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Private life insurer SBI Life Insurance on Monday announced the launch of a high net-worth individual (HNI)-focused life insurance plan called 'SBI Life-Smart Privilege’. The product is a unit-linked, non-participating plan that provides both life insurance as well as the opportunity to increase wealth through investments in eight select funds (in any combination of customer’s choice).
There is also a flexibility of fund switching and premium redirections, unlimited number of times, throughout the term of the plan. Arijit Basu, managing director and chief executive, SBI Life, says, “Based on our analysis of the needs of HNIs, we understand creating wealth is inherent for them and they like to have control over their finances.”
Keeping this in mind, the SBI Life – Smart Privilege is designed to give them the litheness to make unlimited switches and premium re-directions between eight diverse funds with loyalty additions to boost fund value."
The plan comes with flexibility of premium payment; one can opt to pay throughout the policy term, for a limited period or single premium payment and get life cover and other benefits throughout the chosen policy term.
The minimum entry age is 8 years for regular/limited premium policies and 13 years for single premium policies. The maximum age is 55 years. The policy term is 10 to 30 years for regular/limited premium policies and 5 to 30 years for single premium policies. The premium paying frequency options are single, yearly, half yearly, quarterly and monthly.
The benefits include, Life Cover for which Higher of the Fund Value or Sum Assured is payable; with a minimum of 105 per cent of total premiums paid till the date of intimation of death claim. For Maturity, on survival of the life assured up to maturity, the Fund value shall be paid in a lump sum. Alternatively, the maturity benefit can be availed in installments under ‘Settlement’ option. The plan also provides tax benefits as per the prevailing tax laws.
