SBI Life has launched a variable non-participating insurance plan – Flexi Smart Insurance. The product is designed to provide safety for customer’s investment and stable returns to risk-averse customers having preference for non-market linked plans. Interim and additional interest rates, flexibility of premium holiday option, facility of increasing or decreasing the sum assured as per the changing needs and an option of Top-up Premium are some of the customer-friendly features of Flexi Smart Insurance.
The premiums paid by the policyholder will earn an interim interest rate of 7% during the financial year 2011-12. The interim interest rate will be declared at the beginning of each financial year. Depending on the investment returns in the fund, an additional interest rate may be declared at the end of the financial year, on 31st March, which will be credited along with the interim interest rate to the policy holders’ account.
The product is available at an affordable minimum premium amount of Rs. 1,500 per month. The policyholder can opt to pay premiums at yearly, half-yearly, quarterly or monthly mode of payments.
Another customer-friendly feature incorporated in Flexi Smart Insurance is the availability of Premium Holiday option. In case of any unforeseen financial problems, the policy holder can conveniently take a break from paying premium payments upto three years during the policy term. However, the life cover will continue to be available to the policyholder during this premium-holiday period, without deduction of mortality charge.
Further, Flexi Smart Insurance provides the policyholder the option of investing any surplus money in the form of Top-up premium. Also, depending on the changing protection needs, customer can choose to increase or decrease the Sum Assured without increasing the regular premium, from the 4th Policy Year onwards.
Catering to the insurance and long-term investment needs of varied customer segments, SBI Life has wide range of “Simple and Smart” products including new IRDA guidelines compliant ULIPs, Pure Protection and Traditional products. These include HNI-targeted Smart Elite, NAV-Guaranteed Smart Performer, No Medicals ULIP – Saral Maha Anand, Flexible ULIP – Unit Plus Super, Child Plan – Smart Scholar, pre-determined NAV ULIP – Smart Wealth Assure, Pension ULIP – Smart Pension and ULIP with Automatic Asset Allocation – Smart Horizon. Innovatively-featured, non-ULIPs rolled out during the last financial year were No-Medicals, pure protection plan – Saral Shield, HNI targeted, pure protection plan – Smart Shield and No Medicals, traditional savings plan – Saral Life.
SBI Life ranks number one amongst private players, as per the latest IRDA report, May 2011. The company has a market share of 19.84% among private life insurers and a total market share of 4.83%.