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SBI Life launches two new products

20 Sep 2001

1

Mumbai: SBI Life Insurance, a subsidiary of the State Bank of India, has launched two new insurance products - Sukhjeevan and Young Sanjeevan - on 19 September. Both are single premium products and are designed to give policyholders the benefit of savings as well as protection.

The Sukhjeevan policy will be available for those in the age group of 20-70 and has five-, seven- and ten-year terms with the sum assured ranging from a minimum of Rs 10,000 to a maximum of Rs 50 lakh. It also has added features such as guaranteed returns and one-year additional cover after maturity at no extra cost.

Young Sanjeevan is a 10-year-plan that covers protection by way of insurance cover along with annual returns spread over five years. This policy is available for those in the age group of 25-60 years and the sum assured ranges from Rs 50 to Rs 10 lakh.

SBI Life chairman Janaki Ballabh said the company would be coming up with two more schemes by the month-end. He also said a deposit-linked policy which aims to give cover with a marginal premium for the banks depositors is on the drawing board stage. This cover will be purely optional for the depositors.

We would like to use the insurance operation as a value-added service to the existing bank operations, he said. In the next six months, the bank would be able to establish complete synergy with the new insurance services.

 

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