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SBI Life Insurance extends its products range
- Launches Low Premium Traditional Plan, Child ULIP and HNI-targeted ULIP
Mumbai, December 13, 2010: 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.
Mr. 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’.
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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.
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