Printer Friendly

SBI Life launches Smart Wealth Assure with a pre-determined NAV Guarantee of Rs.20/.

Mumbai, Maharashtra, March 9 -- SBI Life Insurance, the leading new generation life insurer,has launched an innovative ULIP which guarantees at inception a pre-specified NAV applicable at the end of the ten-year term. By opting for Return Guarantee Fund, the policyholder can create long term investment corpus based on minimum pre-determined NAV or prevailing NAV at the maturity, whichever is higher. The fund has a closed sub-fund(s) with subscription open for maximum of three months and fixed termination period of ten years.

Besides the Return Guarantee Fund, the policyholder can opt from Equity Fund or P/E Managed Fund or Bond Fund. Generally, following "Buy and Hold" strategy, the Return Guarantee Fund aims to provide guaranteed fixed return by investing mostly in fixed income securities namely debt instruments, money market instruments and cash, with maturities close to the termination date of the fund. The equity fund has a higher equity exposure with atleast eighty percent in equity and equity related instrument, thus targeting a potentially higher return in long term. The premium under P/E Fund is dynamically allocated between equity and equity related securities and debt instrument, money market and cash, based on Forward Price Earning Multiple on NSE S&P CNX Nifty index.

Mr. M N Rao, MD & CEO, SBI Life Insurance said, "Our aim is to build a sizeable and attractive suite of "Simple and Smart" products so as to allow our customers to choose relevant solutions that best meet their needs, aligned to their income and risk profile."

A single premium plan, SBI Life Smart Wealth Assure offers policyholders optional Accidental Death benefit and liquidity through convenient partial withdrawal facility from 6th policy year onwards. Available at a minimum amount of Rs.50,000, SBI Life Smart Wealth Assure can be availed from 8 years to a maximum 65 years of age with a policy term of 10 to 30 years. The maturity age is up to 75 years.

With launch of Smart Wealth Assure, SBI Life now has an impressive bouquet of eight ULIPs that cater to the long term wealth creation and life insurance needs of varied customer segments. The other market linked products are HNI-targeted Smart Elite, NAV-Guaranteed Smart Performer, No Medicals ULIP - Saral MahaAnand, Flexible ULIP - Unit Plus Super, Child Plan - Smart Scholar, ULIP with Automatic Asset Allocation - Smart Horizon and Guaranteed Return pension plan - Smart Pension.

As per the latest IRDA report, as of January 2011, SBI Life ranks first amongst private players in new business premium. The company has a market share of 18.9% among private life insurers and a total market share of 5.6 %.

Notes to Editor

About SBI Life Insurance Co. Ltd:

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

Along with its 5 Associate Banks, State Bank Group has the unrivalled strength of over 16,000 branches across the country, arguably the largest in the world. BNP Paribas, one of the leading banks in Europe, ranks 5th in the banking industry worldwide. It is 6th most valuable international banking brand as per Brand Finance 2008.

BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone's leading Bank. BNP Paribas, part of the worlds top 10 groups of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in France, and a worldwide leader in Creditor insurance products.

SBI Life's mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency.

SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance, Retail Agency, Institutional Alliances and Corporate Solutions distribution channels.

SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBI's access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising of the most productive force of over 75,000 Insurance Advisors, offers door to door insurance solutions to customers.

For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

Copyright HT Media Ltd.

Provided by Syndigate.info an Albawaba.com company
COPYRIGHT 2011 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:India PRwire
Date:Mar 9, 2011
Words:806
Previous Article:Steelwedge Appoints Srinath Bhupalarao to Head Sales and Services in India.
Next Article:92% of Global Employees Performance at Risk Due to Poor Business English Skills.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters