15 replies on this article “ULIP trap – SBI Life Smart performer”

1. brahmanandDubey says:

   July 25, 2017 at 12:25 pm

   Customer no.25395194
   Policy no. 44004653607
   Product name-sbi life smart performer
   Kindly make me aware about the current maturity value

   Reply
   1. Manish Chauhan says:

      July 26, 2017 at 3:48 pm

      Sir, more info is needed for that. Better contact the company directly

      Reply
2. sunita says:

   June 3, 2016 at 10:29 am

   Dear Ansal

   I have taken this policy and completed 5years total premium is paid can i withdraw this amount immediately. If i have withdrawn how much i will get. please let me know.

   Reply
   1. Manish Chauhan says:

      June 3, 2016 at 12:05 pm

      Yes you can withdraw all the money. You should check what is the market value of your investments . Check with your agent/company

      Reply
3. ashalanshu says:

   December 2, 2013 at 11:35 am

   Dear Kumar, NO. surrender amount is different than the tax benefit claimed on prem. paid. As surrender is done by you in 3Y, the surrender value is not eligible for tax free status.

   Thanks

   Ashal

   Reply
   1. Kumar_G says:

      December 2, 2013 at 10:07 pm

      Thanks Ashal 🙂

      Reply
4. ashalanshu says:

   November 30, 2013 at 8:49 pm

   Dear Kumar, I can not comment on knwoedge level of the persons mentioned by you. Improving my own knowledge is in my hand and I’m doing that. 🙂

   thanks

   Ashal

   Reply
   1. Kumar_G says:

      November 30, 2013 at 11:55 pm

      Dear Ashal, If I pay tax reversal 10k amount as other income and file IT this year, Then should I consider my surrender amount 1Lac is tax free which ‘ll receive only after 5yrs lock-in period i.e in 2016?

      Thanks,
      Kumar.G.

      Reply
5. ashalanshu says:

   November 29, 2013 at 11:37 am

   Dear Kumar, The tax saving was 10K, hence this year the Tax to be paid by you ‘ll be 10K (same amount).

   Thanks

   Ashal

   Reply
   1. Kumar_G says:

      November 29, 2013 at 9:07 pm

      Dear Ashal, Thanks for your response. So, I’ve booked heavy lose and learned a costly lesson.

      Wah ! salute to SBI life employees ! The above calculation is given by SBI life manager after asking a question on tax reversal upon surrendering the policy .One thing I’m still not able to understand, why SBI LIfe employees including mangers don’t have proper knowledge on these ULIP products and tax implications.

      It’s being a passion, you and other forum members are helping out many members in this forum/country, why so called insurance employees are not able to do that though they are paying for it in the form of salary.

      Financial ignorance can cost us heavily !!

      Thanks,
      Kumar.G

      Reply
6. ashalanshu says:

   October 10, 2013 at 9:35 am

   Dear Kumar, as this is a ULIP, please complete 3Y of holding from starting date to avoid 80C claimed benefit reversal.

   Thanks

   Ashal

   Reply
   1. Kumar_G says:

      October 10, 2013 at 11:35 pm

      Thanks Ashal 🙂

      Reply
      1. Kumar_G says:

         November 28, 2013 at 4:50 pm

         Hi Ashal,

         Finally I surrender this policy, but as per SBI life I’ll receive my surrender money in 2015 which will earn 3.4% Anum during this lock-in period.
         For FY 2010-2011(50k)and FY 2011-2012 (50k), I got total 1 lac 80C tax exemption and as it completed only 2Y of holding from starting date, I need to fill IT for this FY2013-14 right?

         Can you please correct my to understanding on this tax part.

         I’m in 10% tax slab and earning from tax exemption for 1lac is 10k. So this 10k I need to show income and file the returns

         Tax exemption amount = 1lac
         So, earning from tax exemption=5k+5k =10k
         Tax on 10k income should be= 1k

         So, I need to declare 10k as income and pay 1k self tax and file the return during FY13-14.

         Thanks,
         Kumar.G

         Reply
7. ashalanshu says:

   October 9, 2013 at 3:12 pm

   Dear Kumar, w’d youy like to amputate a finger today or an arm tomorrow? The answer is simple. Cut back your losses now. Invest the 3rd prem. elsewhere to earn better return.

   Thanks

   Ashal

   Reply
   1. Kumar_G says:

      October 9, 2013 at 6:09 pm

      Dear Ashal, Thanks for quick reply. I’ve decided to surrender the policy.
      One question, for last two years I got 80C tax exemption for this policy, if I surrender now, will my previous tax paid is valid?

      Thanks,
      Kumar.G

      Reply

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