SBI Life targets youth with Smart Power Insurance

Excelsior Correspondent

Mumbai, Oct 3: Targeting India’s predominant youth population, SBI Life Insurance, the most trusted and preferred life insurer, prepares to launch the “SBI Life Smart Power Insurance” Plan on October 7, 2013.
The product is designed to care for investor’s twin needs of insurance and investment.
Announcing the unique product, 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.”
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.