SBI Life Insurance, the trusted life insurer, has launched a new product, ‘SBI Life – Smart Humsafar’, a unique plan which offers multiple benefits of savings and insurance cover for husband and wife under a single policy. The plan complements the couple’s efforts to achieve prosperity along with protection to fulfill their dream of leading a better life.
On the launch of this product, Mr. Arijit Basu, MD and CEO, SBI Life Insurance said, “Today, with skyrocketing lifestyle costs, couples are finding it difficult to invest and save for their future. We, at SBI Life, would like to partner with couples in order to help them attain their ambitions. Accordingly, we have introduced this unique joint life insurance product that provides insurance cover for the spouses. With this plan, couples will not only insure their lives but also safeguard and secure their future and wellbeing of their dependents.”
‘SBI Life- Smart Humsafar’ provides financial protection to husband and wife under a single policy. In case of death of one of the spouses, a payment of sum assured is made to the surviving spouse, in addition to waiver of future premiums. In the event of death of surviving spouse during the reminder of the policy term, the nominee gets the sum assured plus all the accrued bonuses. The basic sum assured with all accrued bonuses will be paid upon survival of any or both lives on maturity.
Additionally, customers can also avail loan against the policy in times of need. It also gives customers the tax benefits as per prevailing norms under the Income Tax Act, 1961. The minimum and maximum entry age for this plan is 18 and 46 years respectively.
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