SBI Life Insurance, a renowned private life insurer in India, has recently introduced two new products – ‘SBI Life – Saral Swadhan Supreme’ and ‘SBI Life – Smart Swadhan Supreme’. These offerings not only provide life coverage but also offer the benefit of premium return at maturity, catering to the financial objectives of customers. The new products aim to empower individuals by addressing the crucial link between insurance and financial well-being. Both plans provide a lump sum benefit in the event of the policyholder’s demise during the policy term, along with the return of all premiums paid if the life assured survives the policy term.
Empowering Individuals Through Customized Financial Security
‘SBI Life – Saral Swadhan Supreme’ and ‘SBI Life – Smart Swadhan Supreme’ have been thoughtfully designed to enable individuals to protect their loved ones from life uncertainties while simultaneously establishing a robust financial safety net. These new products are tailored to meet the evolving needs of consumers, offering flexibility in choosing premium payment terms, policy duration, premium payment frequency, and more. With a customer-centric approach, affordable premiums, and streamlined processes, SBI Life remains committed to enhancing insurance awareness and penetration across the country.
Insight from Abhijit Gulanikar, President of Business Strategy at SBI Life Insurance
Abhijit Gulanikar, President of Business Strategy at SBI Life Insurance, emphasizes the company’s dedication to unveiling insurance solutions that provide consumers with an affordable life cover to ensure the financial protection of their loved ones. He highlights that the new insurance solutions embody affordability, simplicity, and flexibility, addressing the distinctive insurance needs of protection and return of premium in case the insured event does not occur. Gulanikar also emphasizes that these solutions represent a secure and tailored approach to life insurance, where protection meets convenience. The aim is to build a robust financial shield for customers in the long run, reflecting the company’s unwavering commitment to creating customer-centric solutions.
Unique Features of 'SBI Life – Saral Swadhan Supreme' and 'SBI Life – Smart Swadhan Supreme'
*’Premium Flexibility’:* Policyholders have the option to choose between regular premium payments or a limited premium payment term of 7, 10, or 15 years, offering flexibility to suit individual financial preferences.
*’Policy Term’:* A flexible policy term ranging from 10 to 30 years provides tailored solutions to meet diverse financial goals and requirements.
*’Maturity Benefit’:* Upon maturity, policyholders are entitled to receive 100% of the total premiums paid during the policy’s duration, excluding any extra premium, rider premiums, and taxes.
*’Sum Assured’:* Both policies offer a minimum sum assured of Rs. 25 lakhs. 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’:* The prevailing norms under the Income Tax Act, 1961, provide tax benefits to policyholders as per the applicable regulations.
In an era where individuals carry the weight of every financial decision, the newly launched insurance solutions offer more than traditional coverage. They represent a secure and tailored approach to life insurance, where protection meets convenience. SBI Life Insurance aims to build a robust financial shield for customers, showcasing an unwavering dedication to creating customer-centric solutions. The introduction of ‘SBI Life – Saral Swadhan Supreme’ and ‘SBI Life – Smart Swadhan Supreme’ heralds a significant step towards fulfilling the insurance needs of individuals while aligning with their financial objectives and preferences.