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SBI Life Insurance launches no-medicals, low premium ULIP – Saral Maha Anand
11th October, 2010: Following the introduction of Smart Performer and Unit Plus
Super, SBI Life, the leading new generation life insurer, has launched third new Unit Linked
Insurance Plan (ULIP) - Saral Maha Anand. Available at an affordable yearly premium starting
Rs. 15, 000 onwards, the product has been designed to cater to investment and
protection needs of the middle and low-income segments. The product is exempted from medical-
examination. |
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Mr. M. N Rao, MD & CEO, SBI Life Insurance said “The product offers simplicity and affordability
so that a larger section of society can participate and benefit by systematically investing over a
long term horizon” .
SBI Life Maha Anand can be availed of by investors of minimum 18 years upto maximum 55 years
of age. The maturity age is upto 65 years. Premiums can be paid yearly, half yearly, quarterly
or monthly depending on customer convenience. The plan has a minimum yearly premium
of
Rs 15,000, a maximum yearly premium of Rs 29,000 and a fixed Sum Assured, which
ranges from ten to twenty times of the annual premium, restricted to a maximum of Rs 7,50,000.
SBI Life Maha Anand offers four fund options – Index, Equity, Balanced and Bond fund enabling
the investor to opt for a fund depending on his or her risk appetite. Providing liquidity, the product
offers flexibility to the investor to partially withdraw money after completion of 5 policy years to
meet any sudden or unforeseen expenses.
In compliance with the new IRDA guidelines, Saral Maha Anand is equipped with enhanced
features such as benefits of higher protection, switch options and a rider option offering additional
protection. Guaranteed Additions, Lower Charges and Premium Redirection are the other key
benefits of Saral Maha Anand.
SBI Life Insurance Co. Ltd:
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance SBI
owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. SBI Life Insurance
has an authorized capital of Rs. 2,000 crore and a paid up capital of Rs 1,000 crores. State Bank of
India enjoys the largest banking franchise in India.
Along with its 6 Associate Banks, State Bank Group has the unrivalled strength of over 16,000
branches across the country, arguably the largest in the world. BNP Paribas is the 1st largest
French company and ranks 5th in the banking industry worldwide, 1st bank in Euro Zone as per
Global 2000 Forbes’ 2008. It is 6th most valuable international banking brand as per Brand Finance
2008.
BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone’s leading Bank. BNP
Paribas, part of the worlds top 10 groups of banks by market value and part of Europe top 3
banking companies, is one of the oldest foreign banks with a presence in India dating back to
1860. BNP Paribas Assurance is the fourth largest life insurance company in France, and a
worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP
Paribas Assurance operates in 41 countries mainly through the bancassurance and partnership
model.
SBI Life Insurance’s mission is to emerge as the leading company offering a comprehensive range
of Life Insurance and pension products at competitive prices, ensuring high standards of customer
service and world class operating efficiency.
SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance,
Retail Agency, Institutional Alliances and Corporate Solutions distribution channels.
SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling
insurance products along with its numerous banking product packages such as housing loans
and personal loans. SBI’s access to over 100 million accounts across the country provides a
vibrant base for insurance penetration across every region and economic strata in the country,
thus ensuring true financial inclusion. Agency Channel, comprising of the most productive
force of over 68,000 Insurance Advisors, offers door to door insurance solutions to customers. |
