Mumbai: SBI Life Insurance Co Ltd, the subsidiary of country’s largest public sector bank launched an innovative unit linked product, Smart Ulip.

The Smart Ulip product provides net asset value (NAV) guarantee of the highest of 168 fortnightly NAVs during first seven years or NAV at maturity, whichever is higher. In case of the unfortunate event of the death of the life insured during the policy term, the nominee receives the higher of fund value or sum assured, a company release said.

The plan also offers the convenience of a shorter premium paying term allowing customers to pay premium for limited period of either 3 or 5 years and avail tax benefits under seciton 80 C and 10(10 D) of the Income Tax Act.

The security of a guaranteed NAV with a relatively short (3/5 year) term of premium payment will help the customer once again to invest with confidence, it added.

The introduction of Smart Ulip is a demonstration of SBI Life’s commitment to a customer-centric approach, by offering life insurance solutions appropriate to the times, SBI Life Insurance managing director & CEO U S Roy said.

SBI Lifes Smart Ulip works with Flexi Protect Fund and Money Market Fund.