SBI Life launches products with low premium traditional plan - Saral Life, Smart Scholar, Smart Elite
Beefing up its existing product range further, SBI Life has launched a series of products that include low premium traditional plan – Saral Life, Child ULIP - Smart Scholar and HNI-targeted – Smart Elite. Addressing the needs of multiple customer segments, product range is designed keeping in mind life stage needs and varied risk profiles.
M. N Rao, MD & CEO, SBI Life Insurance said 'The new range further enables to serve customers from diverse profiles along the dimensions of income, life stage needs and risk. In line with our need-based approach, we will continue to intensify our range of offerings so as to allow our customers to opt for solutions that best meet their needs'.
Catering to the savings and protection needs of mid-income segment, Saral Life – a traditional endowment plan is available at an affordable yearly premium starting from around Rs. 4,000. Facilitating quick issuance of the policy, the product is exempted from medical-examination. Customer can opt to pay premiums yearly, half yearly, quarterly or monthly mode.
A flexible Child Insurance ULIP, Smart Scholar allows to provide for child's future needs like higher education, marriage and financial security. Customers can choose from a range of nine funds available, including an attractive option of innovative P/E Managed fund. Guaranteed loyalty additions during every third year is one of the most unique features of the product.
The in-built feature of the Premium Waiver Benefit, ensures the premium continue to be paid by the company incase of an unfortunate event met by the premium payor, parent. Convenient Partial withdrawals to meet unplanned expenses, Switching options, Premium redirection and Accident Benefit are the other key features of this plan.
Catering to the investment and life insurance needs of HNI segment, Smart Elite offers policyholders the flexibility of pay single premium or premiums for limited terms, however, allowing them to stay invested and protected for a long term. Excellent allocation charge, zero premium allocation charge from 6th policy year onwards enhancing the fund value, benefit of Accidental Death and Accidental Total and Permanent Disability riders are other attractive features of the plan. Premium redirection, Partial Withdrawals and Switching option are the other key features of this plan.
In line with its strategy of offering simple and differentiated products offering, earlier in the month of September, the company launched a series of ULIPs, in compliant with IRDA guidelines, namely Saral MahaAnand – no medical ULIP, Smart Performer - NAV Guarantee ULIP and Unit Plus Super – flexible ULIP. Further, during the same period, SBI Life introduced two pure protection plans, Saral Shield and Smart Shield. In the latest Outlook Money, Best ULIPS 2010 report, SBI Life's equity fund, available in Smart Performer and Unit Plus Super, was ranked highest performing fund in the "since inception' category, SBI Life, with the latest additions, has now a complete bouquet of products, catering to all customer segments
