SBI Life launches Smart Wealth Assure Ulip plan

NEW DELHI: SBI Life Insurance today launched an unit linked plan -- Smart Wealth Assure-- aiming to provide guaranteed fixed returns to the policyholder.

Smart Wealth Assure guarantees at inception a pre-specified NAV applicable at the end of the 10-year term, SBI Life said in a statement.

SBI Life Smart Wealth Assure is a single premium plan and offers policyholders optional Accidental Death benefit and partial withdrawal facility from 6th policy year onwards.

The scheme would be available at a minimum amount of Rs 50,000, and would cover policyholders from 8 years to a maximum 65 years of age with a policy term of 10 to 30 years.

With launch of Smart Wealth Assure, SBI Life now has a bouquet of eight Ulips catering to the long-term wealth creation and life insurance needs of varied customer segments.

"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," SBI Life Insurance MD & CEO M N Rao said.

The fund would provide guaranteed fixed return, which provide the policy holder to choose for either of equity fund or P/E Managed Fund or Bond Fund, it added.

Usually the Return Guarantee Fund aims to provide guaranteed fixed return by investing mostly in fixed income securities, namely debt instruments.

As of January, 2011, SBI Life's market share among private life insurers stood at 18.9 per cent, while it was 5.6 per cent when it came to total market share.