Hey pal,
I have researched various plans being offered by the State Bank of India, I read SBI life smart wealth builder good or bad. I will disclose basic details about the policy below.
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The amount invested by the policyholder is invested in the funds of your choice after charges are deducted. Units of the funds purchased are allotted to you. The value of funds is dynamic and bound to change according to the value of NAV.
The NAV (Net Asset Value) is published daily.
Your Fund Value = Total Units x NAV of Fund
Take a look at the table to know the amount and timing of guaranteed additions to the scheme.
End of Policy Year |
Regular Premium Plan |
Limited Premium Plan |
Single Premium Plan
|
||
PPT = 5 yrs |
PPT = 8 yrs |
PPT = 10 yrs |
|||
10 |
5% |
5% |
5% |
5% |
5% |
15 |
15% |
5% |
10% |
10% |
5% |
20 |
25% |
10% |
10% |
15% |
5% |
25 |
35% |
10% |
10% |
20% |
7% |
30 |
45% |
10% |
15% |
25% |
8% |
Plan Type |
Minimum |
Maximum |
||
Age < 45 |
Age >= 45 |
Age < 45 |
Age >= 45 |
|
Regular Premium |
Higher of (10 x AP) or (0.5 x Term x AP) |
Higher of (7 x AP) or (0.25 x Term x AP) |
10 x AP |
20 x AP |
Limited Premium |
15 x AP |
15 x AP |
||
Single Premium |
1.25 x SP |
1.1 x SP |
3 x SP |
1.25 x SP |
I think the plan is good as it offers many benefits to the policy holder.
Death benefits:At the time of death, the policyholder will get a minimum of 105% of all premiums paid. The higher of the Sum Assured or the Fund Value will be given as well. The Sum Assured will be calculated as follows:
Plan Type |
Minimum |
Maximum |
||
Age < 45 |
Age >= 45 |
Age < 45 |
Age >= 45 |
|
Regular Premium |
Higher of (10 x AP) or (0.5 x Term x AP) |
Higher of (7 x AP) or (0.25 x Term x AP) |
10 x AP |
20 x AP |
Limited Premium |
15 x AP |
15 x AP |
||
Single Premium |
1.25 x SP |
1.1 x SP |
3 x SP |
1.25 x SP |
When the policy is mature, you will receive the Fund Value. You can avail of maturity benefits in instalments or get regular payments in a range of 2 to 5 years.
Payment Period :
The policyholder will have to make payments towards the policy in a period selected previously. At any given point, the balance amount can be withdrawn.
Low Charges:Policyholders have to pay a low ‘Fund Management Charge’ for maintenance and management of the policy account.
All in all, I think the scheme is well suited for those who have researched the market, NAV and possible demerits. If you have invested in the scheme and are thinking, SBI life smart wealth builder good or bad. You should know the scheme has many wealth-building advantages.
Read more: Are insurance payments taxable? Who needs commercial property insurance?
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Is SBI smart wealth builder good?
Jyoti
2933 Views
1
3 Year
2022-11-29T11:45:52+00:00 2022-12-12T11:25:10+00:00Comment
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