SBI Life Maha Anand ULIP – Review
SBI Life has recently launched SBI Life Maha Anand — a unit linked (ULIP), non participating insurance plan. It is an simple and affordable scheme which does not require any medical examination, offers flexibility to increase investments of policyholders through top-ups and liquidity through partial withdrawals.
Under the scheme, a policyholder needs to choose premium amount and policy term. The premium after deduction of premium allocation charges will be invested into funds chosen by policyholder. On maturity accumulated fund value will paid and in case of unfortunate event of death, the nominee will receive higher of fund value or sum assured.
The minimum entry age is 0 years whereas maximum is 55 years. The maximum maturity age is 65 age. The payment mode of premium is yearly, half yearly, quarterly and monthly. The minimum premium amount is Rs 6000 (yearly), Rs 3000 (half yearly), Rs 1500 (quarterly) and Rs 500 (monthly). While the maximum premium amount is Rs 30,000 (yearly), Rs 15,000 (half yearly), Rs 7500 (quarterly) and Rs 2500 (monthly). The policy term under this scheme is 10 years, 15 years and 20 years.
Under the scheme, partial withdrawal is possible only after completion of 5 policy years to meet any sudden or unforeseen expenses. The 3 investment fund options available under the scheme are Equity Fund, Optimiser Fund and Bond Fund.