SBI Life Smart Wealth Assure

1. The policy is a which means that your investments earn from investments in the debt of equity markets.
2. Even though this policy is a ULIP there is a sum assured. The minimum sum assured is 1.25 times the single premium paid if you are under 45 years of age and 1.10 times if you are over 45 years of age. The maximum sum assured will be 5 times the single premium for those younger than 45 years and 3 times for those older than 45 years.
3. The tenure of this policy can be anything between 10 years and 30 years.
4. There is no premium paying term under this policy since it requires that the premium be paid under a single pay policy.
5. The policy also offers you the option to make partial withdrawals, after the first 5 years, should you ever have need of the money you invested.
6. You can even chance for healthy growth by going in for a debt fund or an equity fund.

Benefits of SBI Life Smart Wealth Assure

The policy offers death and maturity benefits to the policyholders that can be enhances using riders too.

1. Once the policy matures you will get the fund value as the maturity benefit under this policy.
2. In case of the unfortunate event of you passing away the death benefits will be the highest of the sum assured and the fund value at the time of your death. You can however, rest assured that the minimum payout will not be less than 105% of the single premium that you paid.
3. The cover provided by this policy can be enhanced with the accidental death rider which enhances the sum assured in case you die in an accident.
4. The single premium that you pay towards this policy will be eligible for tax benefits under section 80C.
5. If the premium you pay is more than 10% of the sum assured then the tax benefits you get will only be applicable to an amount equal to 10% of the sum assured.

Eligibility Criteria

The eligibility criteria for this policy is based on the entry and maturity ages for this policy.

1. The minimum age at entry for this plan can be as low as 8 years of age.
2. The maximum entry age can be 65 years.
3. The maximum maturity age for this policy is 75 years old.

Since a unit linked plan always offers the potential for impressive and attractive growth, it is always advisable to invest in one as early as possible.