Alok Abi Project

A
PROJECT REPORT
ON
“DIFFERENT INSURANCE POLICY PROVIDED BY SBI”
AT
“SBI LIFE INSURANCE”
TITLED
SUBMITTED
IN
PARTIAL FULFILLMENT
OF
MASTER OF BUSINESS ADMINISTRATION
Submitted to; Submitted by:

Dr. Sharad Maheshwari Mr. Alok Jain
(HOD) MBA (II Yr)
(2009-2011)
GOVT. ENGINEERING COLLEGE,
JHALAWAR
1
CONTENTS
 INSURANCE
 Introduction
 Needs of insurance
 History of insurance
 LIFE INSURANCE
 Meaning of life insurance
 Companies of life insurance
 SBI LIFE INSURANCE
 Background of company
 Vision & mission
 Share of SBI group & BNP

PARIBAS
 Products
2
PREFACE
There is a vast difference between theory and practice. The practical

training program is designed with the purpose of bridging gap between
theory and practice. As such I am fortunate to have an opportunity to
undergo my project and thus my practical training with SBI Life
Insurance Company Limited.
Summer training was an exposure to corporate functional environment.

It was opportunity & great pleasure for me to be in Corporate
Environment and having interaction with concerned people.
This project is based on a brief study of six weeks of training period.

Efforts have been made to present all authentic information as far as
possible.
3
ACKNOWLEDGEMENT
With a sense of great pleasure & satisfaction I present this report entitled as SBI Life
Insurance “culmination of my efforts of last six weeks. Completion of this project, is no
doubt, is a product of invaluable support & contribution of a number of people.
I wish to express my gratitude to those who generously helped me in completing this

research work with their knowledge & expertise. A project of this nature calls for
intellectual nourishment, professional help & encouragement from various quarters.
I present my gratitude to project guide Mr. KAWIM JAIN, Senior Agency

Manager for giving me the opportunity to work for SBI Life Insurance Company Ltd., for
being constant guiding force & a source of Illumination throughout this entire period .I
would also extend my gratitude to Mr. NITIN YASHASWI (Branch Manager) for his useful
suggestions.
My special thanks to all employees of SBI Life Insurance Company Ltd, Jhalawar, who
extended their precious cooperation & for the patience they showed while entertaining my
queries.
4
I am immensely thankful to all agents who took out time from their busy schedule and
enthusiastically responded to my queries and provided me with all the valuable information.
(Alok Jain Bakliwal)
INSURANCE :-
Insurance, in law and economics, is a form of risk management primarily used to hedge
against the risk of a contingent loss. Insurance is defined as the equitable transfer of the
risk of a loss, from one entity to another, in exchange for a premium, and can be
thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An
insurer is a company selling the insurance; an insured or policyholder is the person
or entity buying the insurance. The insurance rate is a factor used to determine the
amount to be charged for a certain amount of insurance coverage, called the premium.
Risk management, the practice of appraising and controlling risk, has evolved as a
discrete field of study and practice.
It is one of those things that one would not like to think and talk about but if you don’t
you may leave your family unprotected. In simple terms life insurance provides money
for my family in the event that I die.
It is a financial resource for my family and loved ones in case of my death. A “Contract”
between me and the insurance company. “Insurance is sharing the risk between
company and individual”
In insurance two type of benefits risk cover and saving. Risks cover Consists of death,
accidental recovery and health.
Insurance
5
Risk cover saving
1. Death 2.Accidental recovery 3.Health
When age is increase, risk is also increase, so premium is increase.
Why we need insurance?
Insurance is a basic need of a individual. Like every man eat food forgiving so insurance
is necessary for every human life. If a person not has life insurance and he is died then
his families face many financial troubles. So insurance is necessary need.
6
History of insurance: -
In some sense we can say that insurance appears simultaneously with the appearance of
human society. We know of two types of economies in human societies: money
economies (with markets, money, financial instruments and so on) and non-money or
natural economies (without money, markets, financial instruments and so on). The
second type is a more ancient form than the first. In such an economy and community, we
can see insurance in the form of people helping each other. For example, if a house
burns down, the members of the community help build a new one. Should the same thing
happen to one's neighbors, the other neighbors must help. Otherwise, neighbors will not
receive help in the future. This type of insurance has survived to the present day in some
countries where modern money economy with its financial instruments is not widespread
(for example countries in the territory of the former Soviet Union).
In India many life insurance companies are working. Some of companies are :-
 SBI LIFE INSURANCE CO.LTD.

