"Smart Power Insurance plan is a simple, low premium product that takes care of the changing needs of the policy holder as his income increases while giving him flexibility of periodic increase in sum assured and partial withdrawal," SBI Life Managing Director and CEO Atanu Sen said in a release issued here.
This plan, which will be available to customers from October 7, comes with two options - level cover option and increasing cover option.
Smart Power has two fund options - Trigger Fund option with the advantage of buying low and selling high and Smart Funds option that has the option to choose from seven funds.
The buyer will have the flexibility to switch between these options twice during the policy term.
It also offers an advantage of adding an inbuilt 'Accelerated Total and Permanent Disability' (TPD) benefit, advancing the policy benefit in case of TPD due to accident or sickness.
The policy term options are 10, 15 or 30 years and the minimum premium payable works out to Rs 2,000 monthly, Rs 5,500 quarterly, Rs 9,500 half yearly and Rs 15,000 annually.
The product is open for the age group of 18 to 45 years with the maximum age of maturity being 65 years.
SBI Life Insurance has a varied range of products, including protection plans, insurance cum creation plans, insurance cum savings plans, child plans and pension plans.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif, the insurance arm of BNP Paribas.