SBI Life Insurance, the leading new generation life insurer, has launched a highly flexible Immediate Annuity Plan – Annuity Plus. The plan provides a regular fixed stream of income at regular intervals throughout the life of the policyholder, referred as Annuitant. The Annuitant can subscribe to the plan by choosing a lump sum amount or the desired regular fixed income for life referred as annuity installments. The annuitant has an option to choose the frequency of installments receipts as monthly, quarterly, half yearly or yearly.
SBI Life’s Annuity Plus offers a wide range of fourteen annuity options enabling Annuitants to choose the one that best meets the Annuitants’ income needs. Some of the attractive annuity options include lifetime income with refund of the entire premium to the nominee upon death of the Annuitant and lifetime income which increases every year by 5%. In the Life Annuity – Two lives options, the second annuitant, who possibly could be spouse or child or sibling, could continue to receive regular income for the rest of their life even after the death of the primary annuitant. The plan offers additional benefits of Incentive of attractive annuity rates for Higher Premium and optional Accidental Death Benefit rider at an affordable cost. The minimum age for subscription to Annuity Plus is 40 years and maximum of 80 years.
Strengthening its product suite, recently, SBI Life had launched a variable insurance plan – FlexiSmart Insurance and Health Insurance plan – Hospital Cash. Flexi Smart Insurance provides safety for the customer’s investment and stable returns to risk-averse customers having preference for non-market linked plans. Interim and additional interest rates, flexibility of premium holiday option, facility of increasing or decreasing the sum assured as per the changing needs and an option of Top-up Premium are some of the customer-friendly features of Flexi Smart Insurance. The Health Insurance Plan, Hospital Cash guards the erosion of policyholders’ accumulated savings, incase of medical emergency, by way of providing fixed daily allowance to the insured for every day of hospitalization irrespective of hospital bill amount. Expenses incurred before, during and after discharge are covered through this allowance
As per the latest IRDA report, as of January 2012, SBI Life ranks first amongst private players in new business premium. The company has a market share of 18.2% among private life insurers and a total market share of 5.0%.