Best 6 SBI Investment Plans for 5 Years, 2022-23 in India


7 min read

Updated on Apr 05, 2023

Best Investment Plan for 5 Years in SBI – Know Plan Type, Entry Age, and Maturity Age

One of the things in our life that matters the most is happiness. And happiness comes in abundance when everything is settled and well-managed. Whether it is the schooling of your kids or planning your retirement, everything should be properly managed, and it is also possible if your finances are managed. This is why you need to make investments so that you can get a good return. As far as investment is concerned, you can take a look at SBI investment plans for 5 years.

Name of investment plans Plan type Minimum entry age Maturity age Policy term
SBI Life –Smart Elite Plan ULIP 18 years 65 years 5 years
SBI Life – Smart Privilege Plan Unit-linked, Non-Participating Insurance Plan 13 years 70 years 5 years
SBI Life – Shubh Nivesh Plan Participating in Variable Insurance Plan 18 years 60 years 5 years
SBI Life – Smart Wealth Builder Plan Unit-linked, Non-Participating Insurance Plan 7 years 70 years 5 years
SBI Life – Saral Pension Individual, Non-linked, Participating, Saving Pension Plan 18 years 65 years 5 years
SBI Life – Grameen Bima Individual, Non-linked, Non-participating Microinsurance Life Insurance Plan 18 years 50 years 5 years

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The best thing about these plans is that you have to put your money only for five years. You can expect a good return after five years. Here are some of the best investment plans in SBI mentioned below:

1. SBI Life – Smart Elite Plan

SBI Life – Smart Elite Plan is ideal for those people who fall into the category of a high-income group. The investors get complete autonomy in the decision of the funds in which they want to invest their money. This is basically a ULIP that comes with a maturity period of 5 years. The minimum age to buy this plan is 18 years, while the maximum age is 65 years. The returns offered by this plan depend totally on the market situation. And it is paid in a lump sum amount. Withdrawing money from this plan can be started from the 6th year of buying the plan. The benefits under this plan include a death benefit, accidental death, permanently disabled, 4 different fund options, etc.

Also Read: ULIP Calculator

2. SBI Life – Smart Privilege Plan

This is a non-participating plan, and to buy this plan, one has to be as young as 13 years old. Parents or guardians can buy this plan on behalf of their child who is at least 13 years old. The highest tenure limit of this plan is 70 years. It is a unit-linked plan. During the tenure of this plan, the investor will be able to switch between several funds. The returns accumulated all through the tenure depend on the performance of the market. This means that while the plan is in motion, the policyholder will not get any financial benefit that is in the form of dividends. The returns that the policyholder gathers during the policy term are again invested in the market. This is a great plan option for people who want to create wealth and insurance. Upon the maturity of this plan, the amount is paid in a lump sum amount.

Also Read: Safe Investments With High Returns 2022

3. SBI Life – Shubh Nivesh Plan

This SBI investment plan is a participating plan and you will get a maturity benefit. The returns that you gather over the years depend on the performance of the funds in the market. The minimum entry age for the plan is 18 years, while the maximum is 60 years.

This is also one of the endowment plans that protect the family of the investor. On the untimely demise of the investor, the beneficiary will receive a death benefit and revised bonus. Along with the cover plan, you can also get riders under SBI Life – Shubh Nivesh Plan.

Also Read: SBI Health Insurance Claim Settlement Ratio

4. SBI Life – Smart Wealth Builder Plan

The minimum age to purchase this plan is at least 7 years. This means parents or guardians of a 7-year-old child can buy this plan on his/her behalf. This is a great option for people who want to generate wealth. Among all the investment plans offered by SBI, this has the lowest entry age. Under this plan, income is generated for investors by investing funds in the market. However, the investors are not offered any dividends during the tenure. The maturity benefits depend on the performance of the market. The maturity benefit is paid in a lump sum.

During the period, in which the plan is in motion, funds can be withdrawn under certain circumstances. The amount that has been debited is then deducted from the sum assured. The sum assured is later paid to the investors as a maturity benefit. The investors can choose from the 11 different funds as per their choice.

Also Read: SBI General Insurance Company Limited

5. SBI Life – Saral Pension

This is one of the best investment SBI plans that is targeted mainly at retired or soon-to-be retired individuals. The interest culminates throughout the tenure and the policyholder receives benefits after the term end. Despite being a pension plan, the minimum age to buy it is 18 years. Extra benefits can be received under this plan in the form of bonuses.

Also Read: SBI annuity deposit scheme calculator

6. SBI Life – Grameen Bima

This is an absolutely hassle-free micro-insurance plan, which is also popular for being non-linked. Therefore, there is no need to be worried about the market performance. No maturity benefit comes with the plan. Also, you will be able to surrender the plan after one year of buying it. On surrendering the policy, you will get back the premium after taxation.

Also Read: SBI life insurance 50,000 per year plan for 5 years

Key Features of SBI Life Insurance

To know the SBI Life Insurance Company even better, here are the features that you can go through.

