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SBI Life has launched ‘Flexi Smart Insurance’ which is a non-participating traditional life insurance cum savings plan.
Flexi Smart Insurance is designed to give flexibility to meet the changing needs of a policyholder while assuring guaranteed benefits. The plan offers guaranteed interest rate of 2.5% p.a for the entire policy term; plus an interim interest rate; plus any additional interest rate based on the company’s performance. The interim interest rate will be equal to or more than the guaranteed interest rate.
Key features of Flexi Smart Insurance:
Guaranteed Interest Rate - Guaranteed interest rate of 2.50% p.a. will be guaranteed for the entire policy term.
Interim Interest Rate - An interim interest rate will be declared at the beginning of every financial year.
Additional Interest Rate - An additional interest rate may also be declared, as on 31st March, every year.
The policyholder can freely increase or decrease the Sum Assured, boost investments through top-up payments, choose the Sum Assured Multiplier Factor (SAMF) etc.
SBI Life Flexi Smart Insurance is open to all individuals between 8 years to 60 years of age, while the renewal age is restricted at 70 years. The policy term is 10 years to 20 years and is the same as the premium paying term. The premiums are affordable and start at Rs 1,500 per month. There is no limit on the maximum amount that can be invested in this plan.
Other unique features of this plan are premium holiday which allows the policyholder to take a break from paying the premium for a minimum of 1 year and a maximum of 3 years. A policyholder can surrender the policy at any time during the policy term, and the surrender value will be paid after a lock-in period of 3 years.
Read our complete review of SBI Life Flexi Smart Insurance policy
SBI Life Insurance Company is the largest private insurer in India with a market share of 19.84%. Its total market share in the life insurance market is 4.83% according to IRDA reports (as on May 2011). It is a joint venture between State Bank of India (74%) and BNP Paribas Assurance (26%).
In the financial year 2010-11, SBI Life Insurance posted a record profit of Rs.366 crores, increasing by 33% and collected total premium of Rs. 12,912 crores, growing by 28% over the previous year. Bloomberg UTV Financial Awards, 2011 declared SBI Life as the “Life Insurer of the year”.