New ULIP ‘Smart Wealth Assure’ by SBI Life assures a guaranteed minimum NAV to provide peace of mind to policyholders.
The unit-linked plan (ULIP) is open to all customers in the age group of 8 to 65 years for a policy term ranging from 10 to 30 years. Smart Wealth Assure is a single-premium ULIP and the minimum amount that a customer can invest is Rs 50,000. For those looking to invest greater amount in this policy are free to do so, as there is no cap on the maximum amount that one can invest.
Policyholders have the flexibility to choose from a mix of funds. Risk averse customers can opt for a Return Guarantee Fund which guarantees a minimum pre-specified NAV. Others can opt from 3 funds that are market-linked to get the best possible returns on their investment. Partial withdrawals are allowed from 6th policy year onwards.
Read our complete review on SBI Life ‘Smart Wealth Assure’. UIN 111L077V01.
With the addition of this new single premium plan; SBI Life now has 8 ULIPs in its basket to cater to insurance needs of different customers. The company MD and CEO, M N Rao, said that they aim to build an attractive and sizeable group of Simple and Smart products to allow customers to choose relevant solution that best meet their needs, aligned to their risk profile and income.
Single premium policies generate interest amongst insurance buyers who want to make hassle-free investments. Such plans let customer make one lump-sum payment at the beginning of the term and enjoy the benefits throughout the policy term. In today’s day and age, more number of customers opt for single premium policies provided they have the funds at their disposal. It is also a convenient option for people who do not have a steady cash flow to pay regular premiums year on year.