Variable Insurance Plan Initiated by SBI

Variable Insurance Plan Initiated by SBIA new plan introduced by SBI Life will ensure stable returns to investors. ‘Flexi Smart Insurance’ initiated by SBI aims at security for customer’s investment and stable returns.

The investors will be provided with an option to change the assured amount and elasticity of premium payment, along with interim and additional interest rates.

SBI Life MD and CEO, M. N. Rao said, “We will continue to strengthen our simple and smart series so as to cater to the protection and savings needs of multiple customer segments with varied risk— appetite”.

The policyholders who will pay the premiums can earn 7% interim interest rate during the year 2011-12. Also, a supplementary rate of interest will be announced at the end of the financial year.

A minimum premium amount of Rs 1,500 per month will be paid by the customer, in order to subscribe to the plan. They will be given a choice of paying the premium either yearly, half-yearly, quarterly or monthly. This decision has been taken, keeping in mind the customer’s interest. So, this plan will be beneficial for all.

In the last financial year, SBI Life Insurance had placed an increase of 33%, with the net profit of Rs 366 crore. In all, the collection went up by 28% to Rs 12,912 crore.