SBI Life launches Flexi Smart Plus

SBI Life launches Flexi Smart Plus 

a wealth creation plan with GUARANTEED BENEFITS

 

ü  Guaranteed Minimum Bonus Interest Rate

ü  Additional Regular & Terminal Bonus Interest rate

ü  Multiple Flexible Options

v  Two Plan options to choose from — Gold and Platinum

v  Partial Withdrawal option

v  Increase or Decrease of Sum Assured

v  Increase of Policy Term

 

Mumbai, January 09, 2014: SBI Life Insurance, the most trusted and preferred private life insurer, launches the “SBI Life - Flexi Smart Plus” insurance plan. The product is designed to protect and cater to the savings needs of multiple customer segments with low risk appetite.

 

Announcing the launch of this unique product, Mr. Atanu Sen, MD & CEO of SBI Life Insurance said: "Our focus while designing a product has always been on addressing customer needs. Hence, our ranges of products are not only innovative and simple, but also meet the financial/protection needs of our customers. The Flexi Smart Plus plan, further strengthens our product offering by catering to customers who are looking to create wealth, while protecting their loved ones. At the same time, it assures guaranteed returns which make the product unique."

 

Flexi Smart Plus has two Protection options to choose from; A: Gold option, which gives higher of policy account value, sum assured, or 105% of total premiums paid on death; and B: Platinum option which gives higher of policy account value plus sum assured, or 105% of total premium paid on death.

 

Flexi Smart Plus offers a Minimum Bonus Interest Rate which is guaranteed for the entire policy term. In addition to this, a non-zero positive Regular Bonus Interest Rate will be declared at the end of each financial year on 31st March, which will not be less than the Interim Bonus Interest Rate. A Regular Interest Rate along with the guaranteed minimum bonus interest will be credited to the policyholders’ account at the end of every Financial Year. A Guaranteed Interest rate of 7.25% has been declared for FY 2013-14, which includes Guaranteed Minimum Bonus Interest Rate plus Interim Interest Bonus Rate. Apart from this a Terminal bonus interest rate may also be credited at the time of exit on account of maturity, death or surrender.

 

 

The product is available at an affordable, minimum premium amount of Rs.50,000 p.a. The policyholder can opt for paying the premium by yearly, half-yearly, quarterly or monthly modes.

 

Another customer-friendly feature incorporated in Flexi Smart Plus, is the Partial Withdrawal facility which is available from the 6th policy year onwards. The life cover will continue to be available to the policyholder during this period.

 

Further, Flexi Smart Plus Insurance provides the policyholder with the option to increase or decrease the Sum Assured from the 6th policy year onwards, subject to two months prior notice.

 

The policy term is minimum 5 years and maximum 30 years with the flexibility to increase the chosen policy term, subject to two months notice, prior to the original date of maturity and within the product limits. The product is open for the age group of 18 to 60 years with the maximum age of maturity being 65 years.

 

About SBI Life Insurance Co. Ltd:

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif.  SBI owns 74% of the total capital and BNP Paribas Cardif the remaining 26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crore and a paid up capital of Rs 1,000 crore.

 

Along with its 5 Associate Banks, State Bank Group has the unrivalled strength of over 20,000 branches across the country, arguably the largest in the world. BNP Paribas, one of the leading banks in Europe, ranks 5th in the banking industry worldwide.  BNP Paribas Cardif is the insurance arm of BNP Paribas and a worldwide leader in Creditor insurance products.

 

SBI Life’s mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency.

 

SBI Life has a unique multi-distribution model encompassing the vibrant Bancassurance, Retail Agency, Alternate Channels & Corporate Solutions distribution channels. SBI Life’s Agency Channel, comprises of the most productive force of over 1 lakh Insurance Advisors who offer insurance solutions, from over 760 SBI Life offices, across India.

 

SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products. With its numerous banking related product offerings such as cover for housing loans and personal loans, SBI Life provides the financial protection which is much needed in today’s volatile times..SBI’s access to over 100 million accounts across the country, provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring financial inclusion in the real sense.

 

 

For more information

PR 24x7 Network Limited

Atul Malikram

[email protected]

www.pr24x7.com