There are 100s of ULIPs in the market. Mainly there are two kinds of ULIPs such as ULIP-Single Premium and ULIP-Regular Premium. In Single Premium ULIPs you have to pay the premium amount only once but in regular premium ULIPs you have to pay the premium over a period of time (minimum for a period of three years). In this Product report we are introducing you a Single premium ULIP plan named SBI Life - Unit plus II.
SBI Life - Unit plus II Plans are an attempt to meet all your financial and insurance needs through a single non participating product. You can use it the way you like. Apart from this you get market linked returns which in the long term has always proved to give better returns than traditional savings products.
Unmatched Flexibility to match your changing requirement
Choice of 5 investment funds: you can change the allocation percentage when you want, 4 switches free per annum
Choice of term: Limited term or whole life
Attractive riders available
Product type: This is a non-participating individual unit linked product.
See Also: Understand ULIP Before Investing
SBI Life - Unit Plus II Plans: 2 plans depending on your premium mode
Investment Amount
Frequency |
Minimum Premium |
Maximum Premium |
Single |
Rs. 40,000 |
No Limit |
Regular |
Rs. 24, 000 p.a. |
No Limit |
Life Cover Options: It depends upon the total amount you have decided to invest.
Single Premium |
Minimum Sum Assured |
Maximum Sum Assured |
Term 5 to 9 years |
125 % of single premium amount |
625 % of single premium amount |
Term 10 years and above |
110 % of single premium amount |
625 % of single premium amount |
Age Band |
Maximum Sum Assured Multiplication Factor |
0 to 40 |
50 Times Of Annualized Premium |
41 to 50 |
40 Times Of Annualized Premium |
51 to 60 |
25 Times Of Annualized Premium |
61 to 65 |
20 Times Of Annualized Premium |
Maturity Benefit: At maturity, the Fund Value as on that date is paid in full.
Death Benefit: In the unfortunate event of the death
Before or the age 7 years: Fund Value is payable to the nominee.
After attaining age 7 and before 65th birthday, the beneficiary will receive higher of Fund Value or Sum Assured less Partial Withdrawals within the last 12 calendar months.
If death occurs after age 65, the beneficiary will receive the higher of the Fund Value or Sum Assured less all the Partial Withdrawals made in the last 12 calendar months before attaining the age of 65+ all withdrawals made after attaining the age of 65 will be set off against the Sum Assured excluding partial withdrawals from Top Up Amount.
Tax Benefits:Tax benefit as per section 80C and 10(10D) of Income Tax Act.
Who can buy this product?
If you are in good health and in the age group of 0 to 65 you can opt for these plans.
Riders available
SBI Life - Accidental Death and Total Permanent Disability Rider
SBI Life - Critical Illness Rider
SBI Life Unit Plus II - Funds Available
There are five funds available for investment in SBI Life- Unit plus II Single Premium
Equity Fund
Bond Fund
Growth Fund
Balanced Fund
Equity Optimizers Fund
SBI Life Unit Plus II - Equity Fund
Assets |
Min |
Max |
Risk |
Equity & Equity related instruments |
80% |
100% |
High |
Money market instruments |
Nil |
20% |
SBI Life Unit Plus II - Bond Fund
Assets |
Min |
Max |
Risk |
Debt instruments |
60% |
100% |
Low to medium |
Debt and Money market instruments |
Nil |
40% |
SBI Life Unit Plus II - Growth Fund
Assets |
Min |
Max |
Risk |
Equity & Equity related instruments |
40% |
100% |
Medium to High |
Debt and Money market instruments |
Nil |
60% |
SBI Life Unit Plus II - Balanced Fund
Assets |
Min |
Max |
Risk |
Equity & Equity related instruments |
40% |
60% |
Medium |
Debt and Money market instruments |
40% |
60% |
SBI Life Unit Plus II - Equity Optimizers Fund
Assets |
Min |
Max |
Risk |
Equity & Equity related instruments |
60% |
100% |
High |
Debt and Money market instruments |
Nil |
40% |
Guaranteed Additions (Only for SBI Life - Unit Plus II Regular):
Year |
Percentage Of Average Annualized Regular Premium |
8th |
15 % ( Of Annualized Average Premium for the first 8 Policy years ) |
15th |
25 % ( Of Annualized Average Premium for the first 15 Policy years ) |
20th |
60 % ( Of Annualized Average Premium for the first 20 Policy years ) |
Total |
100% |
General Features of SBI Life – UNIT Plus II Single Premium
Company Name |
SBI Life Insurance Company Ltd |
Minimum Premium |
Rs 40000 |
Maximum Premium |
No Limits |
Minimum Sum Assured |
125% of the single premium amount irrespective of term |
Maximum Sum Assured |
625% of the single premium amount irrespective of term |
Premium Allocation Charges |
2% |
Fund Management Charges |
Equity Fund - 1.5%, Bond Fund - 1%, Growth Fund- 1.35% and Balanced - 1.25% |
Switching Charges |
Four switches in a year are absolutely free, Rs 100 per switch, 5th switch onwards |
Mortality Charges |
Depends on the age and health conditions |
Surrender Charges |
Nil after completion of 3 policy years |
Partial Withdrawal Charges |
4 withdrawals are free in a policy year, 5th withdrawal onwards Rs 100. |
Rider Premium Charges |
Different premium rates for different riders |
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