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SBI Life Unit Plus II - Single Premium

IndianMoney.com Research Team | Posted On Friday, October 02,2009, 02:05 PM

SBI Life Unit Plus II - Single Premium

 

 

SBI Life - Unit Plus II Single Premium

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.

SBI Life Unit Plus II - Key Features

  • 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 - How does it work?

SBI Life - Unit Plus II Plans: 2 plans depending on your premium mode

  • Single Premium Mode: SBI Life - Unit Plus II Single (UIN No: 111L029V01)
  • Regular Premium Mode: SBI Life - Unit Plus II Regular (UIN No: 111L028V01)

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

Benefits of SBI Life Unit Plus II

  • 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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