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How to check SBI Life Insurance Fund Value?

SBI Life

How to check SBI Life Insurance Fund Value?

When we invest in a life insurance policy, we expect that it provides financial security to us and our loved ones during uncertain times. SBI Life Insurance is a leading provider in the life insurance industry, helping millions of individuals achieve this peace of mind. However, just buying the policy and forgetting about it is not enough.

It is imperative that policyholders monitor the fund value of their life insurance policy to ensure that their investment is growing and meeting their financial goals. Hence, in this article, we will discuss about fund value and also show the steps to keep track of your fund value with SBI Life Insurance. This article will talk about the following:

  • What is Fund Value?
  • How to check SBI Life Insurance Fund Value?
  • 5 Popular Unit Linked Plans by SBI Life Insurance

What is Fund Value?

In simple terms, fund value is the aggregate value of investments made in the unit linked life insurance plan. It is calculated based on the net asset value (NAV) of the policy, which takes into account the investment balance, cash balance, and valuation of securities, while deducting charges like management and operating fees. Simply put, fund value represents the current worth of the policyholder’s investment in the plan.

Upon maturity of the policy or in the event of the policyholder’s unfortunate demise during the policy term. The policyholder or their beneficiaries will receive the fund value or the sum assured, whichever is higher, as per the policy terms and conditions.

How to check SBI Life Insurance Fund Value?

Below are the steps to check your fund value:

  • Step 1: Visit the official website of SBI Life Insurance, i.e, https://www.sbilife.co.in/.
  • Step 2: Click on the “Services” tab.
  • Step 3: Select “Policy Fund Details” and then click on “Proceed.”
  • Step 4: Your latest fund value will be displayed on the screen.
  • Step 5: You can also contact the company’s customer care at 022-624-58501 or check the same through the Smart Care App provided by the company.

5 Popular Unit Linked Plans by SBI Life Insurance

  • SBI Life Smart Power Insurance: This ULIP life insurance plan offers two unique fund options to the policyholders. The two fund choices offered in this plan are Trigger Fund and Smart Fund option. Policyholders can choose the fund depending on their risk appetite. This plan also comes with the benefit of in-built accelerated total and permanent disability cover.
  • SBI Life Wealth Assure Plan: This is a unit linked life insurance plan that offers the dual advantage of a life cover and an investment benefit. Along with offering life coverage, this plan aims to offer higher returns to the policyholders by investing in market-linked securities.
  • SBI Life Smart Wealth Builder Plan: This ULIP, non-participating life insurance plan not only offers life coverage but also guaranteed returns from market related investments. SBI Life Smart Wealth Builder is the perfect plan for individuals who want to secure their family’s financial future.
  • SBI Life Retire Smart Plan: As the name suggests, this is a ULIP pension plan designed for people seeking a stable stream of income after retirement. The plan offers a guaranteed payout to the policyholder upon policy maturity.
  • SBI Life Smart Elite Plan: This Unit linked plan is specifically designed for high net-worth individuals. The plan provides life insurance coverage and also provides higher returns by investing in equity, gold, debt funds and so on. This plan comes in two different variants, i.e Gold and Platinum option.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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SBI life Insurance policies under 50 Thousand (Top 6 Plans)

SBI Life

SBI Life Insurance Policies under ₹50,000 (Top 6 Plans)

Are you looking for a low cost insurance policy that provides life insurance coverage for less than ₹50,000? Well, SBI Life Insurance offers many such life insurance plans.

SBI Life Insurance offers a range of life insurance plans that extend life insurance coverage for a small premium of ₹50,000. The company also offers a one time premium payment option.

SBI Life Insurance also offers a variety of life insurance plans with varied premium payment terms. For instance, under the SBI Life Retire Smart policy, a policyholder will have to pay a minimum premium of ₹50,000 for 5 years and he or she will receive life long insurance coverage.

There are a variety of such plans offered by SBI Life Insurance, explore them below:

 

  • SBI Life Smart Platina Assure
  • SBI Smart Wealth Assure
  • SBI Life Grameen Bima
  • SBI Life Shubh Nivesh
  • SBI Life Smart Wealth Builder
  • SBI Life Retire Smart

Policies under ₹50,000

SBI Life Plans

Type of Plan

Premium Paying Term

Entry

SBI Life Smart Platina Assure

Endowment assurance savings plan

6- 7 years

3 years

SBI Smart Wealth Assure

Unit linked plan

10 years

8 Years

SBI Life Grameen Bima

micro- life insurance

5 years

18 Years

SBI Life Shubh Nivesh

Savings plan

5 years

18 years

SBI Life Smart Wealth Builder

Unit linked plan

5 years

2 Years

SBI Life Retire Smart

Unit linked pension plan

5 years

30 years

SBI Life Smart Platina Assure

SBI Life Smart Platina Assure is a non-linked, non-participating individual life insurance product designed to provide financial stability to the policyholder in the form of comprehensive life coverage and guaranteed returns. The minimum premium amount a policyholder can choose to pay under this plan is ₹50,000.

