The plan offers partial withdrawal facility from sixth year.
SBI Life Insurance has launched a new plan called SBI Life - Flexi Smart Plus. The product is designed to protect and cater to the savings needs of multiple customer segments with low risk appetite.
The plan has options to choose from Gold option, which gives higher of policy account value, sum assured, or 105% of total premiums paid on death; and Platinum option which gives higher of policy account value plus sum assured, or 105% of total premium paid on death.
A guaranteed interest rate of 7.25% has been declared for FY 2013-14, which includes guaranteed minimum bonus interest rate plus interim interest bonus rate. Apart from this a terminal bonus interest rate may also be credited at the time of exit on account of maturity, death or surrender.
The product is available at a minimum premium amount of Rs.50,000 per annum. The plan offers a facility of partial withdrawal which is available from the 6th policy year onwards. Further, the plan provides an option to increase or decrease the sum assured from the sixth policy year.
Atanu Sen, MD & CEO of SBI Life Insurance said: "Our focus while designing a product has always been on addressing customer needs. Hence, our ranges of products are not only innovative and simple, but also meet the financial/protection needs of our customers."