SBI Life Insurance Company has launched Unit Linked product SMART ULIP that provides 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.
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 u/s 80 C and 10(10 D) of the Income Tax Act.
According to the company, 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.
The ULIP works with Flexi Protect Fund and Money Market Fund. Flexi Protect Fund provides capital protection and optimum returns based on systematic asset allocation.
It dynamically invests in a well diversified equity portfolio which generates capital appreciation over a medium term, while the debt and money market instruments in this fund lock in the capital appreciation.
The plan can be availed by an investor who is at least 8 years or at most 60 years of age. The maturity age is up to 70 years.
One can pay premium a yearly, half yearly, quarterly or monthly premium. Smart ULIP has a minimum yearly premium of Rs50,000 and fixed Sum Assured which is 5 times the annual premium.