SBI Life Insurance - Saral Insure Wealth Plus - Pure Fund

In order to assist you in achieving your financial goals, SBI Life presents Saral InsureWealth Plus (SIWP), a non participating unit linked Life Insurance plan.
This is a monthly savings plan which helps you build your savings gradually brick by brick by putting aside money every month, in a disciplined manner. This mode of savings is a proven way to tide over the ups and downs of the market in the most efficient manner.

Minimum : 0 years (30 days)
Maximum : 55 years
For Age at Entry below 8 years, the risk would commence on completion of 1 policy year and 11 months from the date of commencement of policy. For age at entry age of 8 years and above, the risk would commence immediately. In case of minor life assured, the policyholder/proposer can be parents, grandparents or legal guardian. This shall be as per our Board approved underwriting policy.

Maximum : Higher of Annualized Basic Premium X 10, or
Higher of Annualized Basic Premium X 0.5 X Policy Term

FOR LIFE ASSURED WITH ENTRY AGE BELOW 8 YEARS :
On death of the minor lives before the date of commencement of risk under the policy, the company will pay the Fund Value as on the date of intimation of the death to the company.
On death of the minor lives after the date of commencement of risk under the policy, the company will pay the Death benefit as mentioned below for age at entry 8 years and above

FOR LIFE ASSURED WITH ENTRY AGE 8 YEARS AND ABOVE
Higher of
1. The Fund Value as on the date of intimation of death to the company , or
2. Sum assured less Applicable Partial Withdrawal (APW)*, or
3. 105% of total premiums paid till the date of death.

1. At maturity, you will receive fund value calculated at the prevailing NAV on the
maturity date, which shall be paid in lumpsum.
2. Alternatively, you can avail the maturity benefit in installments with two months
prior notice to the company under Settlement Option
3. In cases where life assured is a minor, the policy will automatically vest in the life
assured on attaining 18 years of age.

You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details.

1. You can review the terms and conditions of the policy, within 15 days (for policies
purchased through channels other than Distance Marketing) and 30 days (for policies purchased through Distance Marketing), from the date of the receipt of the policy document and in case you disagree with any of those terms and conditions, you have the option to return the policy stating the reasons for your objection.
2. We shall refund you the amount arrived as per the following formula:
Fund Value
Plus (Premium Allocation Charges + Mortality Charges along with applicable taxes already deducted)
Minus the following:
(Mortality Charges along with applicable taxes, proportionate to the period you were
covered + Medical Expenses, if any + Cost of Stamp Duty)

3. On free-look cancellations, the units of each Fund will be liquidated at the NAV as
follows:
If the cancellations request along with the policy document, etc. is received before 3.00 p.m. on any day: Closing NAV of the same day.
If the cancellations request along with the policy document, etc. is received after 3.00 p.m. on any day: Closing NAV of the next business day.
The amount will be paid in lumpsum.

You have a grace period of 15 days from due date for premium payment. The policy will be treated as in-force during the grace period.

1. This facility will be available at any point of time during the policy term
2. You can make unlimited free switches at any point of time during the policy term.
3. Minimum switch amount is Rs.5,000.
4. There are no restrictions on the number of switches during a particular policy year or during entire policy term.
5. Any amount/percentage can be switched from any fund to more than one fund in minimum proportion/percentage of 1.

1. You can surrender your policy at any time during the policy term.
2. Once you surrender the policy, you will not have the option to revive it.
3. After surrender request, no further premiums are due and no further charges are deducted.
4. Your rights and benefits under the policy shall cease after we pay the surrender value.

1. We shall send a notice to you within a period of 15 days from the expiry of grace period stating your entitlement to revive the policy.
2. You will have a period of 30 days from the date of receipt of such notice to opt for revival of your policy within the revival period of 2 years from the date of discontinuance. You can revive your policy, during revival period, by paying all due premiums.
3. Revival is subject to the applicable terms and conditions and underwriting acceptance.
4. The underwriting decision would be communicated to you, post which only your cover would re-commence.

This charge shall be deducted from Premiums at the time of receipt of such Premium.
Policy Year
Premium Allocation Charges
1
8.00%
2-5
5.50%
6-10
3.50%
11-25
3.00%

The allocation to units is made after the deduction of the charge from the Premium received.

FMC is levied as a percentage of the asset value of the relevant Fund before calculating the NAV of the respective Fund on a daily basis as per the rates below.

Fund Name
Fund Management Charges
Equity Fund
1.35% p.a.
Equity Optimiser Fund
1.35% p.a.
Growth Fund
1.35% p.a.
Balanced Fund
1.25% p.a.
Bond Optimiser Fund
1.15% p.a.
Corporate Bond Fund
1.15% p.a.
Pure Fund
1.35% p.a.
Midcap Fund
1.35% p.a.
Discontinued Policy Fund
0.50% p.a.

For life assured with age at entry less than 8 years, the mortality charges will be nil during 1 policy year and 11 month from the date of commencement of policy.
For life assured with age at entry less than 8 years, after 1 policy year and 11 months from the date of commencement of policy and for life assured with age at entry equal to or greater than 8 years, the mortality charges will be applicable.
Mortality charges are deducted on the first working day of each policy month by way of cancellation of appropriate number of units.
Mortality charges will be based on your age and Sum at Risk at the time of charge deduction.
Mortality charges will attract applicable taxes.
Except for Premium Allocation and Mortality Charges all charges are subject to revision with prior approval of the IRDAI.

On discontinuance of premium, you can either:-
1. Revive the Policy within a period of 2 years from the date of discontinuance, or
2. Completely withdraw from the Policy, or
3. Convert the policy into paid-up policy (option available only when 5 years full premium has been paid)

*If the life assured, whether sane or insane, commits suicide, within one year from the date of inception of policy or from the date of revival, then in such event, the fund value as on the date of death shall be payable and all benefits under the policy will cease.
*Any charges recovered subsequent to the date of death shall be paid back to the nominee, beneficiary or legal heir along with the fund value.