Review: SBI Life Unit Plus ii

SBI Life Unit Plus ii is a Pension Plan. There are several pension plans available from SBI. Here are those plans.

01) SBI Life – Horizon ii Pension

02) SBI Life – Unit Plus ii Pension

03) SBI Life – Life Long Pensions

04) SBI Life – Immediate Annuity

Introduction: SBI Life Unit Plus ii

It may be difficult to understand all your needs but as your preferred life insurance company, SBI Life definitely understands all your financial & insurance needs. SBI Life - Unit Plus II Plans are an attempt to meet all your financial & insurance needs through a single non participating product. You can use it the way you like. What’s more you get market linked returns which in the long term has always proved to give better returns than traditional savings products.

Key Features:

- Unmatched Flexibility to match your changing requirement

- Choice of 5 investment funds: you can change the allocation percentage when you want, 4 switches free per annum

- Choice of term : Limited term or whole life

- Attractive riders available

Product type:

This is a non-participating individual unit linked product.

How does it work?

SBI Life - Unit Plus II Plans: 2 plans depending on your premium mode

Single Premium Mode : SBI Life - Unit Plus II Single       (UIN No: 111L029V01)
Regular Premium Mode : SBI Life - Unit Plus II Regular (UIN No: 111L028V01)

Benefits

- Maturity Benefit: At maturity, the Fund Value as on that date is paid in full.

- Death Benefit: In the unfortunate event of the death
Before or the age 7 years: Fund Value is payable to the nominee.
After attaining age 7 and before 65th birthday, the beneficiary will receive higher of Fund Value or Sum Assured less Partial Withdrawals within the last 12 calender months.

If death occurs after age 65, the beneficiary will receive the higher of the Fund Value or Sum Assured less all the Partial Withdrawals made in the last 12 calender months before attaining the age of 65+ all withdrawals made after attaining the age of 65 will be set off against the Sum Assured excluding partial withdrawals from Top Up Amount.

Tax Benefits

Tax benefit as per section 80C and 10(10D) of Income Tax Act.

The Policy Term -

Minimum 5 years & Maximum 40 years

There are basically 5 funds for investments.

01) Equity
02) Bond
03) Growth
04) Balanced
05) Equity Optimizer