Best 6 SBI Investment Plan for 5 Years 2024 - Features & Benefits

SBI Investment Plans in 2024 - An Overview

The SBI has a range of investment plans for various investors and their different requirements. However, choosing the one SBI investment plan for yourself can be draining. So, if you’re thinking of investing in an SBI investment plan in 2024, we have a list ready for you.

In this article, we will take you through the 6 best investment plans for your wealth-building and investment journey. Additionally, you can take a glance at the FAQs section.

6 Types of SBI Investment Plans for 5 Years

Here are all the 6 types of SBI Investment Plans for 5 years listed below:

Now, let’s take a detailed overview of these SBI Investment Plans in which you can invest your money for only 5 years and still expect good returns. 

1. SBI Life – Smart Elite Plan

Image Source: SBI Life

The SBI Life - Smart Elite Plan is one of the best SBI Investment plans for those who fall into the category of a high-income group. This plan is a ULIP that comes with a maturity period of 5 years and so, the investors get complete freedom of the fund in which they want to invest their money. 

Note that the returns offered by this plan completely depend on the market situation. In addition, the investors have to pay in a lump sum amount. It is a one-time investment plan. From the 6th year, the investors can start withdrawing money from this plan. 

Smart Elite Plan’s Eligibility:

Features and Benefits:

• At maturity, the premium paid is returned as a lump sum amount.
• Depending upon your plan, the fund value and other benefits are paid on death.
• The plan also allows the insured to choose from four fund options and offers accidental benefits.

Read More: Best Investment Plans For 1 Year

2. SBI Life – Smart Privilege Plan

This is a non-participating plan which allows the parents or guardians to invest on the behalf of their child who is at least 13 years old. It is a unit-linked plan. Hence, the investor can switch between several funds during the tenure of this plan. 

In addition, all the returns accumulated throughout the tenure are based on the market performance. For people who want to create wealth and insurance, it is a great plan to choose. Another benefit is that the amount is paid in a lump sum amount at maturity of this plan. 

Smart Privilege Plan’s Eligibility:

Features and Benefits:

• The death benefit to the nominee includes the premium paid till the time of death of the insured, or the basic sum assured minus the partial withdrawal, or 105% of the total premium received till death.
• The insured receives the premium paid as a lump sum amount at maturity of the plan.
• Loyalty additions are also paid to the insured.

Read More: Best Investment Plan for 5 years

3. SBI Life – Shubh Nivesh Plan

The Shubh Nivesh Plan is also the best investment plan in SBI For 5 Years. Shubh Nivest Plan is a participating plan that offers returns based on the funds’ market performance. Moreover, this is one of the endowment plans that offer benefits to the family of the investor. In simple words, the investor's family will receive a death benefit and a revised bonus on the investor's demise. Plus, you can also get riders under this plan. 

Shubh Nivesh Plan's Eligibility:

Features and Benefits:

• The death benefit to the nominee includes the sum assured, terminal bonus, and reversionary bonus.
• The maturity benefits come as a sum assured and bonus.
• Additional benefits include a terminal bonus and a reversionary bonus.

Read More: Best sip plans for 1000 per month

4. SBI Life – Smart Wealth Builder Plan

As the name suggests, this plan is a great option for people who want to generate wealth for the future. The parents or guardians of a child with a minimum age of 7 years can buy this plan on the child's behalf. This plan allows investors to generate income by investing funds in the market. However, no dividends are offered during the investment tenure. 

Simple enough, the maturity benefits depend on the performance of the market, which is paid at the end of the investment tenure as a lump sum amount. Investors can withdraw their funds under certain circumstances during the tenure. Once withdrawn, the amount debited is then debited from the sum assured which is later paid as a maturity benefit. 

Smart Wealth Builder Plan’s Eligibility:

Features and Benefits:

• The investors have a choice to choose from 11 different funds.
• The death benefit offered includes the premium paid till the time of death or the basic sum assured less applicable partial withdrawal.
• A lump sum amount is paid at maturity.

5. SBI Life – Saral Pension

The Saral Pension plan is one of the best SBI investment plans for retired people. The best part about this SBI investment plan is that the interest culminates throughout the tenure. The policyholder receives the benefits after the policy term ends. 

Saral Pension Plan's Eligibility:

Features and Benefits:

• The death benefit includes the total premium received till the time of death along with the reversionary bonus.
• At maturity, the total premium received or the basic sum assured with a bonus is paid.
• A simple reversionary bonus is offered for the first 5 years.

6. SBI Life – Grameen Bima

The Grameen Bima plan is a micro-insurance, non-linked plan. Hence, you no longer have to worry about the market performance and its effects on your returns. However, no maturity benefit comes with this plan. 

Note that you will be able to stop the plan after 1 year of buying it. Once you surrender the policy, you will get back the premium after taxation. 

Grameen Bima Plan's Eligibility:

Features and Benefits:

• The death benefit in this plan includes the lump sum amount of the sum assured paid to the nominee.
• There's no maturity benefit in this plan.

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7. SBI Mutual Fund

Benefits of SBI Life Investment Plans

The SBI investment plans have several benefits of their own which can be very useful for the investors. So, here are some of them mentioned below:

1. Great returns

With the SBI Investment plans, you can expect high returns at low-cost premiums. 

2. Riders for extra coverage

The policyholders of the SBI investment plans can buy riders and get additional coverage. These riders include accidental death, critical illness, and total or permanent disability riders. 

3. Tax benefits

You can claim tax benefits on SBI investment schemes under Section 80C of the Income Tax Act, 1961. The maturity benefit of these schemes is also tax-free under Section 10(10) D of the Income Tax Act, 1961.

4. Additional benefits

One can benefit from a premium waiver in case of an accident that leads to permanent or total disability. 

How to Choose an SBI Investment Plan?

The best way to choose an SBI Investment Plan is to consider your requirements and goals for the investment. Then figure out your preferred investment plan and invest in it.

How to Invest in an SBI Investment Plan?

If you want to buy an SBI investment plan, you can do it either through the official website or the other online portals. The best thing is that you can do it from your home. 

Follow the steps below to invest in an SBI plan:

1. Visit the official website of the SBI Life Insurance Company. 

2. Click on the Money Back Plans on the navigation bar. 

3. Select the category of plans that you want to buy or invest in. 

4. Click on the Buy Now button and fill in the necessary details. 

5. Finally, select a plan that suits you the best. 

6. Finish the purchase. 

FAQs

1. Which is the best SBI Investment Plan for 1 year?

Some of the best SBI short-term investment plans are Treasury Securities, RDs, FDs, Stocks, and Equity Mutual Funds.

2. Which is the best SBI Investment Plan for 5 years?

Some of the best SBI Investment plans for 5 years include:

• SBI Life – Smart Elite Plan
• SBI Life – Smart Privilege Plan
• SBI Life – Smart Wealth Builder Plan
• SBI Life – Shubh Nivesh Plan
• SBI Life – Saral Pension
• SBI Life – Grameen Bima