 LIC OF INDIA
 HDFC STANDARD LIFE INSURANCE CO.LTD.
 ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
 BAJAJ ALLIANZ LIFE INSURANCE CO. LTD
 SHRI RAM LIFE INSURANCE CO. LTD
 RELIANCE LIFE INSURANCE CO. LTD
7
 ING-VYASA LIFE INSURANCE CO. LTD
 TATA AIG LIFE INSURANCE CO. LTD
 MAX NEW YORK LIFE INSURANCE CO. LTD
 FUTURE GENERALI LIFE INSURANCE CO. LTD
 BHARTI AXA LIFE INSURANCE CO. LTD
 AVIVA LIFE INSURANCE CO. LTD
 OM KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE
CO. LTD
 MET LIFE INSURANCE CO. LTD
 SAHARA LIFE INSURANCE CO. LTD
 BIRLA SUN LIFE INSURANCE CO. LTD
 RELIGARE LIFE INSURANCE CO.LTD.
 IDBI FORTIS LIFE INSURANCE CO. LTD.
What is Life Insurance and a Life Insurance Company? Can a Life Insurance Company
Help Me?
Life Insurance is insurance for me and my family's peace of mind. Life insurance is a
policy that people buy from a life insurance company, which can be the basis of protection and
financial stability after one's death. Its function is to help beneficiaries financially after the
owner of the policy dies It can also be a form of savings in the long run if I purchase a plan,
which offers the option of contributing regularly. Additionally, a little known function of life
insurance is that it can be tied in with a person's pension plan. A person can make
contributions to a pension that is funded by a life insurance company.
8
In addition, you should also make a list of what you feel needs to be protected in your family's
way of life. With a life insurance policy in place, you can:
 Provide security for your family.
 Protect your home mortgage.
 Take care of your estate planning needs.
 Look at other retirement savings/income vehicles.
Introduction of LIC:-
In 1956, Life insurance Company (LIC) of India was started. Up to 2000 LIC’S no
competitors establish in the market and after 2000 its many competitors enter in the
market. Its competitors in the India:-
 SBI LIFE INSURANCE CO.LTD.

