Private life insurance company SBI Life today announced the launch of a term policy with critical illness cover for 36 diseases. The critical illness cover increases as the term of the policy progresses over the years. President for eastern, central and north-eastern region of SBI Life, Ravindra Kumar said the policy, SBI Life Poorna Suraksha, was aimed at the initial years of a person’s life, the liabilities were higher and decreases as years progress.
Briefing reporters here today, he said the policy had a re-balancing feature with the proportion of life cover progressively decrease and vice versa the critical illness cover. During the first half of the current fiscal, SBI Life’s total premium income was Rs 9248 crore, including new business premium of Rs 4288 crore. Kumar said, this was a growth of 44 per cent over the similar period previous fiscal. In the last fiscal, the company earned a total premium income of Rs 21,000 crore, including Rs 10,000 crore new premium income.