SBI Life eWealth Insurance Online ULIP Plan Review 2018

SBI Life – eWealth Insurance is a non-participating Online Unit Linked Insurance Plan (ULIP). SBI Life, one of the most preferred insurance company after LIC of India has recently launched a new Online Unit Linked Insurance Plan, eWealth plan.

SBI Life has already couple of ULIP plans in their kitty like SBI Life – Smart Wealth Builder, SBI Life – Saral Maha Anand, SBI Life – Smart Wealth Assure, SBI Life – Smart Scholar, SBI Life – Smart Elite, SBI Life – Smart Power Insurance. But this time they want to make sure that a ULIP plan ia available online and most importantly without any premium allocation charges. Let’s find out the key features & benefits of SBI Life eWealth Insurance ULIP plan. SBI Life eWealth Insurance ULIP review

Key Highlights of SBI Life eWealth ULIP plan

  • One can choose from Growth & Balanced option while investing in this plan. This is clearly telling the concept of pure equity based Growth option and a balanced less risk option.
  • Min entry age is 18 years and max entry age is 50 years. The max age of policy maturity is 60 years.
  • Policy term could be any of 10-20 years and the premium payment term is also similar to that.
  • Buy this plan completely online. In fact this is the first online ULIP plan from SBI Life. This will be less costly due to online purchase facility.
  • The minimum premium can be paid as Rs 10,000/ year or Rs 1,000/month basis.
  • Benefits of both life insurance & equity investment. Al ULIPs promise the same thing and to get some decent benefit from any ULIP plan, you should invest for a longer term.
  • There is a lock-in period of 6 years under this SBI life e wealth ulip plan. One can go for partial withdrawal from 6th year onward. Maximum 2 partial withdrawal is possible in a year.
  • On maturity policy holder will get the fund value on the day as maturity amount.
  • In case of death during the policy tenure, nominee will get the highest of Sum assured value or 105% of total premium paid or fund value.
  • There is a free lock-in period in which one can review the policy documents after receiving them and return the policy within first 30 days in case not satisfied with any terms & condition.
  • One can surrender a ULIP plan after 5 years of premium payment only. Before that your policy will be lapsed and the fund value maturity will be considered till that date only.

For more details about this policy, read SBILife eWealth ULIP brochure.

What are the charges on SBI Life – eWealth ULIP

The major highlight of this policy is ZERO premium allocation charges. But besides that there are many other typical ULIP plan charges like

  • Policy administration charges
  • Fund management charge
  • Discontinuance charge
  • Partial withdrawal charges
  • Mortality Charges
  • Medical Expenses on Revival

How to buy SBI Life eWealth ULIP online?

SBI is claiming that one can buy SBI Life eWealth ULIP online by following 3 simple steps only.

  1. Go to SBILife Online Policy portal and Click on BUY NOW button of eWealth policy.
  2. In the next screen, provide basic details and calculate premium amount as per your desired sum assured value.
  3. Then pay the premium amount and upload the self attested KYC & all other necessary documents online. Finally submit your application.

Should I buy SBI Life eWealth ULIP online

ULIP plans are very expensive in the initial years due to many charges applied on them. But if one can stick for a longer term more than 15 years then a decent return can be expected. Read the policy documents and check out your premium details by using SBI Life – eWealth Insurance premium calculator before investing.

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20 Comments

  1. This is the world worse ULIP plan
    i cant recommend this to any one
    after calling 20 times no one is resolving the problems
    before buying they commit a lots but after that they start ignoring the customer

    if any option i will give negative marking to the customer service and fund management as well

  2. Hi Shantanu,
    Good day, am looking for good pension plan but on safer side (Eg.Govt Banks ) , right now am in overseas so for period of 10-15 yrs i can able to invest min of INR 10,000/ per month, kindly advise which plan can i choose, i was approached by Policybazaar.com & they suggest me SBI E-wealth but i had a doubt buying policy online directly from SBI & buying through policybazaar make any difference?, thanks

  3. Hi Sir,

    I have invested 4000/month on this SBI ewealth plan. Please suggest how much will my money increase in 5 year.

    Thanks.

  4. Hi santanu,
    nice writeup. However, it is getting difficult to decide. there r so many folks around,each having different views. i am 28yrs old.
    1) i want to spend some money on a policy that can give me a good return, moderate risk.
    2) i want to spend some money on a policy that provides me death + accidental cover, to keep my family on safer side.
    3) i also want to spend on ppf, a risk free option.
    can you suggest me some options for 1 & 2.
    thanks for your time.

  5. Sir I want to know that in wealth builder scheme if I deposit 50,000 per year up to 10 year and now my total deposit is 500,000. And at the end of maturity period 10 year I will get 900,000.

  6. I want to get good returned so is it right approach to invest SBI Life eWealth Insurance (growth equity fund).

    My main delima is should we invest ULIP or mutual fund ,

    Ulip can have 10dd save but Mutual fund does not have that

    can you advde

    1. It will totally depend up on your investment goals. But you have to stay invested for long term in both type of investments. Comparatively ULIPs are insurance plans, means you will get return with life cover. But mutual fund is pure investment only.

  7. Hi Shantanu,

    I want to invest 1000 per month for 5 year.so please suggest me SBI e-waelth plan is good as previous return for that or suggest me some other plan for invest.

  8. Hi Santanu,

    I need a medical insurance for my wife (60 yrs) and myself (64 yrs). We have been NRIs for a long time and returned to India recently. Our asset portfolio is limited to certain fixed deposits (FCNR) and two houses together valued at about 15 crores. We have no liabilities, loans, mortgages nor dependents in India – other than two daughters who are settled overseas. We met an SBI representative who has recommended following: 1) SBI Arogya Premier; 2) SBI Life Smart Elite unit linked life insurance plan; 3) SBI Life Retire Smart. We need badly Health insurance policies – the ones we had overseas are no longer valid. What do you recommend given that we maintain reasonably good health – as both of us are fitness fanatics.

    1. Hello Sir, That’s really inspirational that you 2 are fit, when in this era most of the people in 35 – 40 started getting into trap of many diseases.
      Although I don’t have much idea about health insurance plans for 60+ years of age, but I think you can look any one of the below
      Silver Health
      rom Bajaj Allianz
      Varistha Mediclaim offered by National Insurance
      Red Carpet Health Insurance from Star Health Insurance
      Optima Restore from Apollo Munich
      Complete from ICICI Lombard
      Gold from Max Bupa

      But please, never got into a trap of insurance policy here in the name of securing health or retirement.

  9. hi
    i just went ahead with investing 5k per month for 15 years. in sbi life e-wealth product. to my stupidity i read the reviews after i paid the initial three months amount. the ones specially on mouthshut.com are really shocking. can u please recommend whether to go ahead with this plan or cancel it?

  10. Hello Shantanu,
    Need your guidance regarding SBI Life e-wealth insurance plan.
    I am investing 5k per month for 20 yrs. The advisor from policybazzar has told me that I will get near about 70 lakhs after 20 yrs.. or kind of 57000 per month if I take option of pension. Are these amounts true. Or just highest of some calculation?

    1. Hi Soni, I am not sure about the SBI Life eWealth Insurance return for the amount you are investing. I think better you use the SBI Life eWealth Insurance premium calculator and get the return amount verified before investing.

  11. Hi Santanu ,
    I have invested in this policy with 2000/m for 10 years . Though the guy from policy bazaar did not talk of 20% as returns but I am expecting at least 8-10% returns . How much should I expect ? Is it better to invest in mutual funds rather than investing in ULIP considering their bad rapport among investors and not so good results . I have chosen this plan over an monthly RD of 2000 Rs as I thought of it as a better option if it’ll give me more return than RD . But then comes the policy administration charges and mortality charges which is 745 for first year and goes down to 540 rs in 10th year . 14% service tax is also applicable . What would you suggest ? RD , mutual Funds or e wealth insurance ?

    1. I think every investment product has its customer base as risk taking ability is different. Why don’t you find out how much risk you can take and accordingly do a comparison of return? You will get your answer. Personally, I prefer mutual fund + RD over a ULIP plan.

  12. Hi Shantanu,

    Actually I want to invest 3K/month upto 10 year, so I inquired me about this from policybazaar. the person suggested me this plan, he also said last 10 year return of this plan is 20.6%. so I can go for this,

    So could you please let me know whether I should go with plan or any other.
    If you can suggest me any plan which could give better return, please let me know.

    Thanks in advance.
    Prashant

    1. Wow !! more than 20% return in 10 years? Do you think this much return is really possible? Did you consider inflation while calculating return?
      You should read the policy document and return calculation carefully before making any decisions. I don’t think right now there any such product available who can guarantee a return on 20%.

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