 LIC OF INDIA
 HDFC STANDARD LIFE INSURANCE CO.LTD.
 ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
 BAJAJ ALLIANZ LIFE INSURANCE CO. LTD
 SHRI RAM LIFE INSURANCE CO. LTD
 RELIANCE LIFE INSURANCE CO. LTD
 ING-VYASA LIFE INSURANCE CO. LTD
 TATA AIG LIFE INSURANCE CO. LTD
 MAX NEW YORK LIFE INSURANCE CO. LTD
 FUTURE GENERALI LIFE INSURANCE CO. LTD
 BHARTI AXA LIFE INSURANCE CO. LTD
 AVIVA LIFE INSURANCE CO. LTD
9
 OM KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE CO.
LTD
 MET LIFE INSURANCE CO. LTD
 BIRLA SUN LIFE INSURANCE CO. LTD
 RELIGARE LIFE INSURANCE CO.LTD
 IDBI FORTISE LIFE INSURANCE CO. LTD
And so on. in the market 31 LIC companies is establish.
10
Background of SBI Life :-
SBI Life Insurance is the 3rd largest private life insurance company in the country, with
total premium income exceeding Rs. 1000 crore in 2005-06, and the first to declare a
profit after just 5 years in operation. SBI Life is a joint venture of SBI, India's largest and
most trusted bank for 200 years, and CARDIF, the insurance arm of BNP Paribas with
global expertise.
SBI Life Insurance is a joint venture between the state bank of India and CARDIF SA of
France. SBI life insurance is registered with an authorized capital of Rs. 1000 CRORE
and paid up capital of Rs. 500 CRORE. SBI owns 74% of the total capital and CARDIF
the remaining 26%. State bank of India enjoys the largest banking franchise in India.
Along with its 7 associate banks (SBBJ, SBI, State bank of Indore, State bank of
Mysore, State bank of Saurashtra,) SBI group has the unrivalled strength of over 14,500
branches across the country. CARDIF the life insurance unit of BNP Paribas
ASSURANCE has operations in 36 countries and over 35 million personal protection
insurance clients worldwide. BNP Paribas ranks among the world top 15 banks by
market capitalization and is one of oldest foreign banks with a presence in India dating
back to 1860.SBI life insurance is one and only institute which has got AAA grade of
CRISIL.
11
SBI Life’s Mission Statement:-
To emerge as the leading company offer a comprehensive range of life insurance and
pension products at comprehensive prices, ensuring standards of customer satisfaction
and world class operating efficiency, and become a model firm in the liberalized life
insurance industry in India.
Share of SBI GROUP & BNP PARIBAS:-
SBI GROUP + BNP PARIBAS = SBI LIFE INSURANCE CO. LTD.
74 % + 26 % = 100 %
PRODUCT OF SBI LIFE:-
I. Traditional plan:-
A. Term Insurance:
 Shield Plan
 Swadhan Plan
B. Endowment plan:
 SUDARSHAN PLAN
12
 Money back plan
C. Children plan:
 Scholar II plan
D. Pension plan:
 Lifelong pension
These all Plans are Traditional Plans.
Introduction:
Key man is the key member or staff of the organization who is a major contributor to its
growth and the profit and whose absence may affect the continuity of the business.
A Keyman insurance policy is taken to protect the rganization against the reduction in
profit resulting from the death of the Keyman. As per IRDA circular only Pure Term
Assurance Products may be used as a Keyman Insurance. We offer “SBI Life – Shield”
as a Keyman Insurance Policy.
Product features available of “SBI Life – Shield” used as Keyman:
 Minimum / Maximum Age at Entry : 18 Years to 60 Years

 Term : 5 Years to 25 Years or Retirement age, whichever is earlier
 Choice of Increasing Sum Assured @ 5% p.a. or Level Cover
 No Riders available
13
 Mode of Payment : Single Premium or Regular Premium (no monthly mode
available)
 Sum Assured
Minimum (Per Life Assured):

SBI Life – Shield Plan: Rs. 10, 00,000/- (in multiples of Rs. 10,000)
Maximum Sum Assured (Per Corporate):