Key features of SBI Life Smart Platina Assure Plan

Some of the key features of the plan are as follows:

  • Life Cover: This plan offers life insurance coverage, that will assist in securing the financial future of the family members in case of the unfortunate death of the insured individual.
  • Guaranteed Additions: This plan offers guaranteed additions of 5.25% or 5.75%, increasing the sum assured at the end of each policy year.
  • Maturity Benefit: The policyholder will receive a lump sum payout of the total sum assured plus accumulated bonuses at the end of the policy tenure.
  • Flexible Premium Payment: The policyholder can choose to pay the premium for a limited term of 6 or 7 years and avail the benefits of the plan for a longer term of 12 or 15 years.
  • Tax Benefit: The policyholders can avail of a tax benefit on the premium paid by them under Section 80C of the Income Tax Act, 1961.

SBI Smart Wealth Assure

This unit linked, non-participating life insurance product offers the dual advantage of both life insurance coverage and an investment benefit. Along with offering life coverage, this plan aims to offer higher returns to the policyholders by investing in market-linked securities, debt funds, and so on. The policyholder can choose to pay a single premium and avail of life coverage during the whole policy tenure. The minimum premium amount under this policy is ₹ 50,000.

Key features of Wealth Assure Plan

Some of the key features of the plan are as follows:

  • Life cover: This plan offers life insurance coverage to the policyholder, offering financial security in case of any unfortunate event.
  • Investment Options: This plan offers a choice of seven investment funds, ranging from equities to debt funds and so on.
  • Suicide Claim: In case of death of the life assured due to suicide within 12 months from policy inception, the nominee under the policy will be entitled to a lump-sum payout equal to the fund value.
  • Partial Withdrawal: Since this is a ULIP policy, there is a locking period of 5 years. The policyholders can choose to make partial withdrawals from the policy after the completion of the lock-in period.
  • Additional Riders: This plan can be purchased with other additional riders, such as accidental death cover or so on, for better insurance coverage.
  • Tax Benefit: You can avail of tax exemptions on the premiums paid by you under Section 80 C of the Income Tax Act.

SBI Life Grameen Bima

This is a micro-life insurance policy designed to provide life insurance coverage to individuals belonging to the rural sector of the country at an affordable premium. The policyholder can choose to pay a single premium and avail of the benefits during the whole policy tenure.

Key features of SBI Life Grameen Bima

Some of the key features of the plan are as follows:

  • Death Cover: This plan offers financial security to family members in case of the unfortunate death of the insured.
  • Suicide Claim: In case of suicidal death of the insured within 12 months of policy inception, 80% of the total premiums paid will be payable to the family members of the policyholder.
  • Affordable Premium: The minimum premium under this plan starts at ₹300 and the maximum premium under this plan is ₹50,000.
  • Tax Benefit: The policyholders can avail themselves of a tax benefit under the Income Tax Act.

SBI Life Shubh Nivesh

SBI Life Shubh Nivesh is a non-participating, non-linked savings life insurance plan offered by SBI Life Insurance. This plan is designed to offer life insurance coverage and savings benefits to its policyholders. The minimum premium amount under this policy is ₹ 43,000 with no upper limit cap.

Key features of SBI Life Shubh Nivesh

Some of the key features of the plan are as follows:

  • Death Cover: This plan provides a lump sum payout to the beneficiary of the policy in case of the unfortunate demise of the policyholder.
  • Maturity Benefit: The policyholder will be paid the sum assured plus any accrued bonuses as a maturity benefit upon the maturity of the policy tenure.
  • Additional Riders: Policyholders can boost their coverage by adding riders like Accidental Death Benefit, Accidental Total and Permanent Disability Benefit, and Preferred Term Rider to the base plan.
  • Premium Flexibility: The policyholders have the option of paying a one-time single premium or making regular payments.
  • Tax Benefit: The policyholder can avail of tax benefits as per the provisions of the Income Tax Act.

SBI Life Smart Wealth Builder

This is a unit linked, non-participating life insurance plan that not only offers life coverage but also guaranteed returns from market-linked investments. SBI Life Smart Wealth Builder is an ideal plan for individuals who want to accumulate wealth over the long term while securing their family’s financial future. This plan gives the choice of a single, one-time premium payment or a regular payment option. The minimum premium under the single premium payment option is ₹65,000.

