SBI Life Insurance has announced the launch of 'SBI Life - Smart Future Choices’ savings product.
Tapping into the rising consumer awareness on the need for insurance, this individual, non-linked, participating life insurance savings plan empowers consumers with the ‘Power to Choose’ various options and benefits as per their changing needs from time to time throughout the policy term, SBI Life Insurance said in a release.
SBI Life’s- ‘Smart Future Choices’ aims to allows consumers to select options like choosing the premium amount, term policy, or premium payment term along with the capacity to review the features of the life insurance plan as per their changing needs and requirements, it added.
The plan provides an opportunity to choose benefit pay-outs in a lump sum or flexibly. One can also avail of regular cash bonuses and pay-outs as per their evolving requirements.
"This "DIY" nature of the product essentially caters to specific requirements of millennials who do not want to remain confined to product benefits opted in past but look for freedom to choose benefits during the policy term or at maturity thereby filling this intrinsic need which existed in the life insurance market," SBI Life mentioned.
Commenting on the launch of ‘SBI Life- Smart Future Choices’, Ravi Krishnamurthy, President Zone I, SBI Life Insurance said, “The new product offering is ideal for those who want to control the product they have purchased, through the features suited to their changing requirements as they progress in life.”
In tandem with their customer-centric approach, SBI Life through ‘Smart Future Choices’ seeks to give its consumers the autonomy to shape their life insurance policy as per their needs, right from the very start of the policy and throughout their policy term too, enabling them to effectively carve their future plans.
Here are key features of SBI Life- ‘Smart Future Choices’ plan:
1. The plan comes with two benefit options, ‘Classic Choice’ and ‘Flexi Choice’. The ‘Classic Choice’ benefit offers a lump sum maturity benefit at the end of policy term and life cover throughout the policy term, while the ‘Flexi Choice’ offers a basic sum assured as survival benefits at determined intervals along with a maturity benefit at the term-end and life cover.
One can switch from one option to other option even after premium payment term is over.
2. The plan allows one to choose between the options of receiving Cash Bonus on a year on year basis or Defer Cash Bonus, as per consumer choice. The bonus stays as a corpus that will be paid on demand of the policyholder, at any point during the term of the policy, acting as a saving that comes in handy, whenever the need arises.
The deferred pay-outs also earn interest linked to Reverse Repo Rate during the deferment period.
3. Additionally, under its unique Auto Cover feature, life risk is covered for 1 year after payment of 2 years premium and for 2 years after 5 years’ premiums are paid in case of non-payment of further premium.
4. The plan provides consumers with ‘Survival Benefits’ or ‘Lumpsum Benefits’, basis the benefit option chosen
5. Maturity Benefits: ‘Classic Choice’ gives guaranteed sum assured on maturity (maximum of 138 percent), based on premium payment term, age and opted policy term. Consumers can avail maturity benefits under ‘Flexi Choice’ from either Lumpsum, complete maturity benefit or pay-outs, maturity benefit amount in installments or buy annuity.