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| SBI Life enters into an exclusive Tie-Up with Policybazaar.com |
| Announcement / Banking Jun 22, 2009, 20:29 IST |
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SBI Life products can be purchased online through Policybazaar.com; SBI Life ties-up for the first time ever to sell its product online
Policybazaar.com, India's one of the leading online non-life and life insurance aggregator ties-up with SBI Life, the country’s largest insurer to sell its products on the internet. For the first time ever SBI Life ties-up with an insurance portal which will enable the consumers to get detailed information on SBI Life products – Term Plan & Smart ULIP Plan.
The plan offers the convenience of a shorter premium paying term allowing customers to pay premium for limited period of either 3 or 5 years and avail tax benefits under section 80 C and 10(10 D) of the Income Tax Act. The unique feature of the scheme is that the life cover increases automatically with the premium payable remaining constant throughout the term of the policy even without the need of medical examination at each stage.
SBI Life’s – Smart ULIP is a unit linked plan with fixed maturity of 10 years with Lower exit and it has lower management charges than most plans in the market. You can pay monthly, quarterly, half-yearly, or yearly. It has Guaranteed Highest NAV (NAV is checked twice a month for the first 7 years, and you get the highest recorded NAV or NAV at maturity if that is still higher.
The Liquidity in the plans is:
- Partial withdrawal allows you to meet your unforeseen financial exigencies from year 5 onwards.
- One partial withdrawal per year.
- Maximum withdrawal amount up to 20% of Fund Value.
- Surrender facility available after 3rd year.
Speaking on this initiative, Mr. Yashish Dahiya, Co-founder and CEO, Etechaces Marketing and Consulting Pvt. Ltd. said “It is our constant endeavor to provide our customers with the best insurance products available in the market. We are very proud of our association with a trusted brand like SBI Life. SBI’s Smart ULIP Plan provides, highest NAV guarantee over a 7 year period, which is great to avoid large downward variances, and benefit from any upward ones. The convenience of a shorter premium paying term allowing customers to pay premium for limited period of either 3 or 5 years and avail tax benefits is also good."
To make a purchase, the customer logs in with a need in mind and by using a highly interactive and intuitive tabbed browsing interface, the customer can access hundreds of options and combinations. Once a simple on-line application form is filled, the site offers the best options for the policy needed. The customer is then free to finalise and close the deal which he thinks is best suited for his needs.
About ETECHACES Marketing and Consulting Pvt Ltd
ETECHACES Marketing and Consulting Pvt Ltd was founded by Yashish Dahiya, Avaneesh Nirjar and Alok Bansal in the year 2008. The Company launched its insurance portal, policybazaar.com in July 2008. ETECHACES Marketing and Consulting has attracted investment of Rs. 20 crores in September 2008 from India’s largest internet company, Info Edge (India) Ltd.
Policybazaar.com is India's leading online non-life and life insurance aggregator. Policybazaar.com enables the customer to compare insurance products from leading insurance companies on the basis of their quality and price, and empowers the consumer to purchase the best suited insurance plan for their unique needs. The website provides an exhaustive comparison of general (car, health and travel insurance) and life insurance products (including quotes) combined with the facility to purchase insurance online through their partners, thus empowering the customer to make an informed data-driven decision. Policybazaar.com has over 20 Insurance Companies and brokers as partners and has a 24x7 call centre to assist the users for any Insurance need through their Insurance Experts sitting out of their office in Gurgaon, Haryana.
The company’s "Insurance Compare Kiya?" tagline is to encourage target customers to compare insurance prices and products before they make any insurance decisions. Policybazaar.com strives to empower the Customer through providing accurate and complete information on Insurance Products combined with the Solution-Focused Customer Service. This facility enables the company to provide sustainable value for its customers, Insurers and shareholders.
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