SBI Life Insurance launches new ULIP product - Saral Maha Anand

MUMBAI: SBI Life Insurance on Monday said that it has launched a new unit-linked insurance plan ( ULIP) called Saral Maha Anand.

This is the third ULIP product launched by the insurer since the introduction of the new ULIP norms by the insurance sector regulator, IRDA, last month.

SBI Life had earlier launched two products -- Smart Performer and Unit Plus Super.

Saral Maha Anand, its new ULIP product, is available at an affordable yearly premium starting from Rs 15,000 onwards and the product has been designed to cater to investment and protection needs of the middle-and-low-income segments, 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 simplicity and affordability so that a larger section of society can participate and benefit by systematically investing over a long-term horizon."