Launch Date | Product Code | UIN | Status |
26/11/2013 | 1E | 111N088V02 | Active |
Under this plan, an individual can choose to pay premiums for a period (deferment period) anywhere between 10 to 40 years. During the deferment period he gets a life cover. After the deferment period is over the individual gets a lumpsum (Basic sum assured+ guaranteed additions+ accrued bonus), but he has to re-invest it in one of the following;
If in-case the insured dies during deferred term, then the nominee receives total premiums paid accumulated at 0.25% compounded annually + plus accrued bonus or 105% of the total premiums paid. The nominee can collect the proceeds in one of the following two ways:
Let us understand this better by an example:
Consider,
Person’s age: 37 year
Deferment period: 15 years
Premium paying term: 15 years
Premium amount: Rs 31168/- per year.
Sum assured: Rs. 5 lakhs
37 year old person chooses a Basic sum of Rs. 5 lakhs and a deferment period of 15 years. 2.5% of the basic sum assured is paid as the guaranteed additions for the first three years and 2.75 % of basic sum assured for next two years. From 6th year onwards bonuses are accumulated till the end of the policy term. Once the deferred policy term is over the individual can choose to take maturity benefit of approximately Rs 845000 in either of the following options:
If the insured dies during the policy term, then the nominee receives total premiums paid accumulated at 0.25% compounded annually + plus accrued bonus or 105% of the total premiums paid. The nominee can collect the proceeds in one of the following two ways:
BonusYear | RevBonus | InterimBonus | MinPPT | MinPT | ||||||
---|---|---|---|---|---|---|---|---|---|---|
2012-13 | 2.75% | 2.75% | Regular Pay | All | ||||||
2012-13 | 2.75% | 2.75% | Single Pay | All |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
SBI Life-Preferred Term Rider: In this rider the nominee/ family receives an additional sum assured after the insured’s death due to an unfortunate event.
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.