Page 45 - Insurance Times February 2024

NEW PRODUCTS

New Product Launches

SBI Life Insurance launches two new Maturity Benefit: Upon maturity, policyholders are
entitled to receive 100% of the total premiums (total
Term Plans with Return of Premiums of all the premiums received, excluding any extra
SBI Life Insurance, one of most trusted private life insurers premium, any rider premiums and taxes) paid during
in the country, recently launched two products- 'SBI Life - the policy's duration.
Saral Swadhan Supreme' and 'SBI Life - Smart Swadhan
Sum assured: Both these policies offer a minimum sum
Supreme', that not only provides a life cover but also benefit
assured of Rs. 25 lakhs, however, while SBI Life - Saral
of return of premiums at maturity, to fulfil customer's Swadhan Supreme is capped at Rs. 50 lakhs, SBI Life -
financial objectives. The new products are designed to
Smart Swadhan Supreme has no upper limit for the
empower customers by catering to the growing awareness
maximum sum assured
of the essential link between insurance and financial well-
being. These plans offer a lumpsum benefit on the Tax Benefits: As per the prevailing norms under the
policyholder's demise during the policy term and also pays Income Tax Act, 1961.
back the total premiums paid in case the life assured survives
the policy term. LIC launches non-participating product
Jeevan Dhara-II
'SBI Life - Saral Swadhan Supreme' and 'SBI Life - Smart
LIC announced the launch of the non-participating product
Swadhan Supreme' have been crafted to empower
Jeevan Dhara-II.
individuals to safeguard their loved ones from life
uncertainties while simultaneously building a robust financial According to the exchange filing, the product, which will be
safety net. The new products cater to the evolving needs of available from 22 January 2023, is a non-linked, non-
consumers, providing the flexibility to choose premium participating, individual savings deferred annuity plan.
payment terms, policy duration, premium payment
frequency etc. With a customer-centric approach, In November, LIC had launched a new non-linked, non-
affordable premiums, and streamlined processes, SBI Life participating individual savings whole life insurance product
continues to remain steadfast in its efforts to increase - Jeevan Utsav.
insurance awareness and penetration in the country.
The minimum entry age for the product is 20 years. The
Unique Features of 'SBI Life - Saral Swadhan annuity is guaranteed from inception, offering 11 annuity
options to the policyholders, and they have the flexibility to
Supreme' and 'SBI Life - Smart Swadhan Supreme':
choose between regular and single premiums.
Premium Flexibility: Policyholders can opt for regular
premium payments or choose a limited premium It offers a higher annuity rate at higher ages and life cover
payment term of 7, 10, or 15 years. is available during the deferment period. The available

Policy Term: A flexible policy term ranging from 10 to deferment period is from 5 years to 15 years in the case of
30 years, offering tailored solutions to meet diverse regular premium and from 1 year to 15 years for single
financial goals. premium.

42 February 2024 The Insurance Times