SBI Life launches Flexi Smart Plus

The product is designed to protect and cater to the savings needs of multiple customer segments with low risk appetite.

December 16, 2013 2:08 IST | India Infoline News Service

SBI Life Insurance, the most trusted and preferred private life insurer, launches the “SBI Life - Flexi Smart Plus” insurance plan.

The product is designed to protect and cater to the savings needs of multiple customer segments with low risk appetite.

Announcing the launch of this unique product, Mr. Atanu Sen, MD & CEO of SBI Life Insurance said: "Our focus while designing a product has always been on addressing customer needs. Hence, our ranges of products are not only innovative and simple, but also meet the financial/protection needs of our customers. The Flexi Smart Plus plan, further strengthens our product offering by catering to customers who are looking to create wealth, while protecting their loved ones. At the same time, it assures guaranteed returns which make the product unique."

Flexi Smart Plus has two Protection options to choose from; A: Gold option, which gives higher of policy account value, sum assured, or 105% of total premiums paid on death; and B: Platinum option which gives higher of policy account value plus sum assured, or 105% of total premium paid on death.

Flexi Smart Plus offers a Minimum Bonus Interest Rate of 1% p.a. which is guaranteed for the entire policy term. In addition to this, a non-zero positive Regular Bonus Interest Rate will be declared at the end of each financial year on 31st March, which will not be less than the Interim Bonus Interest Rate. A Regular Interest Rate along with the guaranteed minimum bonus interest will be credited to the policyholders’ account at the end of every Financial Year. A Guaranteed Interest rate of 7.25% has been declared for FY 2013-14, which includes Guaranteed Minimum Bonus Interest Rate plus Interim Interest Bonus Rate. Apart from this a Terminal bonus interest rate may also be credited at the time of exit on account of maturity, death or surrender.

The product is available at an affordable, minimum premium amount of Rs.50,000 p.a. The policyholder can opt for paying the premium by yearly, half-yearly, quarterly or monthly modes.

Another customer-friendly feature incorporated in Flexi Smart Plus, is the Partial Withdrawal facility which is available from the 6th policy year onwards. The life cover will continue to be available to the policyholder during this period.

Further, Flexi Smart Plus Insurance provides the policyholder with the option to increase or decrease the Sum Assured from the 6th policy year onwards, subject to two months prior notice.

The policy term is minimum 5 years and maximum 30 years with the flexibility to increase the chosen policy term, subject to two months notice, prior to the original date of maturity and within the product limits. The product is open for the age group of 18 to 60 years with the maximum age of maturity being 65 years.

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