SBI Life will soon be launching a host of plans across savings, protection and pension platforms.
The products have been filed with the Insurance Regulatory and Development Authority (IRDA) for approval, SBI Life said in a statement.
Atanu Sen, Managing Director and Chief Executive Officer, SBI Life, said, “We would shortly be launching four new products, subsequent to IRDA approval. These plans include a family income protection plan, a monthly income savings plan, a traditional pension plan and a market linked plan (ULIP) targeting younger audience.”
These products will be available across SBI Life’s multi distribution channels including Bancassurance through State Bank branches, retail agency and institutional alliances.
During the last financial year, 2011-12, SBI Life introduced several new products that include health insurance – hospital cash, variable insurance – flexismart, traditional savings – smart money back and immediate annuity – annuity plus. The company also launched first-of-its kind multi-lingual website across Indian financial sector.
SBI Life has added 39 new branches and recruited additional 14,000 insurance advisors and 2,000 certified insurance facilitators, during the financial year 2012 – 13.