SBI Life Insurance will soon launch a new unit linked insurance plan (ULIP) called 'SBI Life Smart Power Insurance'. The plan offers policyholders options to choose from in both the savings and life cover components.
According to a press release issued by the company, the plan comes with two options to choose from, the first: Level Cover option and the second: Increasing Cover Option.
The plan also two fund options to choose from – A: Trigger Fund option, with the advantage of ‘Buying Low and Selling High’; and B: Smart Funds option which gives the option to choose from seven varied funds. The buyer will have the flexibility to switch between these options twice during the policy term.
It also offers an in built ‘Accelerated Total and Permanent Disability’ (TPD) benefit, advancing the policy benefit in case of permanent disability due to accident or sickness, the release said.
The policy term options are 10, 15 or 30 years. The minimum sum assured will work out to either ten times of the annual premium or 0.50 multiplied by the term and annual premium, whichever is higher. The maximum sum assured will be the annual premium multiplied by 20.
The minimum premium payable works out to Rs 2,000 monthly, Rs 5,500 quarterly, Rs 9,500 half yearly and Rs 15,000 annually. The product is open for the age group of 18 to 45 years with the maximum age of maturity being 65 years, the release said.
