SBI Life Insurance launches 'Shubh Nivesh', an endowment plan with whole-life cover option

Company Brief

Chennai, September 14, 2009

In context of prevailing market fluctuations, SBI Life Insurance, the leading private life insurer, has launched SBI Life - Shubh Nivesh, a traditional savings plan with an option of whole life cover. Shubh Nivesh has been designed to meet the savings, protection and income needs of customers having risk-averse profile.

Mr. M. N Rao, MD & CEO, SBI Life Insurance said, “Strengthening our product suite, the introduction of Shubh Nivesh is a step towards presenting customers a range of solutions which enables them to choose one that best suits their risk profile and financial needs.”

Offering flexibility to customers, the product is available in two options. In Endowment Assurance option, the accrued bonus and the sum assured amount is payable during an unfortunate event of death during the endowment term or on survival at the end of term. In addition to these benefits, in Whole Life Endowment option, an amount equivalent to Sum Assured is payable on an unfortunate event of death even after the completion of endowment term or on survival till age 100 years.

Catering to the income needs arising out changing life stages, Shubh Nivesh presents an attractive feature of “Deferred Maturity Payment Options”. This option enables customer to withdraw the sum assured component as income, at the end of endowment term, during regular intervals over a period of 5, 10, 15, or 20 years.

SBI Life Shubh Nivesh can be availed of an investor who is atleast 18 years or at most 60 years of age. The maximum life coverage is for 65 years, which could be increased up to 100 years by opting for a whole life add-on rider. The product is available under both single and regular premium payment options at a Sum Assured starting at Rs. 75,000/- with no upper limit. Premiums can be paid yearly, half yearly, quarterly or monthly depending on customer’s convenience. Also, at nominal cost, Preferred Term, Accidental Death Benefit and Accidental Total and Permanent Disability Benefit riders are available with the plan.

Customers can also avail of Tax Benefits u/s 80 C and 10(10 D) of the Income Tax Act on the premiums and maturity or death proceeds.

SBI Life’s Key Highlights during FY 10:

* Globally topped the prestigious international body Million Dolllar Round Table (MDRT) 08 rankings.

* Ranks 1st amongst private life insurance companies, in terms of new business premium collection for FY 10, as per the latest IRDA report, covering industry data upto July 09.

* Launched online premium payment facility.

* Posted a net profit of Rs.38.6 Cr. during the first financial quarter, ending June 09.

For further information, please contact:

Sampark PR

Murugan.G

Mobile: 98412 78904

E-mail: murugan.g@sampark.com