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| SBI Life Insurance launches affordable ULIP – Maha Anand | | | Early Times Report
Jammu, July 1- SBI Life Insurance, the leading private life insurer in India, announced the launch of a yet-another innovative Unit Linked Insurance Plan (ULIP) - SBI Life Maha Anand. Under the plan the customer can also avail tax benefits u/s 80 C (10 D) of the Income Tax Act.
Available at an affordable premium starting from Rs. 500 per month, the product has been designed to cater to investment and protection needs of the middle and low-income segments, particularly those residing in semi-urban and rural areas. Also, the product is exempted from medical-examination.
U. S. Roy, MD & CEO, said: “Available at a low premium entry level, Maha Anand offers an opportunity to large sections of society to participate in the equity markets and benefit by systematically investing over a long term horizon. This product is a reflection of our commitment to offer need-based solution to every socio-economic segment enabling individuals to realize their long term financial dreams”, he added.
SBI Life Maha Anand can be availed of by investors up to 55 years of age with maturity age up to 65 years. The plan has a minimum yearly premium of Rs 6,000 and with a maximum yearly premium of Rs 30,000. The fixed sum assured could be five times the annual premium, restricted to a maximum of Rs 3, 00, 000.
SBI Life Maha Anand offers three fund options - Equity, Equity Optimizer and Bond fund enabling the investor to opt for a fund depending on his or her risk appetite. The plan also allows investor to add top up payments at any point of time during the policy term. The minimum top up premium will be Rs. 1500 with maximum top up premium of 25 per cent of the basic regular premium paid till date. The product also offers flexibility to the investor to partially withdraw money after completion of five policy years to meet any sudden or unforeseen expenses.
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