SBI Life Maha Anand

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SBI Maha Anand is the ULIP in the simplest form. We already have so many innovative ULIP products in the market hence investing your money in Maha Anand doesn’t makes any sense.

Only thing which might attract the investor is the minimum premium of Rs. 500 pm, however because of high charges I would suggest to create a SIP in Mutual fund.

Terms and Condition:

Min. Premium: Rs. 500 pm; Max Premium: Rs. 2500 pm.

Min. Policy term: 10/15/20 years.

SA: 5 time’s Annual premium.

Death Benefit: Higher of fund value or SA.

Maturity: Fund value.

* Fund value is the number of units x NAV.

* Units are allotted at the time of investment.

Partial Withdrawal: Allowed after 5 years.

Total 3 funds available.

Tax benefit on premium paid and maturity amount.


Allocation charge is as high as 30% of premium in first year and later it is 7.5% for 2nd and 3rd year, 5% for 4th and 5th year and for rest 3%.

Top premium is allowed with Allocation charge of 1%.

Surrender charge:

It ranges from 60% of fund value to 1% of fund value between years 2nd and 9th and free surrender is allowed only after 10th year.

So in term of surrender charges also it is a costly bet.

Other charges:

It includes policy admin charge of Rs. 40 pm and it can go upto Rs. 300 pm.

Overall a plain vanilla type policy with only attraction is low entry premium, avoid it in case you are investing it because of low premium and opt for SIP in mutual fund.

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