SBI Life Insurance has launched '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.
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.
Atanu Sen, MD & CEO of SBI Life Insurance said, "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 offers a Minimum Bonus Interest Rate of 1% p.a. 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.
The product is available at a minimum premium amount of Rs 50,000 per annum. The policyholder can opt for paying the premium by yearly, half-yearly, quarterly or monthly modes.
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.
