SBI Life Insurance unveils new ULIPs

Mumbai: SBI Life Insurance has unveiled two new Unit Linked Life Insurance Plans (ULIPs), Smart Performer and Unit Plus Super, that would would address long term wealth-creation and protection needs of varied customer segments.

In compliance with the new IRDA guidelines, these newly launched ULIPs are equipped with features like benefits of higher protection, multiple investment options and a wide range of riders offering additional protection.

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Smart Performer offers policy holder 5 percent higher than highest NAV during the first seven year or NAV at Maturity, whichever is higher. Allowing for higher participation in equity, 80 percent of the premium is allocated to the Daily Protect Fund and the balance in Index Fund. Gains higher than 15 percent from Index Fund, are auto-transferred to the Daily Protect Fund. The policy holder can opt for Secure Plan or Secure & Grow Plan and it is available as a regular premium, 5-year limited premium payment term or single premium option.

Unit Plus Super offers customer opportunity to opt for innovative P/E Managed fund from the 9 funds available. Based on the Forward Price Earning Multiple on NSE S& P CNX Nifty index, the premium under P/E Fund, is dynamically allocated between equity and equity related securities and debt instrument, money market and cash. Guaranteed additions, flexible premium payments terms under regular, limited and single plan are some of the key features of the Plan. In addition, customer can choose to increase or decrease the Sum Assured amount depending on his changing life-stage need.

M. N Rao, MD & CEO, SBI Life Insurance said, "The new range provides customers, across socio-economic profile, a stronger rationale to participate in equity markets and benefit in long term from India's sustainable growth story."

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