SBI Life eWealth Insurance FAQs
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SBI Life eWealth Insurance FAQs

28 questions, 1 categories

WHAT IS SBI LIFE - eWealth Insurance plan ?


This is an Individual, non-participating Unit Linked Life Insurance Product which provides you with the twin benefits of Life Insurance Cover and Wealth Creation. The plan is suitable for availing market linked returns, hassle-free, through its feature – Automatic Asset Allocation (AAA). The AAA feature allows you to enhance the upside potential of your investment during the initial policy years, by taking a higher exposure to Equity and lower the down side potential of your investment as the policy approaches the end of its term; by gradually increasing the exposure to less-risky instruments like Debt or Money Market Instruments.
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WHAT ARE THE KEY FEATURES OF THIS PRODUCT?


• Twin benefits of Life Insurance Cover and Market Linked Returns
• Hassle free investment management through Automatic Asset Allocation
• Choice of two plans options - Growth and Balanced, based on overall exposure to Equity, Debt and Money Market instruments, during the Policy Term.
• Premiums starting as low as Rs 24,000 for yearly mode and Rs 2,000 for monthly mode
• No Premium Allocation Charges, thereby enhancing your Fund Value
• Easy and Simple 3 Step Online Buying Process
• Liquidity through Partial Withdrawal(s) from 6th policy year onwards

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HOW DO I BUY SBI LIFE - eWealth Insurance?


You can buy this plan online in 3 Simple Steps at www.epolicy.sbilife.co.in:

Step 1: Choose your Premium and Policy Term,Fill in your online application form and Make payment

Age# at Entry From 5 to 50 years
Age# at Maturity Maximum 60 years
Policy Term 10 to 30 years (both inclusive)
Premium Payment Mode Regular
Premium Payment Frequency Yearly & Monthly
Premium Paying Term Same as Policy Term

Premium Range

(In multiples of Rs.100)
Premium Payment Frequency Premium Range
Minimum Maximum
Yearly Rs 24,000 per annum No Limit Subject to board approved underwriting policy
Monthly Rs 2,000 per month No Limit Subject to board approved underwriting policy
Basic Sum Assured  Annualized Basic Premium^X10,

#Age mentioned in this document is age as on last birthday

^Where Annualized Premium is the premium amount payable in a year excluding the applicable taxes.

Note:

1. In case life assured is a minor, policy term should be chosen appropriately so that the life assured is at least a major as on the maturity date.

2. In case life assured is minor, date of commencement of policy and date of commencement of risk shall be same and the policyholder/proposer can be parents, grandparents or legal guardian. This shall be as per our Board approved underwriting policy.

3. Top up premiums are not allowed under the product.


Step 2: Affix Signature in electronic mode

Step 3: Upload self attested KYC and other documents
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HOW DOES THE PLAN WORK?


There are two plan options available under this product – Growth and Balanced. The Premium is invested in the plan option chosen by you through the ‘Automatic Asset Allocation’ feature.

Option once chosen, at policy inception, cannot be changed later on during the policy term.

In the Automatic Asset Allocation feature, the allocations in equity reduce and in debt/Money Market instruments increase, as the Policy Term progresses. The units are allocated depending on the price of units for the funds. The Fund Value is the total value of units that you hold across all the unit-linked funds.

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WHAT PLAN OPTIONS ARE OFFERED UNDER THIS PLAN?


There are two plan options available under this product – Growth and Balanced. Your premiums are invested in the plan options chosen by you.

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HOW DOES THE AAA FEATURE WORK?


Under AAA, the assets are re-allocated between Equity Fund, Bond Fund and Money Market Fund, depending on the time remaining to maturity of the policy. With this strategy, as your policy gets closer to maturity, funds flow from riskier assets (Equity) to less risky assets (Debt & Money Market), thereby protecting your investments from any wild short term fluctuations in the equity market.

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WHAT IS THE DIFFERENCE BETWEEN GROWTH PLAN & BALANCED PLAN?


Growth Plan Balanced Plan

During the initial years of Policy Term, the equity exposure is higher targeting reasonable returns in the long term.

 

As the Policy Term progresses, the debt/money market investments gradually increase and equity investments decrease.

As compared to Growth Plan, the equity exposure is lower in the initial years of the Policy Term under this plan option.

 

As compared to Growth Plan, the overall exposure in debt/money market investments is higher offering a balanced approach.

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WHAT ARE THE FUND RANGES, UNDER THE TWO PLAN OPTIONS?


