Today in this article I am going to give you information about what is SBI Wealth Builder Plan. If you know what SBI’s Wealth Builder Plan is and how it works, that’s great, but if you don’t know about it, then today you’ve come to the right place.
In this article, what is SBI Wealth Builder Plan and its benefits, what are its features, how you can buy SBI Wealth Builder Plan, how much premium to deposit in it, all these information will be given to you in this. Article You must read this article till the end.
And if you have thought about taking SBI Wealth Builder Plan, before doing any insurance policy, you must have information about the insurance policy, only then you can get the maximum benefits of the policy. So, let’s know about SBI Wealth Builder Plan.
What is SBI Wealth Builder Plan
If you are looking for a reliable and effective investment option, SBI Wealth Builder Plan can be the right option for you. The scheme is designed to help individuals build wealth over time by strategically investing in various market instruments. In this article, we will explore the features, benefits of this plan and how it can help you achieve your financial goals.
SBI Wealth Builder Plan is a comprehensive investment plan offered by State Bank of India (SBI). It is designed to provide long-term capital appreciation to investors through a diversified portfolio of equity, debt instruments and money market instruments. The scheme caters to the needs of both individuals and institutions, allowing everyone to benefit from the expertise and experience of SBI’s investment managers.
SBI Wealth Builder Plan follows a systematic investment approach, which allows investors to invest a fixed amount on a regular basis. This helps in rupee cost averaging of regular investments, which reduces the impact of market volatility. By investing in a disciplined manner, individuals can harness the power of compounding and build wealth over time.
SBI Wealth Builder Plan Features
Flexibility
The plan offers the flexibility to choose between various investment options like equity funds, debt funds, hybrid funds, and more. It allows investors to customize their investment portfolio based on their risk appetite and financial goals.
Diversification
The plan ensures diversification by investing in a mix of equity and debt instruments. This diversification reduces the risk associated with investing in a single asset class and safeguards the portfolio against market fluctuations.
Professional Fund Management
SBI’s experienced fund managers actively manage the investments, aiming to generate superior returns. Their expertise and knowledge enable them to identify attractive investment opportunities and make informed decisions.
Liquidity
The plan offers a high level of liquidity, allowing investors to redeem their investments partially or fully as per their requirements. This feature provides individuals with the flexibility to access their funds when needed.
Tax Benefits
Investors can avail of potential tax benefits by investing in specific schemes offered under the SBI Wealth Builder Plan, such as equity-oriented schemes. These schemes offer tax advantages under the prevailing tax laws of the country.
Read More: Reliance Nippon Life Insurance: Your Trusted Financial Security
Benefits of SBI Wealth Builder Plan
We also find many benefits of SBI Wealth Builder Plan, some of which are the benefits that make you go for this SBI Wealth Builder Plan. Let’s know what are the benefits of SBI Wealth Builder.
Long-term Capital Appreciation
The SBI Wealth Builder Plan aims to generate long-term capital appreciation by investing in a well-diversified portfolio of stocks and bonds. This can help investors achieve their financial goals, such as retirement planning, education funding, or buying a house.
Risk Management
The plan’s diversified investment approach helps in reducing the risk associated with investing in volatile markets. By spreading investments across different asset classes, the plan minimizes the impact of market fluctuations on the overall portfolio.
Professional Guidance
Investors can benefit from the expertise and guidance of SBI’s experienced fund managers. These professionals analyze market trends, identify attractive investment opportunities, and make informed investment decisions, thereby increasing the chances of generating favorable returns.
Convenience
The plan offers the convenience of investing a fixed amount regularly, which can be automated through Systematic Investment Plans (SIPs). This eliminates the need for individuals to time the market and ensures a disciplined investment approach.
Transparency
SBI Wealth Builder Plan is transparent in terms of disclosing information related to investments, fund performance, and expenses. This transparency helps investors make well-informed decisions and track the progress of their investments.
Death benefit
Under SBI Wealth Builder Plan, if the policyholder dies due to any reason during the policy term, the death benefit will be paid to a person nominated by the policyholder. You will get following death benefits in SBI Wealth Builder Plan or SBI Smart Life Plan.
- Fund value on the date of notification of death.
- Sum Assured
- 105% of the total premium received till the date of death.
Maturity benefit
SBI Wealth Builder Plan also offers maturity benefit. This means that after the premium term of SBI Wealth Builder Plan is over, the entire fund value will be paid to the insured.
SBI Wealth Builder Plan Eligibility
Age requirement
To be eligible for SBI Wealth Builder Scheme, you should be between 18 to 60 years of age. This age limit ensures that individuals at different stages of life can avail the scheme and take advantage of its investment opportunities.
Premium payment options
SBI Wealth Builder Plan offers flexibility when it comes to premium payment options. You can choose to pay the premium annually, half-yearly, quarterly or monthly depending on your convenience. This allows you to align your premium payments with your cash flow and financial situation.
Life insurance coverage
Individuals are also required to meet the life insurance coverage criteria to be eligible for the SBI Wealth Builder Scheme. The minimum sum assured for this scheme is Rs. 1 lakh, ensuring you have adequate security while investing to build your wealth. Keep in mind that the sum assured may vary depending on your age, premium amount and other factors.
