(10D). But the premium must not exceed 10% of the Sum Assured in any year during the policy term.

3. The death benefit paid to the nominee is fully tax exempted.

Illustration of SBI Life Smart Wealth Builder Plan 

Let’s understand the benefits offered by the SBI Life Smart Wealth Builder plan with an example. 

Mr. Vijay has chosen the SBI Life-Smart Wealth Builder policy. Here are his basic details.  

Maturity Benefit (Lumpsum)

Death Benefit (Lumpsum)

In case of Vijay’s unfortunate death at the end of the 20th policy year, the death benefit, based on the assumed investment returns, will be: 

Disclaimer: The above figures are for illustrative purposes only. The assumed rates of returns @4% and @8% p.a. are also illustrative and are subject to market risks. 

Investment Funds under SBI Wealth Builder Plan

1. Equity Fund

2. Top 300 Fund

3. Equity Optimizer Fund

4. Growth Fund

5. Balanced Fund

6. Bond Fund

7. Money Market Fund

8. Bond Optimiser Fund

9. Pure Fund

10. Midcap Fund

11. Corporate Fund

Charges for the SBI Life Smart Wealth Builder Plan

Premium Chart

Suicide Exclusion

If the policyholder dies by suicide within 12 months from the policy commencement date or the date of policy revival, the nominee or beneficiary will be entitled to the fund value available on the date the death is reported. Additionally, any charges deducted after the date of death, except for Fund Management Charges (FMC), will be refunded and added back to the fund value.

How to Buy SBI Life Smart Wealth Builder plan From InsuranceDekho

Follow the step-by-step procedure to buy the Smart Wealth Builder plan by SBI Life Investment plan from InsuranceDekho and secure your life. 

1. Visit the InsuranceDekho Website: Visit the official InsuranceDekho website and start the life insurance purchase process by clicking on "Insurance" > "Life Insurance."

2.  Fill in Your Details: Enter all the required details, including

• • Name, 

  • Date of birth, 

  • Gender, and 

  • Mobile number.

 Once completed, click on the “View Plans for Free” button. 

3. Choose the SBI Life Smart Wealth Builder Plan: Then, choose the SBI Life Smart Wealth Builder Plan among the list of plans available. You can also customise the coverage by adding riders to the base policy. 

4. Provide Specific Information: Enter additional specific details like income, education, etc., and proceed by clicking the "Next Step" button.

5. Pay Premium: Review the premium amount for your chosen SBI Life Smart Wealth Builder plan. Then, click on the "Accept and Pay" button to complete the premium payment securely.

6. Submit Proposal Form & Documents: After making the payment, provide the necessary documents, such as KYC and income proof, along with the Proposal Form. 

Note: The insurer may request additional documents! However, Investment Plans may require fewer documents compared to other plans. 

7. Medical Evaluation & Underwriting: You have to undergo a medical evaluation if required. The underwriting team will evaluate your proposal and medical results. Finally, the policy will be approved based on this assessment.

8. Policy Issuance: Once approved, you will receive confirmation of your SBI Life Smart Wealth Builder policy on your registered mobile number or via email.

If you have any queries regarding the policy, you can reach out to our relationship manager at +91-7551196989. From policy approval to claim settlements, we are here to assist you every step of the way. 

Frequently Asked Questions (FAQs) 

Ques 1. Is there a lock-in period for the SBI Life Smart Wealth Builder plan? 

Ans. Yes! SBI Life Smart Wealth Builder plan has a lock-in period of 5 years starting from the commencement of the policy.

Ques 2. What is the grace period under the plan? 

Ans. A grace period of 30 days is allowed under the life insurance plan. This means investors have 30 days after the due date to pay the premium before the policy becomes inactive. 

Ques 3. What are the types of plans available under the SBI Life Smart Wealth Builder policy? 

Ans. Three types of plans are available under the SBI Life Smart Wealth Builder policy

• Regular Premium: Requires you to pay the premium throughout the policy term

• Limited Premium Payment Term (LPPT): Pay the premium only for a few years.

• Single Premium: Requires only one single payment at the time of purchasing the policy.

Ques 4. What is the Free Look Period under the SBI Life Smart Wealth Builder policy? 

Ans. If you are not satisfied with the coverage or any other terms of the policy after purchase, SBI Life Insurance offers you the option to cancel the policy within 15 days of receiving the policy documents.