The percentage of investments that are invested in Equity Fund, Bond Fund and Money Market Fund is a range under the two Plan options, as given below:

A. Growth Plan:

Number of policy years till maturity

Equity Fund

Bond Fund

Money Market Fund

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

≥18

60%

80%

0%

40%

0%

20%

17

60%

80%

0%

40%

0%

20%

16

60%

80%

0%

40%

0%

20%

15

60%

80%

0%

40%

0%

20%

14

60%

80%

0%

40%

0%

20%

13

55%

75%

5%

45%

0%

20%

12

50%

70%

10%

50%

0%

20%

11

45%

65%

15%

55%

0%

20%

10

40%

60%

20%

60%

0%

20%

9

35%

55%

25%

65%

0%

20%

8

30%

50%

30%

70%

0%

20%

7

25%

45%

35%

75%

0%

20%

6

20%

40%

40%

80%

0%

20%

5

15%

35%

45%

85%

0%

20%

4

10%

30%

50%

90%

0%

20%

3

5%

25%

55%

95%

0%

20%

2

0%

20%

60%

100%

0%

20%

1

0%

15%

65%

100%

0%

20%

B. Balanced Plan:

Number of policy years till maturity

Equity Fund

Bond Fund

Money Market Fund

Minimum

Maximum

Minimum

Maximum

Minimum

Maximum

18

55%

75%

5%

45%

0%

20%

17

50%

70%

10%

50%

0%

20%

16

50%

70%

10%

50%

0%

20%

15

50%

70%

10%

50%

0%

20%

14

46%

66%

14%

54%

0%

20%

13

42%

62%

18%

58%

0%

20%

12

38%

58%

22%

62%

0%

20%

11

34%

54%

26%

66%

0%

20%

10

30%

50%

30%

70%

0%

20%

9

23%

43%

37%

77%

0%

20%

8

16%

36%

44%

84%

0%

20%

7

9%

29%

51%

91%

0%

20%

6

2%

22%

58%

98%

0%

20%

5

0%

15%

65%

100%

0%

20%

4

0%

13%

67%

100%

0%

20%

3

0%

10%

70%

100%

0%

20%

2

0%

8%

72%

100%

0%

20%

1

0%

5%

75%

100%

0%

20%

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WHAT ARE THE FUNDS DETAILS UNDER THE PLAN?


 
1. Equity Fund (SFIN: ULIF001100105EQUITY-FND111): The objective of this fund is to provide high equity exposure targeting higher returns in the long term.
 

Assets

Minimum

Maximum

Risk Profile

Equity and equity related instruments

80%

100%

High

Debt instruments

0%

20%

Money Market instruments

0%

20%


2. Bond Fund (SFIN: ULIF002100105BONDULPFND111): The objective of this fund is to provide relatively safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities.

Assets

Minimum

Maximum

Risk Profile

Debt instruments

60%

100%

Low to Medium

Money Market instruments

0%

40%


3. Money Market Fund (SFIN: ULIF005010206MONYMKTFND111): The objective of this fund is to deploy the funds in liquid and safe instruments so as to avoid market risk on a temporary basis.

Assets

Minimum

Maximum

Risk Profile

Debt instruments

0%

20%

Low

Money Market instruments

80%

100%



4. Discontinued Policy Fund (SFIN: ULIF024110411DISCOPOFND111): Fund value (net of applicable discontinuance charges) of discontinued policies is credited to this fund. This is a segregated fund of the Company and created as required by IRDAI. This fund is not offered, as an investment option.

The objective of this fund is to achieve relatively less volatile investment return mainly through debt instruments and liquid assets and also accumulation of income through investment in fixed income securities and liquid assets. This fund will earn a minimum guaranteed interest rate of 4% p.a. or as prescribed by IRDAI in the prevailing regulation. 

Assets

Minimum

Maximum

Risk Profile

Money Market Instruments

0%

40%

Low

Government Securities

60%

100%



The Company shall select the investments, including derivatives and units of mutual funds, by each fund at its sole discretion subject to the investment objectives for the respective plan and the relevant IRDAI regulations.

The Company may close any of the existing Funds, with prior approval from IRDAI, if in the sole and absolute opinion of the Company; the said Fund should be closed. The Company will switch the said Units to Money Market Fund. No fee will be charged for switching in the event of such closure of Funds.

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CAN I DO TOP-UPS UNDER THE PLAN?