Health needs
To participate in SBI Wealth Builder Scheme you have to undergo a medical examination. The purpose of the exam is to assess your overall health and determine whether you are eligible for the plan. A medical examination may include tests such as blood pressure measurements, blood tests, and a general physical examination.
Documentation
Like any other financial product, SBI Wealth Builder Plan requires certain documents to establish your eligibility. You must provide proof of age, identity, address and income. Commonly accepted documents include PAN Card, Aadhaar Card, Passport and Income Tax Return. Make sure you have these documents with you while applying for the scheme.
Read More: LIC Plan 5 Years Double Money – A Lucrative Investment Option
SBI Wealth Builder Plan Documents
Let us tell you about all the necessary documents required to buy SBI Wealth Builder Plan that you may need while taking the policy
- Application form for taking insurance.
- Your passport size photograph.
- Your identity card (must be one of the following)
- Aadhar card,
- Voter ID card,
- Passport,
- driving license.
- Address Certificate (must be any one of these)
- Aadhar card,
- Voter ID card,
- Passport,
- utility bill,
- driving license.
- Age certificate (should be any one of the following)
- Birth certificate,
- driving license,
- School or college certificate
- income certificate
- IT Returns (Latest)
- Bank Statement (Latest)
How to Buy SBI Wealth Builder Plan
If you want to make a good investment along with life insurance, the best option for you is SBI Balance Builder Plan. Now the question may be coming in your mind that how to buy SBI Balance Builder Plan? So, I am going to answer you that too, buying SBI Balance Builder Plan is very easy.
You can use both online and offline mode to buy SBI Wealth Builder Plan. If you don’t want to go to a bank or an agent, you can buy SBI Wealth Builder Plan online with the help of your computer at home.
- To buy the plan you must first visit the official website of SBI.
- As soon as you go to the website you will see many options, there you will see the option of SBI Life Smart Wealth Builder Plan, you must click on that option.
- After clicking, you will be asked for some important documents.
- You will read all those documents very carefully and carefully and submit them and you will be able to buy SBI Wealth Builder Plan Online from there within few minutes.
SBI Wealth Builder Plan Premium
Let me inform you about the premium of SBI Wealth Builder Plan, so that you can choose to pay more or less premium as per your choice.
| Premium Plan Type | Regular Premium / Limited Premium / Single Premium |
| Premium Payment Term | Regular Premium= Same as policy term |
| Limited Premium Payment Term (LPPT)= 7/10/12/15 Years | |
| Single Premium= One time payment at policy inception | |
| Premium Amount (in Multiples of 100) | Regular Premium (Annual) |
| Minimum: 30,000 | |
| Maximum: 2,50,000; | |
| Limited Premium Payment (Annual) | |
| Minimum: 40,000 | |
| Maximum: 2,50,000; | |
| Single Premium | |
| Minimum: 65,000 | |
| Maximum: 2,50,000; | |
| Premium Paying Frequency | Single or Annual |
How to cancel SBI Wealth Builder Plan?
If you’ve reached the decision that this plan is no longer a good fit for you, canceling it is a straightforward process.
- Contacting SBI Customer Support
- Review of Terms and Conditions
- Submitting a Cancellation Request
- Settlement of outstanding dues and fees
- Cancellation Confirmation
And along with this, necessary documents will also have to be submitted in the surrender form and that too in your nearest bank branch. Let me tell you about those important documents which are required at the time of surrender.
- Policy Document.
- A cancelled check in name of the policyholder.
- Passbook copy/bank statement with pre-printed name and account number will be required.
- ID certificate (Aadhar Card, PAN Card, Passport, Driving License, Voter ID Card)
- Policy surrenders form
- Contact details
FAQs on SBI Wealth Builder Plan
-
What is SBI Wealth Builder Plan?
SBI Wealth Builder Plan is a unit-linked, non-participating life insurance plan. It offers the dual benefit of life insurance coverage and investment opportunity.
-
How does SBI Wealth Builder Plan work?
When you choose SBI Wealth Builder Plan, you choose the premium amount and policy term that suits your financial goals. A portion of your premium is spent on providing life insurance coverage, while the remaining amount is invested in a fund of your choice.
-
What are the key features of SBI Wealth Builder Plan?
Dual benefit of life insurance coverage and investment opportunities Option to choose from different funds depending on your risk appetite
-
What are the different types of funds available in SBI Wealth Builder Plan?
SBI Wealth Builder Plan offers a variety of funds to meet different risk preferences and investment objectives. These funds include equity funds, debt funds, balanced funds and money market funds.
-
Can I switch between funds in SBI Wealth Builder Plan?
Yes, SBI Wealth Builder Plan lets you switch between funds depending on market conditions or changes in your investment preferences.
Conclusion
SBI Wealth Builder Plan is an excellent investment option for individuals looking to grow their wealth while enjoying the benefits of life insurance coverage. With a variety of funds to choose from, flexibility to switch funds and potential tax benefits, this scheme offers individuals the opportunity to build a secure financial future. Make sure to consult with an SBI representative and understand the terms and conditions thoroughly before taking any investment decision. Begin your journey towards financial prosperity with SBI Wealth Builder Plan today!
