SBI Life working towards insurance penetration across every region
14 Mar, 2014 02:02 PM
 
A well developed and evolved Insurance sector is a boon for the economic development of a country as it provides long-term funds for infrastructure development while strengthening the risk-taking ability of the country.

The Insurance sector has grown commensurate with India’s rapid rate of economic growth over the past decade. Since the opening up of the Insurance sector in 2000, a number of new players have entered this sector, some in joint venture with leading global players. This led to the growth of the sector through product innovations, diversification of channels of distribution, increased investment in technology and enhancement of customer service levels.

SBI Life Insurance has emerged as the most trusted private life insurer in this highly competitive industry because of its consistent and quality offerings. It offers a comprehensive range of Life Insurance and Pension products at competitive prices alongwith high standards of customer service and world class operating efficiency.

SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance, Retail Agency, Alternate Channel, Emerging Business, Online Business and Corporate Solutions distribution channels. Extensively leveraging upon the State Bank of India relationship as a platform for cross-selling insurance products, SBI Life is working towards insurance penetration across every region and economic strata of the country, thus ensuring true financial inclusion. The Agency Channel, comprising a productive force of over 1 lakh Insurance Advisors, offers insurance solutions, from over 760 SBI Life offices, across India.

To fulfill different insurance and investment needs of diverse segments of society, SBI Life offers a wide range of products in various categories: Protection Plans, Wealth Creation Plans, Savings Plans, Child Plans and Annuity / Pension Plans. Notable recently launched products from SBI Life are: SBI Life – Smart Wealth Builder, SBI Life – Shubh Nivesh, SBI Life – Flexi Smart Plus, and SBI Life – Retire Smart.

One of the key Insurance cum Wealth Creation plans on offer is the ‘SBI Life – Smart Wealth Builder’, that offers Guaranteed Additions which can go up to 125% of annual regular premium depending on the policy term starting as early as 10th policy year onwards. Also, an enhanced investment opportunity is offered through 7 varied Fund Options which allows one to switch/redirect from any one or a combination of funds to suit changing investment needs or risk taking appetite.

Another customer-friendly feature incorporated in this plan is the “Partial Withdrawal” facility available from the 6th policy year. The life cover will continue to be available to the policyholder during this period. The policy term is minimum 5 years and maximum 30 years.

A traditional, participating savings plan with an option of whole life cover is ‘SBI Life – Shubh Nivesh’, which has been designed to meet the savings, protection and income needs of customers having risk-averse profile.

The product offers flexibility to customers through two options: Endowment option wherein the accrued bonus and the sum assured amount is payable upon an unfortunate event of death during the endowment term or on survival at the end of term; and Endowment with Whole Life option whereby, in addition to the Endowment plan benefits an amount equivalent to Sum Assured is payable on an unfortunate event of death even after the completion of endowment term or on survival till the age of 100 years.

Also, at nominal cost, SBI Life – Preferred Term, SBI Life – Accidental Death Benefit and SBI Life – Accidental Total and Permanent Disability Benefit riders are available with the plan.

Another innovative wealth creation plan is ‘SBI Life- Flexi Smart Plus’, which is designed to protect and cater to the savings needs of those with low risk appetite. Furthermore, to meet all retirement needs is ‘SBI Life-Retire Smart’, a pure pension plan, which guarantees minimum of 101% of all premiums paid, when policy is in force, on Maturity / Vesting; thus the downside risk in the market is protected to a great extent.

The future lies in one’s own hands so one should use this opportunity to invest wisely in a suitable insurance plan to cover one’s own needs and secure their loved ones so that even if life throws unexpected surprises one is always prepared to face it with SBI Life Insurance simple and smart plans.
 
Source : The Free Press Journal
http://freepressjournal.in/sbi-life-working-towards-insurance-penetration-across-every-region/
 



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