Top Ups are not allowed under the plan.
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CAN I INCREASE/DECREASE MY PREMIUMS?


No increase/decrease in premium is allowed under the plan.
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CAN I INCREASE/DECREASE MY SUM ASSURED?


No increase/decrease in sum assured is allowed under the plan.
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CAN I SWITCH MY FUNDS FROM ONE PLAN OPTION TO ANOTHER?


No. Option once chosen, at policy inception, cannot be changed later on during the policy term.
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CAN I REDIRECT MY PREMIUM?


No. Premium redirection is not allowed under the plan.
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HOW IS THE NAV OF THE PLAN COMPUTED?


NAV of the Fund shall be computed as:



(Market Value of Investment held by the fund + Value of Current Assets – Value of Current Liabilities & Provisions, if any)
Number of Units existing on Valuation Date (before creation/redemption of units)


The above formula is subject to changes and approval by IRDAI.

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WHAT IS THE DEATH (LIFE COVER) BENEFIT AVAILABLE UNDER THE PLAN?


In the unfortunate event of death of the Life Assured, while the policy is in-force, Higher of (Fund Value or Sum Assured less applicable partial withdrawal# or 105% of total premiums received up to the date of death less applicable partial withdrawal#)  is payable to the beneficiary, as on the date of intimation of death claim to the company. 



#Applicable partial withdrawals are equal to  partial withdrawals,if any in the last 2 years immediately preceding the death of the Life Assured.

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WHAT IS THE MATURITY BENEFIT AVAILABLE UNDER THE PLAN?


On survival of the Life Assured up to Maturity, the Fund Value shall be paid as a lump sum.

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IS THERE ANY SETTLEMENT OPTION AVAILABLE WITH THE PLAN?


No, Settlement option is not allowed under the plan.

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CAN I WITHDRAW MONEY DURING THE TERM OF THE POLICY?


Partial Withdrawals are available from 6th Policy Year onwards for in force policies, provided life assured is minimum 18 years old as on the date of such withdrawal for in-force policies.

• One free Partial Withdrawal in a policy year is allowed. A charge of Rs. 100 per withdrawal in excess of free Partial Withdrawal will be charged. There is no carry forward of free unused Partial Withdrawal for future policy years.

• A maximum of 2 Partial Withdrawals can be made in one policy year. Not more than 5 Partial Withdrawals are allowed in entire policy term, in case of policy term 10 years and 10 Partial Withdrawals for policy term above 10 years.

• Minimum Partial Withdrawal Amount allowed is Rs.5,000 (in multiple of Rs.1,000). Maximum Partial Withdrawal allowed is up to 15% of Fund Value as on withdrawal request date.

• Partial Withdrawals will not be allowed if Fund Value, as consequence of this withdrawal is reduced to less than 50% of the total premiums paid.

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WHAT IS THE GRACE PERIOD FOR THE PLAN?


Grace Period for this plan is 30 days of Annual premium payment frequency and 15 days for Monthly premium payment frequency.

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WHAT IF I AM UNABLE TO PAY MY PREMIUM PAYMENTS ON TIME?


Policy discontinuation is the state of a policy that could arise on account of surrender of the policy or non-payment of the contractual premium due before the expiry of the grace period.
On Discontinuance of Premium, we shall communicate the status of the policy within 3 months of the first unpaid premium to you. 
 
If premium is discontinued during first 5 policy years
  • Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the fund value after deducting the applicable discontinuance charges, shall be credited to the discontinued policy fund and the risk cover and rider cover, if any, shall cease.
  • You will have the following options in case of discontinuance of policy
  • Revive the Policy within a period of 3 years from the date of first unpaid premium, known as revival period.
However, the policyholder has an option to surrender the policy anytime and proceeds of the discontinued policy shall be payable at the end of lock-in period or date of surrender whichever is later.
 
If you exercise the option to revive your policy within revival period, then:
  •  If you opt to revive and revive the policy within the revival period, then revival procedure as stated in ‘Revival conditions’ would be applicable.
  • If you opt to revive but do not revive the policy within the revival period then the discontinuance fund value as on the end of revival period or lock-in-period whichever is later, would be paid to you and the contract would be terminated. 


  •  
If you do not exercise any of the options during revival period, then:
  • the policy shall continue without any risk cover and rider cover, if any.
  • The fund value of the discontinued policy fund as on the first business day of 6th policy year would be paid to you. 
  • If case of unfortunate death before the payment of the discontinued policy value then the same is paid to the nominee or beneficiary immediately.
 