The quantum of cover would be based on the following parameters, underwriting
requirements and subject to the maximum Sum Assured permitted in the respective
plan chosen
Maximum Sum Assured should be LOWER of :
1. 5 times the average net profit of the Company for the past 3 years.
2. 3 times the average gross profit of the Company for the past 3 years.
A multiple of the individual remuneration/compensation package that the
Keyman receive may also be considered.
14
Introduction:
SBI Life - Sudarshan is an Endowment Policy designed to provide savings and protection to
you and your family. You can save regularly for the future. Thus at the end of the plan, you will
receive a substantial amount of savings along with the accumulated bonuses declared. At the
same time, your family will be protected for death risk for the full Sum Assured.
Key Features:
 It offers you the option of tailoring your policy according to your requirement and needs,
by opting for various extra covers (Riders) that are offered.
 This is a unique product that offers you an innovative cover (plan B) which helps you to
protect your savings against ’the financial consequences of inflation’ with constant
premium for the entire duration of the plan.
 It gives you protection against unfortunate terminal or dreaded illness. It is an
insurance plan which could also act as a hedging instrument.
 With this plan you can plan your children’s future education, marriage expenses or even
your own retirement - in a most flexible manner.
Product type:
It is a traditional endowment plan i.e. saving - cum protection product.
How does it work?
15
SBI Life - Sudarshan has two basic plans.
 Fixed Sum Assured Plan: Allows you to build a regular saving plan that gives you a
secure amount at the end of a fixed period plus a bonus. In the unfortunate event of
death before maturity, the nominee would stand to receive the Sum assured and the
bonus accrued till that date.
 Increasing Sum Assured Plan - the COLA Option: The Cost Of Living Adjustment
(COLA) option is so called because it serves as an automatic hedge against inflation. It
allows you to increase the Sum Assured automatically by paying an additional premium
compared to the Fixed Sum Assured Plan. Moreover, the life cover also automatically
increases during the period as added protection to the family.
Benefits
 Maturity Benefit: Depending upon the plan option chosen:
 Fixed Sum Assured (Plan A) Basic Sum Assured along with Vested Bonus* is payable
 Increasing Sum Assured (Plan B) Increased Sum Assured @ 5% p.a. along with
Vested Bonus* is payable
 Death Benefit:
In the unfortunate event of death of the Life Assured, depending upon the plan option
chosen:
 Fixed Sum Assured (Plan A) The Sum Assured along with Vested Bonus * is payable
to your nominee.
 Increasing Sum Assured (Plan B) Increased Sum Assured @ 5% p.a along with
Vested Bonus* is payable to your nominee.
16
 Other Benefits:
If the extra cover (riders) have been opted for, the following additional benefits are
payable:
 Term Assurance Cover benefit

The Term Assurance cover is payable in addition to normal death benefit.
 Accidental Death and Accidental Total Permanent Disability Cover Benefit:
In case death due to an accident: The rider Sum Assured is payable in addition to
normal Life cover.
In case of Total Permanent Disability due to an accident:
Two benefits are payable:

1) Immediate Payment : Depending upon the plan chosen:
 Fixed Sum Assured (Plan A)
Flat Sum Assured + Vested Bonus
OR
 Increasing Sum Assured (Plan B)

Increased Sum Assured @ 5% p.a (every completed year) + Vested Bonus
2) Yearly Instalment Payment : Accidental Death and Accidental Total Permanent

Disability Cover amount is payable in 10 installments till maturity / death. At
maturity/death, the remaining installments are payable in a lumpsum to you/your
nominee.
Policy ends immediately.
 Critical Illness cover:
17
On diagnosis of any of the 6 critical illnesses and you survive for more than 30 days; the
Critical Illness Cover Sum Assured is paid in a lump sum. No more claims will be
admitted under this cover.
SBI Life - Sudarshan policy remains in force for all the other benefits
 Tax Benefits SBI Life :

Sudarshan enjoys Tax benefit u/s 80 C and 10 (10 D) of IT Act* Premiums paid for
Critical Illness Benefit qualify for tax exemption under Sec 80D*
What is the policy term?
Minimum Maximum Years

Years
Regular Mode 8 years 30 years
Single Premium 5 years 30 years
Mode
Who can buy this product?
Minimum Maximum Years

Years
Regular Mode 12 years 62 years
Single Premium 12 years 65 years
Mode

What is the minimum & maximum sum assured?
Minimum Maximum
Rs.25,000 Rs.1 Crore
18
Riders available
 SBI Life - Critical Illness Rider
 SBI Life - Term Assurance Rider
 SBI Life - Accidental Death & Total Permanent Disability Rider
Introduction:
As an individual your life is fueled by dreams. You experience different special moments
in life like wedding, birth of a child, child’s education or purchasing a new home. You
have to be financially prepared for these special moments. What you need is easy
liquidity at regular intervals with life insurance protection to take care of these special
moments.
Key Features:
The plan has a number of moneyback options specially suited to your needs. The
cover is available at competitive premium rates. It has guaranteed cash inflows
which can meet your various financial obligations. In addition to normal death
cover, the plan also provides you 4 additional covers. Product type: It is a Traditional
Saving Plan with added advantage of life cover and guaranteed cash inflow at regular
intervals.
How does it work?
19
SBI Life Money Back is a saving plan with added advantage of life cover and cash
inflow at regular intervals. This plan is designed for individuals who want to plan for
various financial obligations at specified times in life.
Term of the Plan Guaranteed Survival Benefit Cumulative Guaranteed

