SBI Life Insurance has launched Shield - a non-participating pure term policy with life cover at low cost. There is an option of increasing the sum assured over a period of time without the need for medical examination at each stage, while the premium payable remains constant throughout the term of the policy. Anyone between 18 and 60 years can take the policy, the maximum age cover being 65 years. The minimum and maximum term is five and 25 years and the sum assured varies from a minimum of Rs 3 lakh to a maximum of Rs 25 crore.

Term products are the cheapest forms of insurance, as there is no savings aspect. Therefore, the premium amount is less than that for a whole life, endowment or the now popular unit-linked products.

SBI Life Insurance Company, a joint venture between the State Bank of India and Cardif SA of France, on Thursday announced the launch of "Shield", a non-participating pure term policy that offers life cover at low cost. The unique scheme offers the option of increasing sum assured over a period.

 SBI Life Insurance Co, a joint venture between State Bank of India (SBI) and Cardiff SA of France, Thursday announced the launch of ’Shield’, a non-participating pure-term policy which offers the option of increasing the sum assured over a period of time.

SBI Life is planning to hike its capital base by Rs. 100 - 200 crore this fiscal to sustain its business growth. SBI Life, the 74:26 joint venture between SBI and French banking major BNP Paribas’ arm Cardif, now has a paid-up capital of Rs 175 crore while its authorized capital is Rs 250 crore. The company’s business was growing 4-5 times ans stood at Rs. 100 crore till July, of which Rs. 84 crore came from premium from new business. If the company continues to grow at this rate, SBI Life could end this fiscal with a premium income of Rs. 1,000 crore as against Rs. 225.65 crore in 2003-04

SBI Life Insurance is set to come out with its first unit-linked product, for which it will soon seek IRDA’s approval. The product will appeal to those who wish to buy an insurance scheme that combines the best of both insurance and investment.