SBI Life targets youth with Smart Power Insurance

India Infoline News Service | Mumbai |

Affordable entry-level premium for youth of age group 18-45 years

Targeting India’s predominant youth population, SBI Life Insurance, the most trusted and preferred life insurer, prepares to launch the “SBI Life Smart Power Insurance” Plan on 7th October, 2013. The product is designed to care for investor’s twin needs of insurance and investment.

Atanu Sen, MD & CEO of SBI Life Insurance, said: “We did a survey on the needs of today's youth and designed the SBI Life Smart Power Insurance plan, a simple, low premium product catering to their requirement. The uniqueness of this product is that it takes care of the changing needs of the policy holder as his income increases while giving him flexibility of periodic increase in Sum Assured and partial withdrawal.”

Smart Power Insurance Plan comes with two options to choose from; the first: Level Cover option, and the second: Increasing Cover option.

Smart Power Insurance also has two Fund options to choose from – A: Trigger Fund option, a unique fund option with the advantage of ‘Buying Low and Selling High’; and B: Smart Funds option which gives the option to choose from 7 varied funds. The buyer will have the flexibility to switch between these options twice during the policy term.

It also offers a unique advantage of adding an inbuilt ‘Accelerated Total and Permanent Disability’ (TPD) benefit, advancing the policy benefit in case of TPD 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. The maximum sum assured will be the annual premium multiplied by 20.

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 product is open for the age group of 18 to 45 years with the maximum age of maturity being 65 years.
 

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