SBI Life Insurance has launched a new product, “SBI Life – Smart Humsafar”, a unique plan that provides a wide range of multiple benefits of savings and insurance cover for husband and wife under a single policy.
• It complements the couple’s efforts to achieve prosperity along with protection to fulfill their dream of leading a better life.
• In case of death of one of the spouses, a payment of sum assured is made to the surviving spouse, in addition to waiver of future premiums.
Smart Humsafar features:
• Provides financial protection in the event of death of either or both the lives assured
• Pays death benefit to the surviving spouse in addition to waiver of future premiums
• Death benefit also payable in case of subsequent death of the surviving spouse during the policy term
• Pays a maturity amount on survival of one or both the lives assured at the end of the policy term
• Tax benefits as per prevailing norms under the Income Tax Act, 1961.
• The minimum and maximum entry age for this plan is 18 and 46 years respectively.
• If either or both of the lives assured survives till maturity then Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any, will be paid provided the policy is in-force.
• Guaranteed minimum bonus for the first 3 years will be 2.50 percent of the assured basic sum.
SBI Life Insurance Company Limited:
• SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest state-owned banking and financial services company in India, and BNP Paribas Assurance.
• SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26% of the capital.
• SBI Life Insurance has an authorized capital of Rs 20 billion (US$310 million) and a paid up capital of Rs 10 billion (US$160 million).