SBI Life launches an Exclusive Super HNI Focused Plan – SBI Life Smart Privilege
A
unit linked, non- participating plan with flexibility of choice of premium
payment term and 8 different funds for investment
SBI
Life Insurance, the largest and one of the most trusted private life insurer in
the country, today announced the launch of an exclusive Super 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
gives the opportunity to increase wealth through investments in eight select
funds (in any combination of customers choice), with the flexibility of fund
switching and premium redirections, unlimited number of times, throughout the
term of the plan.
Commenting on the launch, Mr
Arijit Basu, MD and CEO, SBI Life, says, “Based on our analysis of the needs of
HNIs, we understand that creating wealth is inherent for them and that 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. With this especially crafted plan for HNIs, we aim to further
add value to their investments
The plan comes with a host
of features, starting with the flexibility of premium payment; one can opt to
pay throughout the policy term, for a limited period or single premium payment
and continue to enjoy 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% 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
instalments under ‘Settlement’ option. The plan also provides tax benefits as
per the prevailing tax laws.
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