SBI Life Insurance has come up with new ULIP plan – Unit Plus Super. The main features of this product are:
Guaranteed Additions of up to 75% of one annual regular premium on a regular premium policy, for a 30 year policy term, subject to the Policy being in force till the maturity date.
No Policy Administration fee for first 5 years for Regular and Limited Premium Paying Term (LPPT) plans, thereby boosting your fund value.
No Premium Allocation Charge from 11th year onwards
Guaranteed Additions starting as early as 10th policy year onwards
Enhanced investment opportunity through 9 varied Fund Options including P/E Managed Fund, Index Fund & Top 300 Fund
Option to pay Regular/Limited/ Single Premium; Switch or Redirect your premiums
Flexible product with an option to increase/decrease your Sum Assured from 6th year onwards
Life Insurance coverage, with minimum Sum Assured, based on your age
Liquidity through Partial Withdrawals.
Min. premium amt. is Rs. 30,000 annually.
Premium waiver rider is also available. So one can take this plan for children higher education & marriage planning.
Maturity Benefit: On completion of Policy Term, Fund Value will be paid.
Death Benefit: Higher of the Fund Value or Sum Assured is payable; with a minimum of 105% of total basic premiums paid till the time of death.
Option of adding additional money through top-ups.
Premium Payor Waiver Benefit Rider: In the event of the death of the Proposer, the cover for the Life Assured under the base policy continues and the future premiums under the base policy, payable during the rider term, will be paid by the Company.
Income Sustainer Rider: Provides additional benefit in the case of death or in the case of Total & Permanent Disability due to Accident or Sickness, whichever is earlier. A 25% of income sustainer benefit sum assured is paid upfront and 1% of income sustainer benefit sum assured is paid monthly in arrears for 10 years or till the end of the base policy term (capped at a maximum of 30 years) whichever is higher.
* For any partial withdrawal done, the guaranteed addition shall be reduced proportionately.
You can download the official brochure of this product from here.
Summary: The plans seems to be a good ULIP Plan, if your time horizon is long term i.e. 15-20 years of time.