SBI Life Insurance Company has launched a variable non-participating insurance plan – Flexi Smart Insurance.
The product is designed to provide safety for customer's investment and stable returns to risk-averse customers having preference for non-market linked plans, said a press release issued by the company.
Interim and additional interest rates, flexibility of premium holiday option, facility of increasing or decreasing the sum assured as per the changing needs and an option of Top-up Premium are some of the features.
The premiums will earn an interim interest rate of 7 per cent during the financial year 2011-12. The interim interest rate will be declared at the beginning of each financial year. Depending on the investment returns in the fund, an additional interest rate may be declared at the end of the financial year, on March 31, which will be credited along with the interim interest rate to the policyholders' account.
The minimum premium amount is Rs 1,500 a month. The policyholder can opt to pay premiums at yearly, half-yearly, quarterly or monthly mode of payments, the release said.