SBI Life Insurance has announced the launch of a new insurance product ‘SBI Life – Smart Future Choices’. SBI Life – Smart Future Choices is an individual, non-linked, participating, life insurance savings product. The customers can choose between different payout options as per the changing needs to fulfill the short-term, and long-term goals.
The plan allows the customers to select options like choosing the term policy, premium payment term, and the premium amount. The customers have the option to review the features of the life insurance plan as per their changing wants and requirements. The plan provides a rare opportunity to choose benefit pay-outs in a lump sum. The customers can also avail the benefits pay according to their flexibility. The customers can also use regular cash bonuses and pay-outs as per their emerging requirements. This “DIY” nature of the newly launched life insurance saving product is more suitable to fulfill the specific needs of millennials, who do not wish to limit themselves to a product benefit offered in the past.
The Classic Choice and Flexi Choice are the two options in the plan. A lump sum maturity benefit at the end of the policy term and life cover throughout the policy term is the highlight of the Classic Choice benefit. The ‘Flexi Choice’ provides a basic sum assured as survival benefits at determined intervals along with a maturity benefit at the term-end and life cover. According to the benefit option chosen the plan provides the consumers with Survival Benefits and Lumpsum Benefits.
The Maturity Benefits of Classic Choice’ gives guaranteed sum assured on maturity a maximum of 138% based on premium payment term, age, and opted policy term. Consumers can get maturity benefits under ‘Flexi Choice’ from either Lumpsum, complete maturity benefit or Pay-outs, maturity benefit amount in installments, or by Annuity. There is a Special feature called Money on Demand’ feature. This option provides an opportunity option to choose Cash Bonus payout every year (after bonus eligibility i.e. after payment of 2 years’ premium) or Defer Cash Bonus and withdraw as and when required while it also earns interest.