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Business News/ Insurance / News/  SBI Life Insurance launches two new products: Features, other details here
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SBI Life Insurance launches two new products: Features, other details here

SBI Life Insurance has launched two new products, 'SBI Life - Saral Swadhan Supreme' and 'SBI Life - Smart Swadhan Supreme', which provide life cover and return of premiums at maturity

SBI Life Insurance launches two new products: The new products are designed to empower customers by catering to the growing awareness of the essential link between insurance and financial well-being.Premium
SBI Life Insurance launches two new products: The new products are designed to empower customers by catering to the growing awareness of the essential link between insurance and financial well-being.

Mumbai: SBI Life Insurance, one of the most trusted private life insurers in the country, recently launched two products– ‘SBI Life - Saral Swadhan Supreme’ and ‘SBI Life - Smart Swadhan Supreme’, that not only provide a life cover but also benefit of the return of premiums at maturity, to fulfill customer’s financial objectives. The new products are designed to empower customers by catering to the growing awareness of the essential link between insurance and financial well-being. These plans offer a lumpsum benefit on the policyholder’s demise during the policy term and also pay back the total premiums paid in case the life assured survives the policy term.

‘SBI Life - Saral Swadhan Supreme’ and ‘SBI Life - Smart Swadhan Supreme’ have been meticulously crafted to empower individuals to safeguard their loved ones from life uncertainties while simultaneously building a robust financial safety net. The new products cater to the evolving needs of consumers, providing the flexibility to choose premium payment terms, policy duration, premium payment frequency, etc. With a customer-centric approach, affordable premiums, and streamlined processes, SBI Life continues to remain steadfast in its efforts to increase insurance awareness and penetration in the country.

Abhijit Gulanikar, President, of Business Strategy, at SBI Life Insurance said, "SBI Life takes pride in unveiling insurance solutions that provide consumers with an affordable life cover to ensure the financial protection of their loved ones. The insurance solutions embody the essence of affordability, simplicity, and flexibility, addressing the distinctive insurance needs of protection and return of premium in case insured event does not occur."

He further added, “In an era where each financial decision carries weight, we believe these solutions go beyond traditional insurance. They represent a secure and tailored approach to life insurance, where protection meets convenience. As a responsible insurer, we aim to build a robust financial shield for our customers in the long run. Our dedication to creating customer-centric solutions remains unwavering, and we are excited to witness these products become an integral part of our customers' lives."

'SBI Life - Saral Swadhan Supreme' and 'SBI Life - Smart Swadhan Supreme': Unique Features

Premium Flexibility: Policyholders can opt for regular premium payments or choose a limited premium payment term of 7, 10, or 15 years.

Policy Term: A flexible policy term ranging from 10 to 30 years, offering tailored solutions to meet diverse financial goals.

Maturity Benefit: Upon maturity, policyholders are entitled to receive 100% of the total premiums (total of all the premiums received, excluding any extra premium, any rider premiums, and taxes) paid during the policy's duration.

Sum assured: Both these policies offer a minimum sum assured of Rs. 25 lakhs, however, while SBI Life - Saral Swadhan Supreme is capped at Rs. 50 lakhs, SBI Life - Smart Swadhan Supreme has no upper limit for the maximum sum assured

Tax Benefits: As per the prevailing norms under the Income Tax Act, 1961.

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Published: 24 Jan 2024, 02:47 PM IST
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