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Affordable Life Insurance

SBI Life Insurance on Monday (11 Oct, 2010) said that it has launched a new Unit-linked insurance plan (ULIP) called Saral Maha Anand.

This is the third Unit-linked insurance plan product introduced by the insurer since the introduction of the new ULIP rules by the insurance sector regulator, Insurance Regulatory and Development Authority (IRDA), last month.

Affordable Life Insurance had earlier launched two products — Smart Performer and Unit Plus Super.

Saral Maha Anand , its new ULIP product, is available at an reasonable yearly premium starting from   15,000 onwards and the product has been designed to cater to investment and protection needs of the middle-income and low-income sector, a press release issued in Mumbai stated.

The product is exempted from medical-examination. SBI Life Insurance’s managing director & CEO, MN Rao, said, “The product offers ease and affordability so that a bigger section of society can participate and profit by systematically spending over a long-term horizon.”
Key Features:
â?¢ No medical examination, Simple joining process#.
â?¢ Liquidity through Partial Withdrawals.
â?¢ Guaranteed Additions of up to 30(%) per cent of one annual premium, for a 20 year policy term, subject to the Policy being in force till the maturity date.
Benefits:
â?¢ Maturity Benefit: On completion of Policy Term, Fund Value will be paid.
â?¢ Death Benefit: Higher of the Fund Value or Sum Assured* is payable; with a minimum of 105% of total basic premiums paid* till the time of death.
â?¢ Rider Benefits:
â?¢ Accidental Death Benefit Linked Rider: Provides additional death benefit if the death occurs as a result of an accident.

This entry was posted on Thursday, October 21st, 2010 at 3:55 am and is filed under Florida Life Insurance, Life Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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