Mumbai, July 3, 2011: SBI Life, the leading new generation life insurer, has launched a variable non-participating insurance plan - Flexi Smart Insurance. The product is designed to provide safety for customer's investment and stable returns to risk-averse customers having preference for non-market linked plans. Interim and additional interest rates, flexibility of premium holiday option, facility of increasing or decreasing the sum assured as per the changing needs and an option of Top-up Premium are some of the customer-friendly features of Flexi Smart Insurance.
The policyholder will earn an interim interest rate of 7% during the financial year 2011-12. The interim interest rate will be declared at the beginning of each financial year. Depending on the investment returns in the fund, an additional interest rate may be declared at the end of the financial year, on 31st March, which will be credited along with the interim interest rate to the policy holders' account.
The product is available at an affordable minimum premium amount of Rs. 1,500 per month. The policyholder can opt to pay premiums at yearly, half-yearly, quarterly or monthly mode of payments.
M N Rao MD & CEO, SBI Life said, "Flexibility, affordability and innovation are the hall marks of the Flexi Smart. Overall, we will continue to strengthen our series of "Simple and Smart" series of ULIP and traditional products so as to cater to the protection and savings needs of multiple customer segments with varied risk-appetite."
Another customer-friendly feature incorporated in Flexi Smart Insurance is the availability of Premium Holiday option. In case of any unforeseen financial problems, the policy holder can conveniently take a break from paying premium payments upto three years during the policy term. However, the life cover will continue to be available to the policyholder during this premium-holiday period, without deduction of mortality charge.
Further, Flexi Smart Insurance provides the policyholder the option of investing any surplus money in the form of Top-up premium. Also, depending on the changing protection needs, customer can choose to increase or decrease the Sum Assured without increasing the regular premium, from the 4th Policy Year onwards.