payable Survival Benefit
10 Years The last 3 years on the term 110% of Basic Sum Assured
15 Years After every 3 years on the term 115% of Basic Sum Assured
Benefits
 Death Benefit:
In the unfortunate event of death during the term of the plan, the nominee will receive
Sum Assured + Vested Bonuses, (accrued till the date of death),No deductions are
made from the claim amount for the Survival Benefits already paid.
Exclusions applicable to the Basic Cover:
Suicide within the first year
20
 Other Optional Benefits:

 SBI Life - Term Assurance Rider:
The benefit under the Term Assurance Rider is payable in addition to death benefit.
 SBI Life - Accidental Death and Accidental Total Permanent Disability Rider
In case of death due to an accident, the nominee gets the additional rider Sum Assured.
If the policyholder is involved in an accident, resulting in total permanent disability,
he/she will get Sum Assured under this rider in 10 equal annual installments; He/she
will exit from all the rider covers thereafter, but continue to be covered for basic cover
on receipt of further premium due, if any.
 SBI Life - Premium Waiver Benefit Rider:
Under this rider the policy holder need not pay future premiums for the base product, if
he/she suffers from total and permanent disability due to an accident after the rider is
opted for.
 SBI Life - Critical Illness Rider:
On diagnosis of any of the 6 critical illnesses (depending on the C.I. cover you have
opted for) and you survive for more than 30 days from diagnosis; the Critical Illness
Cover Amount is paid in a lumpsum. No more claims will be admitted under this cover.
The Basic policy remains in force for all the other benefits.
 Tax Benefit:
SBI Life Money Back Plan enjoys Tax benefit u/s 80 C and 10 (10 D) of IT Act*.
Premiums paid for Critical Illness Benefit qualify for tax exemption under Sec 80D*.
21
Minimum Maximum
Years Years
10 years 25 years
Eligibility Criteria Term
Option 1: Option 2: Option 3: Option 4:

Term 10 Term 15 Term 20 Term 25
Years Years Years Years
Minimum age at entry 15 15 15 15
Maximum age at entry 60 55 50 45
What is the min. & max. sum assured?
Minimum Maximum
Rs. 50,000 (and multiples of Rs. 10,000 Rs.5 Crore.
thereafter)
Riders Available
 SBI Life - Term Assurance Rider
 SBI Life - Accidental Death & TPD Rider
22
 SBI Life - Premium Waiver Benefit Rider
II. Unit Link Plan:
 Unit Plus-II
 Smart Ulip
 Horizon II
 Unit Plus Children Plan
 Unit plus II Pension
 Horizon II Pension
23
IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORN BY THE POLICYHOLDER
INTRODUCTION:
It may be difficult to understand all your needs but as your preferred life insurance
company, SBI Life definitely understands all your financial & insurance needs. SBIBI
Life - Unit Plus II Plans are an attempt to meet all your financial & insurance needs
through a single non participating product. You can use it the way you like. What’s more
you get market linked returns which in the long term has always proved to give better
returns than traditional savings products.
Key Features:
 Unmatched Flexibility to match your changing requirement.
 Choice of 5 investment funds: you can change the allocation percentage when you
want, 4 switches free per annum.
 Choice of term : Limited term or whole life.
24
 Attractive riders available.
Product type:
This is a non-participating individual unit linked product.
How does it work?
SBI Life - Unit Plus II Plans: II plans depending on your premium mode.
 Single Premium Mode : SBI Life - Unit Plus II Single UIN No:
111L029V01)
 Regular Premium Mode : SBI Life - Unit Plus II Regular UIN No:
111L028V01)
Decide Your Investment Amount :
Frequency Minimum Premium Maximum Premium

