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Home Articles Review of SBI Life Unit Plus Super | Features & Benefits

Review of SBI Life Unit Plus Super | Features & Benefits

IndianMoney.com Research Team | Posted On Monday, November 01,2010, 03:47 PM

5.0 / 5 based on 1 User Reviews

Review of SBI Life Unit Plus Super | Features & Benefits

 

 

SBI Life Unit Plus Super is a flexible non participating Unit linked insurance Plan, specially designed to meet your changing requirements at various stages of life. With a wide array of funds, riders and other options, this product gives you the complete freedom to fulfil all your investment and insurance needs. And that’s not all; it also offers you guaranteed additions and choice of payment options, giving you far superior value.

Features of SBI Life Unit Plus Super

  • Guaranteed Additions of up to 75% of one annual regular premium on a regular premium policy, for a 30 year policy term, subject to the Policy being in force till the maturity date.

  • No Policy Administration fee for first 5 years for Regular and Limited Premium Paying Term (LPPT) plans, thereby boosting your fund value.

  • No Premium Allocation Charge from 11th year onwards.

  • Guaranteed Additions starting as early as 10th policy year onwards.       

  • Enhanced investment opportunity through 9 varied Fund Options including P/E Managed Fund, Index Fund & Top 300 Fund.

  • Option to pay Regular/Limited/ Single Premium; Switch or Redirect your premiums.

  • Flexible product with an option to increase/decrease your Sum Assured from 6th year onwards.

  • Life Insurance coverage, with minimum Sum Assured, based on your age.

  • Liquidity through Partial Withdrawals.

  • Option to customize the product with a wide range of riders.

Product Snapshot

Minimum Age at Entry

7 years

Maximum Age at Entry

65 years

Minimum Policy Term

For Regular Premium (RP) -10 yrs, 15 to 30 years (both inclusive)

 

For Limited Premium Payment Term (LPPT) - 10 yrs, 15 to 30 years (both inclusive)

 

For Single Premium (SP) - 5 years

Maximum Policy Term

For Regular/Limited/Single Premium Option – 30 years

Premium Payment Term

For Regular Premium – Same as Policy Term

For Limited Premium Payment Term (LPPT)

Policy Term

PPT

10 year

5 or 8 years

15-30 years

5 or 8 or 10 years

For Single Premium – Single Payment

Premium Amount (X 100)

 

Premium Modes

Single /Yearly

Minimum Sum Assured

For Regular Premium (RP) & LPPT -

For Ages below 45 yrs : Higher of {10 * Annual Premium (AP) or (0.5 * Term * AP)}

For Ages 45yrs & above: Higher of {7 * AP or (0.25 X Term X AP)}

 

For Single Premium (SP) -

For Ages below 45 yrs: 1.25 * SP

For Ages 45yrs & above: Fixed - 1.25 * SP

Minimum Sum Assured

Particulars

For Regular Premium

For Limited Premium

For Single Premium

Entry Age

Below

45 yrs

45 yrs & above

Below

45 yrs

45 yrs & above

Below

45 yrs

Sum Assured

20 * AP

20 * AP

20 * AP

15 * AP

5 * AP

Benefits of SBI Life Unit Plus Super

Maturity Benefit

On completion of Policy Term, Fund Value will be paid.      

Death Benefit

Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of total basic premiums paid till the time of death.

Rider Benefits

  • Criti Care 13 Rider: Provides lump sum amount to take care of 13 Critical Illnesses which include Cancer, Coronary Artery Bypass Graft Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Burns, Major Organ Transplant, Paralysis, Stroke, Surgery of Aorta, Coma, Motor Neurone Disease and Multiple Sclerosis.

  • Accidental Death Benefit Linked Rider: Provides additional death benefit if the death occurs as a result of an accident.

  • Premium Payor Waiver Benefit Rider: In the event of the death of the Proposer, the cover for the Life Assured under the base policy continues and the future premiums under the base policy, payable during the rider term, will be paid by the Company.

  • Income Sustainer Rider: Provides additional benefit in the case of death or in the case of Total & Permanent Disability due to Accident or Sickness, whichever is earlier. A 25% of income sustainer benefit sum assured is paid upfront and 1% of income sustainer benefit sum assured is paid monthly in arrears for 10 years or till the end of the base policy term (capped at a maximum of 30 years) whichever is higher.

Funds Available in SBI Life Unit Plus Super

  • Funds
  • Index Fund
  • Equity Fund
  • Top 300 Fund
  • Equity Optimiser Fund
  • P/E Managed Fund
  • Growth Fund
  • Balanced Fund
  • Bond Fund
  • Money Market Fund

Premium Allocation Charge

Charges in SBI Life Unit Plus Super

This charge shall be deducted from Premiums at the time of receipt of such Premium:

Policy Year

Regular Premium

Policy

Limited Premium Policy

Single Premium Policy

5 year PPT

8 year PPT

10 year PPT

1

9.00%

9.00%

9.00%

9.00%

3.00%

2

6.50%

6.50%

6.50%

6.50%

NA

3

6.50%

6.50%

6.50%

6.50%

NA

4

6.00%

6.00%

6.00%

6.00%

NA

5

6.00%

6.00%

6.00%

6.00%

NA

6

3.50%

NA

3.50%

3.50%

NA

7

3.50%

NA

3.50%

3.50%

NA

8

3.00%

NA

3.00%

3.00%

NA

9

3.00%

NA

NA

3.00%

NA

10

3.00%

NA

NA

3.00%

NA

11 Onwards

0.00%

NA

NA

NA

NA

The allocation to units is made after the deduction of the charge from the premium received.

Policy Administration Charge

A monthly Policy Administration Charges as stated below, shall be deducted by cancelling units at the prevailing unit price on the first business day of each Policy Month.

Policy Year

Regular Premium Plan and LPPT Plan

Single Premium Plan

1-5

NIL

Rs.50/- per month

6 Onwards

Rs.60/- per month

Rs.50/- per month

Fund Management Charges:

A certain fixed percentage of the relevant Fund before calculating the NAV on a daily basis will be charged as per the rates below:

Fund Name

Fund Management Charges

Index Fund

1.25% p.a.

Equity Fund

1.35% p.a.

Top 300 Fund

1.35% p.a.

Equity Optimiser Fund

1.35% p.a.

P/E Managed Fund

1.35% p.a.

Growth Fund

1.35% p.a.

Balanced Fund

1.25% p.a.

Bond Fund

1.00% p.a.

Money Market Fund

0.25% p.a.

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