Key features of SBI Life Smart Wealth Builder

  • Death Cover: In the event of the untimely passing of the life insured, this plan offers a lump sum payout to their nominee.
  • Maturity Benefit: A lump sum payout equivalent to the fund value will be payable on policy maturity.
  • Fund Options: The policy provides various fund options, including equity funds, debt funds, and so on.
  • Partial Withdrawals: The policyholder will be eligible to make partial payment withdrawals from the policy in the 6th year of policy completion.
  • Tax Benefit: A tax exemption on premiums paid by the policyholder will be applicable.

SBI Life Retire Smart

As the name suggests, this is a unit-linked, non-participating individual pension plan ideal for individuals seeking a stable income source post-retirement. The minimum premium payable under this plan is ₹30,000 for the regular payment option and ₹1,00,000 for a single, one-time premium.

Key features of SBI Life Retire Smart

  • Death Cover: In the event of the untimely passing of the policyholder, this plan offers a lump sum payout to their nominee.
  • Guaranteed Additions: At the end of the policy term, the plan provides guaranteed payouts that the policyholder can receive in the form of a lump sum.
  • Premium Flexibility: The policyholders have the choice to pay a single premium or make regular payments, depending on their preferences.
  • Loyalty Addition: The plan offers a loyalty addition benefit that is added to the policy fund value at the end of every fifth policy year, provided that the policy is in force.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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SBI Life Smart Scholar ULIP Child Plan (Features and benefits)

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SBI Life Smart Scholar ULIP Child Plan(Features and benefits)

The SBI Life Smart Scholar ULIP is a unit-linked life insurance plan that provides life insurance coverage to a child in the unfortunate event that the parent passes away. This policy works in a rather straight forward way, the policyholder will have to make regular premium payments and the insurance company will invest the same in per-determined stock market funds. These funds will be disbursed to the beneficiary in the event of maturity or death of the life insured.

The life insured is generally a child that can then use these funds to further his education, marry, or engage in other activities that will benefit him or her. Let us now look at some of the most important factors of this plan, such as:

  • How does the SBI Life Smart Scholar plan work?
  • Features and benefits
  • Inclusions and exclusions
  • Eligibility criteria

How does the SBI Life Smart Scholar plan work?

The workings of the plan are as follows:

  • Step 1: The policyholder buys the plan and adds a benefactor to the policy
  • Step 2: The policyholder makes regular premium payments which are then invested in market-linked funds
  • Step 3: The benefactor of the policy (child) will be eligible to receive the fund value upon policy maturity or death of the policyholder.

Features and benefits

  • Market linked: The Indian markets (NIFTY) have been giving a CAGR return of 11.1% over the course of the last 20 years. This is a reasonably healthy return that a policyholder can expect at maturity. Note that the returns may be variable based on the fund chosen by the policyholder.
  • Death benefit: 105% of the fund value will be disbursed to the benefactor in the event of the policyholder’s death.
  • Income tax benefit: I.T benefits can be claimed under Section 80C and Section 10(10D) of the I.T Act.
  • Accident benefit: This plan also provides accident and disability benefits.
  • Partial withdrawals: Partial withdrawals are permitted within his plan. This can assist in times of uncertain liquidity.

Inclusions and exclusions

Inclusions

Exclusions

Death benefit

Death caused due to self-harm

Maturity benefit

Disability caused due to self-harm

1 free partial withdrawal

Death or disability due to war

Premium redirection facility

 

2 Fund switches / year

 

Eligibility criteria

Entry age

Minimum

Maximum

Parent – 18 years

Child –  0 years

Parent – 57 years

Child – 17 years

Maturity age

Minimum

Maximum

Child – 18 years

Parent – 65 years

Child – 25 years

Learn about complete details about this plan through its policy brochure.

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How do I cancel my SBI Life Insurance policy?

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How do I cancel my SBI Life Insurance policy? (In 3 Simple Steps)

So, you have purchased a life insurance policy from SBI Life and want to cancel it? Can it be done? Absolutely! This article will guide you on how you can easily cancel your SBI Life policy using easy to follow and simple steps.

Ways to cancel your policy

There are 2 primary ways to cancel your policy. Let us go through both of them.

Cancellation within the free look period

As an SBI Life Insurance customer, you have the option to cancel your life insurance policy within the free look period (15 days). If you cancel the policy within the free look period, you are eligible to receive a complete refund of your premium paid. This initiative has been taken with the aim of inspiring confidence within policyholders.

