Smart Insurance coverage offered by SBI Life Investment Plans

State Bank of India is truly the banker to every Indian. The financial institute, which has been around for many, many years always tries to offer innovative services and products to its customers. The latest offering is the SBI Life Smart Guaranteed Savings Plan. SBI Life offers some of the best insurance plans and the SBI Life Smart Guaranteed Savings Plan is a policy that combines insurance and investment. Read on to know more.

What is the SBI Life Smart Guaranteed Savings Plan?

The Smart Guaranteed Savings Plan from SBI Life is a non-participating investment policy that helps you save a fixed sum of money for a fixed number of years. The plan provides a guaranteed return each year. The return is calculated on the premium paid is in the range of 5.5% to 6%. The return is added to the principal and your money continues to grow. If you happen to die during the policy period, SBI Life pays a death benefit amount to your nominee. In this manner, you can safely invest your money in a non-volatile investment option and also insurance your life along with it. The benefits are twofold and you end up with a great policy.

How does the SBI Life Smart Guaranteed Savings Plan work?

Let us take a detailed look at the plan and understand how it helps in investing your money safely.

• Entry age: Between 18 years and 50 years

• Maturity age: 65 years (maximum)

• Policy period: 15 years

• Premium paying period: 7 years

• Premium frequency: Annual

• Premium amount: Minimum Rs 15,000 and maximum Rs 75,000

• Guaranteed additions (GA): 5.5% of the principal if the premium paid is between Rs 15,000 and Rs 29,000 and 6% if the premium is between Rs 30,000 and Rs 75,000

The plan is a pretty straightforward plan with uncomplicated features. It is easy to understand and even easier to invest in.

What are the advantages of the SBI Life Smart Guaranteed Savings Plan?

The key advantages of the plan are as follows:

• Your nominee gets a death benefit if you die within the policy period.

• You get a sum assured if you outlive the policy period. The sum assured is the maturity benefit and the accumulated GA, calculated together.

• You get a tax benefit on the premiums paid (under Section 80C) and the claim amounts (Under Section 10 (10D)).

The verdict

So as you can clearly see from the points mentioned above, the SBI Life Smart Guaranteed Savings Plan is a wonderful policy. If you are looking for a savings option that allows you to invest in a secured manner and also insures your life along with it, you need not look any further. The Smart Guaranteed Savings Plan from SBI Life is a tailor-made product for you. You can buy the plan via an insurance agent or you can buy it online. So what are you waiting for? Be smart and invest in the SBI Life Smart Guaranteed Savings Plan today!  

Source: Smart Insurance coverage offered by SBI Life Investment Plans

Kotak Life Insurance explains the factors to consider while choosing an online term plan

Buying an online term plan has become very common these days. The main reason behind this is the convenience they offer. The term plans can easily be bought in a short span of time. Additionally, they are less expensive too. These factors make the online terms plans from large insurance providers like Kotak Life Insurance much sought after. However, you must be cautious and keep a few things in mind before you choose an online term plan. Take a look at this article to find out what they are.

Factors to consider when buying an online term plan

Tenure: A term plan is taken to secure the lives of your loved ones if you were to die unexpectedly. As a result, you have to analyze the term for which you want to stay protected. The earnings from a term plan typically work as an income substitute so it makes sense for you to stay protected till an age when you would still be earning. If  you have young children, look to buy a policy that will continue for a longer period and ensure maximum protection  your kids for the longest possible time.

Sum assured: Next, you have to decide the value of the term plan. This is the sum assured that your  will get at the time of a claim. Keep all your expenses, such as the EMIs you pay, the cost of your children’s education, the monthly utility costs, etc in mind when selecting the sum assured. If you were to die, your family members should have enough money to pay off all the liabilities and bills and enjoy a similar lifestyle they did with your income.

Payouts: You can opt for a lump sum payout of the death benefit or you can opt for periodic payouts. This is an important factor to consider. If you have dependent family members, you can choose to divide the death  parts and assure that they get some financial assistance at different life stages. If  you have a specific reason for which you want to take the term plan (protect your  against a large home loan), you can opt for a single payout of the death benefit. This has to be mentioned when you buy the policy.

Cost: An online term plan is much loved because it is comparatively cheaper. So make sure you take the cost of the plan into consideration. Term plans do not give you anything in return if you outlive the policy period. So look to buy a plan that is comprehensive but economical at the same time.

Insurer’s track record: This is an extremely important factor to take into consideration when choosing an online term plan. Do some research and find out what the insurer’s track record in claim settlements is. Opt for the insurance provider who has one of the best claim settlement ratios. If there is a problem at the time of the claim and your  has to suffer because of that, the whole purpose of buying the online term plan will be defeated. And worst of all, you won’t be around to intervene or do anything about it!Keep the points mentioned above in mind and choose a good term plan that’s best suited for you. There are some very good term plans from insurers like Kotak Life Insurance. Go through all the available options and buy the plan that you like the best.  

Source: Kotak Life Insurance explains the factors to consider while choosing an online term plan