If premium is discontinued after first 5 policy years, 
  • Upon expiry of the grace period, in case of discontinuance of policy due to non-payment of premium, the policy will be converted into reduced paid up policy.
  • Paid - up sum assured will be calculated as original sum assured multiplied by the total number of premiums paid to the original number of premiums payable. 
  • All charges as per terms and conditions of the policy may be deducted during the revival period. However, the mortality charges shall be deducted based on the reduced paid up sum assured only.
  • You will have the following options in case of discontinuance of policy 
  • Revive the Policy within a period of 3 years from the date of first unpaid premium, known as revival period.
  • Complete withdrawal from the Policy
 
If you exercise the option to revive your policy within revival period, then:
  • If you opt to revive and revive the policy within revival period, then the revival procedure as stated in Revival conditions would be applicable.
  • If you opt to revive but do not revive the policy within revival period, then the fund value as on the end of revival period or the date of maturity, whichever is earlier, would be paid to you and the contract would be terminated. 
  • The fund value at every monthiversary date (beginning of every policy month) would be checked and if such a value at any time falls below one annual premium, the policy will be terminated and the fund value available then would be paid. However, the policyholder has an option to surrender the policy anytime and proceeds of the policy fund shall be payable.
 
If you exercise the option to completely withdraw from the policy within revival period or does not exercise any of the options during revival period, then:
  • If you opt to completely withdraw from the policy, then the fund value as on surrender request date would be paid immediately. 
  • If you do not exercise any of the options during revival period, then the policy will continue to be in reduced paid up status. At the end of the revival period or the date of maturity, whichever is earlier, the proceeds of the policy fund will be paid and the policy will terminate.
  • The fund value at every monthiversary date (beginning of every policy month) would be checked and if such a value at any time falls below one annual premium, the policy will be terminated and the fund value available then would be paid.
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WHAT ARE THE CONDITIONS FOR REVIVING THE POLICY?


We offer you a Revival Period of 3 years from the date of first unpaid premium during which. you can revive your policy, by paying all due premiums without interest or fee. Revival is subject to the applicable terms and conditions and underwriting acceptance. The underwriting decision would be communicated to you, post which only your cover would re-commence.

● Revival of a Discontinued Policy during lock-in Period:

 
  • If you opt to revive the policy within 3 years time from the date of first unpaid premium, then the Discontinued Policy Fund will be dis-invested and the discontinuance charge, previously deducted, would be added back to this dis-invested fund amount.
  • We will allocate the units based on the NAV as on the date of such revival
  • We will deduct Policy administration Charge as applicable during the discontinuance period.
  • We will restore the original risk cover, along with the investments made in the investment strategy as chosen by you and deduct all applicable Charges from the date of revival of the policy.
 

● Revival of a discontinued Policy after lock-in Period

  • If you opt to revive the policy within 3 years time from the date of first unpaid premium, We will allocate the units based on the NAV as on the date of such revival.
  • We will restore the original risk cover in accordance with the terms and conditions of the policy and deduct all applicable Charges from the date of revival of the policy
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IF I WANT TO EXIT FROM THE POLICY, WHAT ARE THE CONDITIONS APPLICABLE?


You can surrender your policy at any time during the Policy Term. Once policy is surrendered there will be no option to revive the policy.

● If surrender is requested during the first 5 Policy years, then

1. The lock-in condition applies.

2. Your Fund Value after deduction of applicable Discontinuance Charge (if any), will be transferred to the ‘Discontinued Policy Fund’.

3. You will earn a minimum interest rate of 4% p.a. or as prescribed in the prevailing regulation on this Fund.

4. Fund Management Charge of Discontinued Policy Fund shall be deducted. No other charges will be deducted.

5. Life cover will cease to apply.

6. The Fund Value will be payable on the 1st working day of the 6th policy year.

● If the surrender is requested any time after completion of 5th policy year, then

Fund Value will be paid immediately.

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WHAT ARE THE CHARGES APPLICABLE UNDER THIS PLAN?


Premium Allocation Charge: There are no premium allocation charges under the plan
 Policy Administration Charge:

Policy Administration Charge of Rs. 45 per month will be deducted throughout the term of the policy. Policy Administrative Charges will be recovered by way of cancellation of units at the prevailing unit price on the first business day of each Policy Month.

The Policy Administration Charge would be subject to maximum of Rs. 200 per month. However, revision of charges would be subject to IRDAIs prior approval.

