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