Single Rs. 40, 000 No Limit
Regular Rs. 24, 000 p.a. No Limit
25
Choose Your Life Cover:
It depends upon the total amount you have decided to invest.
Single
Minimum Sum Assured Maximum Sum Assured
Premium
Term 5 to 9 125 % of single premium
625 % of single premium amount
years amount
Term 10
110 % of single premium
years and 625 % of single premium amount
amount
above
Regular
Minimum Sum Assured Maximum Sum Assured
Premium
Regular 5 times annual premium
Depends on the age*
Premium amount
5 times annual premium No Limit
Whole Life
amount (Subject to underwriting)
Age Band Maximum Sum Assured Multiplicator Factor

0 to 40 50 Times Of Annualized Premium
61 to 65 20 Times Of Annualised Premium
Benefits :
 Maturity Benefit:
At maturity, the Fund Value as on that date is paid in full.
 Death Benefit: In the unfortunate event of the death.
 Before or the age 7 years: Fund Value is payable to the nominee.
26
 After attaining age 7 and before 65th birthday, the beneficiary will receive higher of
Fund Value or Sum Assured less Partial Withdrawals within the last 12 calendar
months.
 If death occurs after age 65, the beneficiary will receive the higher of the Fund Value or
Sum Assured less all the Partial Withdrawals made in the last 12 calendar months
before attaining the age of 65+ all withdrawals made after attaining the age of 65 will be
set off against the Sum Assured excluding partial withdrawals from Top Up Amount.
 Tax Benefits :
Tax benefit as per section 80C and 10(10D) of Income Tax Act.
Limited Whole Life Term

Term
Minimum 5 years Life cover will be available till you attain 99
Years years of age.
Maximum 40 years
Years
Equity Optimizer Fund:
27
Min Max Risk
Assets
Equity & Equity related instruments 60% 100%
High
Debt and Money market instruments Nil 40%

Guaranteed Additions(Only for SBI Life - Unit Plus II Regular):
Year Percentage Of Average Annualised Regular Premium

15 % ( Of Annualised Average Premium for the first 8
8th
Policy years )
25% ( Of Annualised Average Premium for the first 15
15th
Policy years )
60 % ( Of Annualised Average Premium for the first 20
20th
Policy years )
Total 100%

UNIT PLUS II PENSION PLAN

If you are in good health and in the age group of 0 to 65 you can opt for this
plan.
Riders Available:
SBI Life – Accidental Death and Total Permanent Disability Rider
SBI Life – Critical Illness Rider
28
Five Funds for investments :
Equity Fund:
Assets Min Max Risk

High
Money market instruments Nil 20%

Bond Fund:
Assets Min Max Risk

Debt instruments 60% 100%
Low to medium
Growth Fund:
Assets Min Max Risk

Medium to High
Debt and Money Market instruments Nil 60%
Balanced Fund:
Assets Min Max Risk
Medium
Debt and Money market instruments 40% 60%

Equity Optimizer Fund:
Assets Min Max Risk

Equity & Equity related instruments 60% 100% High
29

Guaranteed Additions(Only for SBI Life - Unit Plus II Regular):
Year Percentage Of Average Annualised Regular Premium