#PAN India presence

SBI Life Insurance is present across India and has more than 40,000 partner branches and 970 offices in various nooks of the country. For any claim-related issue or policy-related query, the policyholders can visit their nearest branch.

#Solvency ratio

According to the annual report of IRDAI 2020-2021, the solvency ratio of SBI Life Insurance is 2.33. By checking the solvency ratio, you can understand the ability of a company to meet its financial obligations.

Also Read: How to break FD in SBI

Benefits of SBI Life Investment Plans

SBI Life Investments plans come with several benefits. Here are some of them mentioned below:

#Better returns at lower premiums

By paying lower premiums, you can expect higher coverage in any SBI Life Investment plan.

#Add riders for extra coverage

SBI Life Investment plans enable the policyholders to buy riders and get additional coverage. The available riders include accidental death, critical illness rider, and total or permanent disability rider.

#Tax benefits

You can claim tax benefits on the SBI schemes for investment. Under Section 80C of the Income Tax Act of 1961, you will be able to avail of tax exemption benefits. The maturity benefit you get is also tax-free under Section 10 (10) D of the Income Tax Act, 1961.

#Additional benefits

In case of an accident that leads to permanent and total disability, one can avail of a premium waiver.

How to Buy SBI Life Insurance Plans?

If you are willing to buy SBI Life Insurance plans, you can either do it through the official website of SBI Life Insurance Company or from various other portals. The best thing is that no matter which option you are choosing, you can do it from the comfort of your home.

Here are the steps to follow while buying it from the SBI Life Insurance company:

  • The first thing will be to visit the official website of SBI Life Insurance Company
  • You can click on the Money Back Plans which you can find on the navigation bar. You also have to select the category of plans that you want to buy
  • Now click on the Buy Now button and enter the necessary details
  • By clicking on Next, you can select a plan that suits you the best
  • Once you select the Cover, you can then make the payment.

Now that you know about these plans, you can choose the one that suits you and buy one accordingly.

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FAQs: SBI Investment Plans for 5 Years

Which is the best investment plan in SBI?

Some of the best savings/investment plans of SBI are:
1. SBI Life Shubh Nivesh
2. SBI Life Smart Bachat
3. SBI Life Smart Humsafar
4. SBI Life New Smart Samriddhi

Which SBI fund is best for SIP?

Below are some of the best SBI fund for SIP:
1. SBI Blue Chip Fund
2. SBI Short Term Debt Fund
3. SBI Small and Midcap Fund
4. SBI Magnum Multi-cap Fund
5. SBI ETF Nifty Next 50 Fund
6. SBI Magnum Tax Gain Fund
7. SBI Contra Fund
8. SBI Magnum Children's Benefit plan

What are the investment options in SBI bank?

There are various options of investment in SBI bank, such as:
1. Deposits including Fixed Deposit, Recurring Deposit, Flexi Deposit Scheme, Annuity Deposit scheme, Multi 2. Option Deposit, SBI Tax Savings Scheme, etc.
2. Also, there are several Govt. Schemes that one can invest on, and
3. There are Stocks & Securities to invest

Which SBI Mutual Fund is best for 5 years?

SBI Technology Opportunities Fund is an investment option that allows the highest return among the SBI funds and is regarded as the best mutual fund for 5 years.

Which SBI Mutual Fund is best for SIP in 2022?

Below are some of the best SBI Mutual Fund for SIP in 2022:
1. SBI Blue Chip Fund
2. SBI Short Term Debt Fund
3. SBI Small and Midcap Fund
4. SBI Magnum Multi-cap Fund
5. SBI ETF Nifty Next 50 Fund
6. SBI Magnum Tax Gain Fund
7. SBI Contra Fund
8. SBI Magnum Children's Benefit plan etc.

Is there a lock-in period for SBI Life investment plans?

As per the guidelines of IRDAI, all life investment plans need to have a lock-in period of at least 5 years.

Can tax benefits be availed of on SBI Life Investment plans?

Under section 80C of the Income Tax Act, 1961, you can avail of tax benefits on SBI Life Investment plans. In fact, the maturity amount on the life investment plans is also tax-free.

Can I surrender an SBI Life Investment policy after one year?

Yes, you can; however, the reasons have to be valid like dissatisfaction with the policy.

What documents are needed to be submitted to claim in the case of the death of the policyholder?

The most important documents that need to be produced in case of the death of the policyholder are the policy document and Death Certificate. Make sure both of the documents are original.

How can I check the policy details of my SBI Investment Plans?

To check your SBI Investment policy details, you can either visit the official website or send an SMS to 56161 with POLSTATUS (Policy Number) which has to be written in the body of the message.

I want to cancel my SBI investment plans. Can I do that?

If you want to cancel your SBI investment plans, you have to visit the nearest Life Insurance branch. You would be required to provide all the necessary documents, after which the request will be processed.

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May 24, 2022
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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