Policy surrender

What if you have paid multiple life insurance premiums over the course of many years and have now decided to terminate your policy, can you do this? Yes, you can surrender your life insurance policy (usually after a period of 1 year).

Now, let us talk about the steps to cancellation.

3 simple steps to cancel your SBI Life policy

Step 1: Inform your insurance agent/company about the cancellation

First, you will have to inform the insurance company or your insurance agent about your desire to cancel your policy. You can either visit the nearby SBI Life branch or give them a call on 022 6645 6241 / 1800 267 9090.

Step 2: Fill and submit in the relevant forms/documents

Next, you will be asked to fill the following forms:

  • Free look period cancellation form (in case your policy is within the free look period) or the policy surrender form
  • Original policy bond
  • Direct credit mandate
  • NRE remittance letter (if the funds are to be transferred to an NRE bank account)
  • First premium receipt
  • Cancelled check
  • Copy of passbook
  • Recommendation from the master policy holder (if you want to surrender the policy post the free look period)

Step 3: Attach copies of your personal identification to the forms and submit

Attach the following personal documents:

  • Photo ID with address proof
  • PAN card
  • Photo

Once you have attached the above documents to the forms, you can visit your nearest SBI Life Insurance branch and submit the entire bunch to the company officer. Once the above documents are received and vetted, the company will typically cancel your insurance policy within 15 days.

Contact details of SBI Life Insurance

Particulars

Contacts

Phone number

1800 267 9090 / 022 6645 6241

Email ID

info@sbilife.co.in

Social media

https://www.facebook.com/Sbilifeinsurance/

https://www.linkedin.com/company/sbi-life-insurance-co–ltd-

Source

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Frequently asked questions about SBI Life policy cancellation

  • I have lost my original policy bond, can I still cancel my policy?

    Yes, but first you will have to apply for a duplicate policy bond by providing an affidavit to SBI Life.

  • Can I cancel a policy within the free look period?

    Absolutely, you can.

  • My policy has lapsed, can I still surrender it?

    Yes. you can surrender a lapsed policy.

  • What is the free look period of SBI Life?

    The free look period ranges from 15-30 days. (30 days if the policy is sold through distant method)

  • What is SBI Life Insurance's contact number?

    022 6645 6241 / 1800 267 9090

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    Is SBI Life insurance a private or government company?

    Is SBI Life Insurance a private or government company?

    There is some confusion in the minds of the general public when it comes to the ownership of SBI Life Insurance Company. This article will aim to resolve all those queries.

    SBI Life Insurance is a joint venture between Indian banking giant SBI and foreign company BNP Paribas Cardif.

    SBI Life Is a Publicly traded company that is listed on the BSE and NSE stock exchanges.

    SBI Life shareholding pattern

    The identity of the company can be made out of its shareholding pattern. Below is SBI Life’s shareholding pattern:

    • 55.50% shares owned by SBI – No of shares 555,000,000
    • 5.20% shares owned by BNP Paribas Cardif – No of shares 52,007,092
    • 32.92% shares owned by institutions – No of shares 329,214,588
    • 6.37% shares owned by the general public – No of shares 63,836,997

    As you can see the majority ownership is with the State Bank of India (SBI), hence the decision-making authority when it comes to the direction of the company will be SBI. That being said, SBI Life is being run like a professionally managed company and not like a Public Sector Unit (PSU).

    This means that majority of the employment opportunities within SBI Life will be private in nature and not through Government exams and reservations.

    Difference between a PSU and a privately run company

    As mentioned above, even though the majority ownership of SBI Life is government owned, the company is run like a private professionally run company. Let us learn about the 5 most important differences between a PSU and a Privately run company.

    Employee hiring

    A PSU will generally hire through general government exams and specific government exams. Hiring is based on quotas and reservations. PSU’s hire through exams like SBI Probationary Officer (PO) Exam, SBI Clerk Exam, SBI SO Exam, etc. Other PSU’s like BHEL, DRDO, ONGC have their own set of exams.

    A privately-owned company will hire based on their own internally formulated yardsticks.

    Goals

    The end goal of a public sector company is to uplift the people of the nation. This can be done by employing a quota system, reservations, etc. The end goal of a privately run company is to make profits for its shareholders

    Ownership

    The ownership of a government company lies with the state or central government. Ownership of a private company lies with a private entity.

    Restricted sectors

    Private ownership in certain sectors is restricted by the government. For instance, only state-owned corporations can partake in the following sectors:
    Atomic energy
    Space

    Examples of privately owned vs Government owned companies

    • Example of a government undertakings can be SBI, IOC, BHEL, etc.
    • Privately-owned companies include ITC, Reliance Industries, Wipro, Infosys, L&T, L&T Finance, etc.

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