Private insurer
SBI Life Insurance on Thursday announced that it would soon launch a new
Unit-Linked Insurance plan (ULIP) - 'Smart Power Insurance', which will be
available for customers from October 7, 2013. This plan is especially designed
to cater to youths’ twin needs of savings and life insurance cover.It’s a low premium, simple product that takes care of the varying needs of the customers as their income increases while giving them flexibility of periodic increase in sum assured and partial withdrawal, said Sri Atanu Sen, MD -cum- CEO of SBI Life Insurance in a press release.
As per the release, SBI Life Smart Power Insurance plan comes with two options to choose from - Level Cover option and Increasing Cover option. This plan also gives two fund options - Trigger Fund option with the advantage of buying low and selling high, and Smart Funds option that has the option to choose from seven funds. During the policy term, policyholders will have the flexibility to switch twice between these options.
Smart Power Insurance also offers a unique in-built ‘Accelerated Total and Permanent Disability’ (TPD) benefit, advancing the policy benefit in case of permanent disability due to accident or sickness.
The policy term options are 10, 15 or 30 years. The minimum sum assured will work out to either ten times of the annual premium or 0.50 multiplied by the term and annual premium, whichever is higher. While, the maximum sum assured will be 20 times of the annual premium.
The minimum premium payable works out to Rs 2,000 monthly, Rs 5,500 quarterly, Rs 9,500 half yearly and Rs 15,000 annually. The age eligibility for this plan ranges from 18-45 years with the maximum age of maturity being 65 years.
SBI Life Insurance is a joint venture between State Bank of India, country’s leading public sector bank and BNP Paribas Cardif, the insurance arm of BNP Paribas of France. SBI holds 74% stake and BNP Paribas Cardif the remaining 26% in the JV.
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