Thursday, June 4th, 2020

SBI Life targets youth with Smart Power Insurance

Mr. Atanu Sen, MD & CEO, SBI Life Insurance (1)INVC, Chandigarh,
  1. Affordable entry-level premium for youth of age group 18-45 years
  2. Flexibility of two Plan options to choose from;
  • Level Cover option
  • Increasing Cover option
  1. Flexibility of two Fund options to choose from;
  • Trigger Fund option, a unique fund option with the advantage of ‘Buying Low and Selling High’
  • Smart Funds option which gives one the option to choose from 7 varied funds
  1. Flexibility for partial withdrawals to meet financial needs

Targeting India’s predominant youth population, SBI Life Insurance, the most trusted and preferred life insurer, is preparing to launch the “SBI Life Smart Power Insurance” Plan on 7th October, 2013. The product is designed to care for investor’s twin needs of insurance and investment.

Announcing the unique product, Mr. Atanu Sen, MD & CEO of SBI Life Insurance, said: “We did a survey on the needs of today's youth and designed the SBI Life Smart Power Insurance plan, a simple, low premium product catering to their requirement. The uniqueness of this product is that it takes care of the changing needs of the policy holder as his income increases while giving him flexibility of periodic increase in Sum Assured and partial withdrawal.”

Smart Power Insurance Plan comes with two options to choose from; the first: Level Cover option, and the second: Increasing Cover option.

Smart Power Insurance also has two Fund options to choose from – A: Trigger Fund option, a unique fund option with the advantage of ‘Buying Low and Selling High’; and B: Smart Funds option which gives the option to choose from 7 varied funds. The buyer will have the flexibility to switch between these options twice during the policy term.

It also offers a unique advantage of adding an inbuilt ‘Accelerated Total and Permanent Disability’ (TPD) benefit, advancing the policy benefit in case of TPD due to accident or sickness.

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.

SBI Life Insurance has a varied range of products designed to fulfill diverse insurance and investment needs of its customers. The bouquet of products includes Protection Plans, Insurance cum Creation Plans, Insurance cum Savings Plans, Child Plans and Pension Plans.

SBI Life has had the unique distinction of being recognized by various respectable bodies. Recently, SBI Life won the Global Performance Excellence Award (GPEA) for ‘Best Performance Excellence Organizations in the World’. SBI life has also bagged two awards at the Indian Insurance Award 2013, namely the “Under-served Market Penetration Award, Private Sector, 2013” for its far-reaching geographical coverage within India and the “Claims Service of the Year Award, Private Sector 2013” for demonstrating overall leadership and commitment towards effective and speedy claims settlement. Further, SBI Life ranked amongst the Top-50 Great Places to Work in India, as per the latest report released.

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