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

Equity Fund

1.35% p.a.

Bond Fund

1.00% p.a.

Money Market Fund

0.25% p.a.

Discontinued Policy Fund

0.50% p.a.

Discontinuance Charge: Discontinuance Charges are expressed as a percentage of Annualized Premium or Fund Value. The year of discontinuance is the policy year in which the date of discontinuance falls.

Year of Discontinuance$

For Annualized Premium up to Rs 25,000

For Annualized Premium above Rs 25,000

1

Lower of 20% of (Annualized Premium or Fund Value) subject to maximum of Rs. 3,000

Lower of 6% of (Annualized Premium or Fund Value) subject to maximum of Rs. 6,000

2

Lower of 15% of (Annualized Premium or Fund Value) subject to maximum of Rs. 2,000

Lower of 4% of (Annualized Premium or Fund Value) subject to maximum of Rs. 5,000

3

Lower of 10% of (Annualized Premium or Fund Value) subject to maximum of Rs.1,500

Lower of 3% of (Annualized Premium or Fund Value) subject to maximum of Rs.4,000

4

Lower of 5% of (Annualized Premium or Fund Value) subject to maximum of Rs.1,000

Lower of 2% of (Annualized Premium or Fund Value) subject to maximum of Rs.2,000

5 and onwards

Nil

Nil

$ Date of Discontinuance of the Policy, shall be the date on which the Company receives the intimation from the Policyholder, about discontinuance of the Policy or surrender of the policy or on the expiry of the notice period of 30 days (as mentioned above), whichever is earlier

 Partial Withdrawal Charges: A charge of Rs.100 is applicable for every partial withdrawal in excess of one free partial withdrawal in same policy year. The charge will be recovered from the withdrawal amount and not by way of cancellation of units.
 Mortality Charges: Mortality Charges are deducted on the first business day of each policy month from Fund Value by way of cancellation of units. Mortality Charges will be based on your age and Sum at Risk at the time of charge deduction.  Medical Expenses on Revival: Cost of medical expenses incurred (if any) will be borne by the policyholder through cancellation of units subject to maximum of Rs.3,000.

Except for Mortality Charges, all the other charges are subject to revision with prior approval of IRDAI.

You are liable to pay the Applicable Taxes and/or any other statutory levy/duty/ surcharge, at the rate notified by the State Government or Central Government of India from time to time, as per the applicable tax laws on all the applicable charges as per the product feature.

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CAN I TAKE ADDITIONAL BENEFITS (RIDERS) WITH THE PLAN?


There is no rider under the plan.
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WHAT IS THE FREE LOOK PERIOD, AVAILABLE UNDER THE PLAN?


You can review the terms and conditions of the policy, within 30 days, from the date of the receipt of the Policy Document and where you disagree with any of those terms and conditions; you have the option to return the policy for cancellation stating the reasons for your objection.

We shall refund you the amount arrived as per the following formula:

Fund Value as on the date of receipt of a valid request,
Plus the following which are already deducted
(Policy Administration Charges + Mortality Charges + Corresponding Applicable Taxes)

Minus the following:

(Mortality Charges along with the corresponding Applicable Taxes, proportionate to the period you were covered + Medical Expenses, if any + Cost of Stamp Duty)

On free-look cancellations, the units of each Fund will be liquidated at the NAV as follows:
  • If the cancellation request along with the Policy Document, etc. received before 3.00 p.m. on any day: Closing NAV of the same day.
  • If the cancellation request along with the Policy Document, etc. received after 3.00 p.m. on any day: Closing NAV of the next business day.
 
The amount will be paid as a lump sum.
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WHAT ARE THE TAX BENEFITS, AVAILABLE UNDER THE PLAN?


You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.You may visit our website for further details. Please consult your tax adviser for details.
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WHAT ARE THE EXCLUSIONS OF THE POLICY?


Suicide Exclusion:

If case of death of the Life Assured, due to suicide within  12 months from the date of commencement of policy or from the date of revival of policy, as applicable, the nominee or beneficiary of the policy holder shall be entitled to the fund value as available on date of intimation of death.


Further, any charges other than the FMC recovered subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.


Note: This document contains brief information about the features & benefits under the Policy. The same shall not be construed as terms and conditions of the Policy or part thereof. For detailed terms and conditions governing the Policy, please read all parts of the Policy document.


For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. For more details on Riders, terms and conditions, exclusions, please read rider brochure.

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