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Invest, Thrive And Live With Sbi Investment Plans 2023

With each passing day, the world is changing tremendously. Change is the rule of nature. You need to embrace the changes in order to maintain a steady pace with the rest of the world. If you haven't modified your investment strategies, the chances of wealth creation stay slim. Choose one of the SBI investment plans and ensure to have a future with no financial burdens.  

SBI schemes for investments undeniably turn into one of the smartest ways to multiply your money hassle-free. Since 2001, the company takes gigantic pride in fulfilling customers' insurance and investment needs by offering their several solutions via its broad array of insurance products. If you want to grab various opportunities to create wealth, what could be better than choosing a smart investment plan? Its distinctive plans such as SBI 5 year investment plan and SBI plan for 7 years allows you to tailor a financial corpus to accomplish various substantial goals. These goals can be anything such as accumulating money for your child's marriage, money for a child's higher education, or even savings for retirement.  

Fundamental Features of SBI Life Insurance

Myriad insurance providers can make it a bit difficult for people to choose one. SBI Life Insurance is undoubtedly one of the indomitable players in the insurance sector in India. Before choosing any insurance company, it is necessary to review its overall performance. You can review a company’s performance by paying attention to certain factors that are stated below:

Annual premium: According to the IRDAI report for the financial year 2020-21, the annual premium is 50,254.17 cr.

Solvency ratio: According to the IRDAI report of the financial year 2020-21, SBI Life Insurance sustains a solvency ratio of 2.33.

PAN India presence: SBI Life Insurance maintains a substantial presence with more than 40,000 partner branches and 970 offices in PAN India. This insurance company assures that an insured individual can directly visit the branch to resolve their policy-related or claim-related queries.

Claim support: As per the IRDAI report of the financial year 2020-21, SBI Life Insurance sustains claim support of 93.09%. It is imperative to review the claim support of an insurance corporation to discover its claim-settling ability.


SBI Life – Smart Elite Plan

This plan makes a perfect choice for those people who are financially blessed to be present in a high-income group. The investors fetch entire freedom to decide where they want to invest their capital. It is primarily a ULIP that entails a maturity period of 5 years. The minimum age to be a part of this plan is 18 years, while the maximum age is 65 years. The returns proffered by this plan depend completely on the market performance. And it is paid in a lump sum amount. An investor can withdraw money from this plan from the beginning of the 6th year of buying the plan.  

You will get a death benefit, accidental death, permanently disabled, 4 different fund options, and more.

SBI Life – Smart Privilege Plan

It is a non-participating unit-linked plan, and to purchase this plan, one has to be as young as 13 years old. Parents or guardians can get this plan on behalf of their child. The maximum tenure limit of this plan is 70 years. During the term of this plan, the investor is allowed to trade between multiple funds. The returns earned in this plan depend on the market situation. It means that while the plan is in action, the policyholder will not be able to reap any financial benefit in the form of dividends. And the returns earned by the policyholder will be used again for investment.  

Those who want to reap the benefits of both insurance and wealth creation can go for this plan. At the maturity of this plan, the amount is paid in a lump sum amount.

SBI Life – Shubh Nivesh Plan

It is a participating plan, and an investor is eligible to reap a maturity benefit. The returns that you accumulate over the years rely on the market performance. Its minimum entry age is 18 years, while the maximum is 60 years.

It is also one of the endowment plans that shield the investor's loved one. The beneficiary will be qualified to receive a death benefit and revised bonus on the untimely demise of the investor. This plan enables you to get riders under SBI Life – Shubh Nivesh Plan.

SBI Life – Smart Wealth Builder Plan

The minimum age to buy this plan needs to be at least 7 years. It suggests that parents or guardians can purchase this plan on a child's behalf. For wealth generation, this plan turns into a commendable choice. Among all the investment plans of SBI, it has the lowest entry age.  

This plan incorporates generation of income for investors by investing funds in the market. Nonetheless, the investors will not get any dividends during the tenure. Its maturity benefits are determined by the market performance. An investor will get a maturity benefit in the form of a lump sum.

During the tenure, funds can be withdrawn under in a few cases. The share that has been debited is then deducted from the sum assured. The sum assured is later reimbursed to the investors in the form of a maturity benefit. A potential investor can pick from the 11 different funds.

SBI Life – Saral Pension

It is one of the finest investment SBI plans that is specifically designed for retired or soon-to-be-retired individuals. The interest keeps building throughout the tenure and the policyholder obtains benefits after the term termination. Despite being a pension plan, the minimum age to purchase it is 18 years. Additional benefits can be relished under this plan in the form of bonuses.

SBI Life – Grameen Bima

It is described as a micro-insurance and non-linked plan. Thus, you don't need to stress upon the market performance. An investor will not avail any maturity benefit. Furthermore, you can surrender the plan after one year of purchasing it. While surrendering the policy, the premium will be returned to you after taxation.

Benefits of SBI Life Investment Plans

SBI Life Investments plans entail many benefits and some of them are penned below:

#Smarter returns, lower premiums

By spending less on premiums, an investor can anticipate higher coverage in any SBI Life Investment plan.

#Add riders for extra coverage

SBI Life Investment plans authorize the policyholders to add riders and enhance their plans to a significant extent. The available riders comprise accidental death, critical illness rider, and total or permanent disability rider.

#Tax benefits

An investor is permitted to claim tax benefits on the investment plans. Under Section 80C of the Income Tax Act of 1961, you can enjoy tax exemption benefits. The maturity benefits are also tax-free under Section 10 (10) D of the Income Tax Act, 1961.

#Extra benefits

In case of an accident that causes permanent and total disability, SBI will waive off premium.

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Frequently Asked Questions

Yes, it is necessary to serve a lock-in period for the liquidity of the amount. The lock-in period tends to vary with the plan and it is mentioned in the policy record.

Yes, it is possible to cancel your policy within its few-look period. It means you get a time of 15 days to see whether you are happy with the policy. If a policy tends to impress you, feel free to cancel it.

SBI Life delivers investment plans that assist an individual to reap twofold benefits of investment and insurance.

SBI Investment Plans allow policyholders to avail the advantage of money-saving for the future along with an opportunity to increase your wealth corpus by investing in the market.

SBI is one of the renowned insurance cum investment solutions providers in India. There is a broad spectrum of savings, investment, and insurance cum investment plans that SBI Life presents to help customers. These plans do not just help you reap the benefit of income tax deduction, but they also deliver savings plus investment benefits to strengthen the future of the policyholder and their near and dear ones.