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SBI Life Insurance, which is a joint venture between State Bank of India and BNP Paribas Cardif, announced the launch of simple, low premium insurance plan called Smart Power Insurance Plan that caters to the changing needs of the policy holders. This plan gives policy holder an option to increase the sum assured as well as also permits for partial withdrawal of the amount.
Mr. Atanu Sen, CEO and Managing Director of SBI Life Insurance said that this Smart Power Insurance Plan, which will be launched from 7th October 2013, is designed to care for investor’s dual need of capital appreciation and insurance.
This new plan will come with two options viz: level cover option and increasing cover option and two fund options viz:
Trigger fund option and Smart Fund option.
Under trigger fund option, the policy holder will have an advantage of buying low and selling high and under smart fund option, the policy holder can choose from any of the seven funds. Further, under this plan the investor has an option of switch over for 2 times during the entire policy term.
The other feature of this plan is as under:
- Policy term options are 10, 15 or 30 years
- Minimum premium amount is Rs. 2,000 monthly, Rs. 5,500 quarterly, Rs. 9,500 six monthly and Rs. 15,000 annually
- The product is available for a person aging between 18 to 45 years
- Maximum age of maturity is 65 years.