th
8 15 % ( Of Annualized Average Premium for the first 8 Policy years )
25% ( Of Annualized Average Premium for the first 15 Policy
15th
years )
60 % ( Of Annualized Average Premium for the first 20 Policy years
20th
)
Total 100%
30
IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORN BY THE POLICYHOLDER
Features of smart ulip:-
 NAV guarantee
 Growth potential
 Assured safety
 Choice of 3 or 5 yrs premium paying term
 Investment cum insurance plan giving market related returns
 Innovative structured investment funds ‘flexi protect fund
 Attractive tax benefits under section 80(C)& 10(10D)
How does smart ulip work?
This product is split into four phases ‘subscription’ phase will be first 12 month period
from the launch date of this series of the products during which new policies will be
issued. Depending upon your ppt, ‘premium payment’ phase will be either 3yrs or 5yrs
from launch date. ‘NAV build up’ phase will last for 7 yrs from the date of launch. The
last 3yrs of plan term will be called as ‘Accumulation’ phase.
This is a limited premium payment plan, where you choose to pay premium either for
3yrs or 5yrs .you can opt for this plan during the subscription period. The maturity date
shall be at the end of 10 yrs from the start of subscription period.
Premium paid by you, deduction of premium allocation charges is
31
automatically invested into the money market fund.on specific reset dates on 8 th & 23rd of
each calendar month , your investments will automatically be moved to the flexi protect
fund. The objective of this fund is to optimize your returns , while providing significant
capital protection by adopting dynamic assets allocation strategy.
Maturity benefit:
On completion of policy term , fund value will be paid to you.
Fund value will be calculate based on NAV which is higher of :
 NAV as on date of maturity
 The guaranteed maturity NAV
Death benefit:
In case of the unfortunate event of the death of the life insured during the policy term,
we will pay to the nominee, the higher of fund value or sum assured.
Surrender:
Policy will acquire a surrender value after payment of at least one full year’s premium in
case of 5 year PPT and 6 month premium in case of 3 year PPT,and will be payable
after the completion of third policy year. The surrender value will be 100% of fund value
less surrender charges applicable if any.
Surrender charges:
The surrender charges will be recovered from the surrender amount.surrender

charges are expressed as a percentage of the fund value and will be based on the
policy year in which surrender request has been received or based on policy year of
the first unpaid premium, as the case may be:
32
Y1 20%
Y2 12%
Y3 9%
Y4 2%
Y5 onwards nil
 Partial withdrawal:
We give you flexibility to withdraw your money after completion of 5 policy years 20%
of fund value to meet any sudden or unforeseen expenses. you can make one partial
withdrawal per policy year.
 Fund option:
The two investment fund currently offered are flexi protect fund and money market
fund. Premiums received net of allocation charges are invested into money market
fund and balance in money market fund is automatically switched to flexi protect fund
on each reset date using the prevailing at the end of that day.
 Flexi Protect Fund:
The objective of this fund is to provide capital production and optimum returns based
on systematic asset allocation model.
Minimum Maximum Risk profile

Assets
Equity and equity Nil 100% Low
related instruments
Debt and money Nil 100% Medium
33
market instruments
Flexi Protect Fund Management Charges:- 1.50 % p.a.
 Money Market Fund:
Minimum Maximum Risk profile

Assets
Debt instruments Nil 20% Low
Money market 80% 100%
instruments
Money market Fund Management charges: 0.25% p.a.
 Tax benefit*:
 u/s 80 (c) of the income tax act 1961 on your premiums.
 u/s 10(10D) Of The IT act 1961 on your maturity processed/the death

benefit under the policy.
 Free Look Period:
The policy holder has a period of 15 days from the date of the receipt of the policy
document to review the term and conditions of the policy and where the insured
disagrees to any of those terms or conditions, he has the option to return the policy
stating the reason for his obligation when he shall be entitled to a refund of the amount
as follows:
Fund value(units repurchased based on the price of the units on the date of
cancellation) + (premium allocation charges + mortality charges, if applicable + policy
administration charges) already deducted MINUS (stamp duty + medical expenses, if
any).
 Grace Period :
34
15 days for monthly mode and 30 days for other modes.
Revival period:
We offer you a revival period of 2 years. Revival is subject to underwriting acceptance

under the applicable terms and conditions.
 Charges for the Plan

 Premium allocation charges:
Premium payment term

Policy year
3 years 5 years
Year 1 15% 15%
Year 2 5% 5%
Year 3 - 5%
 Policy administration charges:

 The Policy Administration Charges will be recovered by cancelling unit on
a monthly basis proportionately from each investment fund.
 A flat charges of Rs 60 per month will apply throughout the term of the
policy.
 For the last three policy year, additional annual policy administration
charges @ of Rs 5 per thousand of the sum assured will be charges.
 Mortality charges:
These charges are deducted on the 1 st business day of each policy month from fund
value by way of cancellation of units. Mortality charges will be based on your age of sum
at risk.
35
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY
THE POLICYHOLDER
Introduction:
SBI Life – Horizon II is a unique, non participating Unit Linked Insurance Plan in Indian
Insurance Industry, where you need not to be a financial market expert. This plan offers
the flexibility of Unit Linked Plan along with Automatic Asset Allocation which provides
relatively higher returns on your money where as increasing death benefits provides
higher security to your family.
Key Feature:
 Twin benefit of insurance cover and market linked returns
 Hassle-free investment management of funds from inception to maturity
 Automatic Asset Allocation of funds
 Automatic rebalancing of funds at yearly intervals, free of cost
 Higher protection, to meet your family financial needs.
 Automatic cover continuance.
 Liquidity option after 3 years
 Facility to top up your investment kitty.
 Tax benefit as per section 80C and 10(10D) of income tax act.
 15 days free look period from the date on which you receive the policy.
document.
Product type:
36
It is a unique, non participating unit linked plan.
How does it work?

As per the Plan and Term chosen by you , SBI Life will invest the net premium amount into
each of the funds mentioned. The number of Units of
each fund will be allocated is calculated as:
Net Investment in Fund(x)
No. of Units Fund(x) =
NAV of Fund(x)
A unit of each Fund has its own price called the Net asset Value(NAV).
The NAV of each Fund is calculated on a daily basis with the following
formula:
{Market Value of Investment + Current Assets - Current Liabilities & Provisions}
NAV
=
No of Units outstanding
Benefits:
 Hassle Free Investment Management:You simply invest we will manage it for
you.
 Maturity Benefits:At the end of the term you will get the fund value.
 Increasing Death Benefit:For all inforced policies , In case of death after
completion of age 7 your nominee will receive Fund Value + Sum Assured
otherwise fund value is payable.
Minimum Maximum
Years Years
10 years 40 years

37
Who can buy this? Product?

If you are in good health and in the age group of 0 to 60 years you are
welcome to join our wagon.
Maximum age at Maturity is 70 years.

What is the sum assured?
Decide the amount you can put aside to be invested in SBI Life - Horizon II every year. You
Minimum Life Cover Sum Assured can be 5 x AP Maximum can be (T/2) x AP Where, T = Term
of Policy, AP = Annualised Premium.

Riders Available:
No Riders are available.
Assets Min Max Risk
Three Funds for &investments
Equity Equity related instruments 80% 100%
High
Debt &Long
Equity Fund:For money market
Term instruments
Capital Appreciation. Nil 20%
Bond Fund:For Generating good returns

bytaking calculated risks.
Assets Min Max Risk

Low to
Money market
Nil 20% medium
instruments

Money Market Fund:For cutting the risk while reaching maturity.
Assets Min Max Risk

Debt instruments Nil 20%
Low
Money market instruments 80% 100
WHAT ARE THE CHARGES TO MY POLICY?

 Premium Allocation Charges:
Policy Year Entry Charges as a percentage of the Premium

/Rs.Amount*
38
Year 1 15% with a ceiling of Rs.60,000/- per year
10% with a ceiling of Rs.40,000/- per year
Year 4th onwards 5% with a ceiling of Rs. 20,000/-per year
Top Up 1% with a ceiling of Rs.50,000/- per year

 Policy Administration Charge (by way of cancellation of units):

Monthly administrative charges are equal to Rs.70/- for Financial Year 2006-07 and
will be increased by 2% p.a.on the first Policy Month following 1 st of April each,
subject to a ceiling of Rs.300/- per Policy Month.
Fund Management Charge:
The Annual Fund Management Charge for each fund are as follows:
Equity Fund : 1.5 %
Bond Fund : 1.00%
Money Market Fund : 0.25%
Fund Management Charges are calculated and recoverd from value of the funds on
a daily basis. Maximum fund management charges applicable 2.0% subject to prior
IRDA approval.
Partial Withdrawal Charge:
First two withdrawals in a Policy Year will be free of charge. A fee of 1% will be
deducted from the third and subsequent withdrawal amount.
Surrender Charges: 1% of the Fund Value.
Mortality Charges:
Mortality Charges are recovered on a Policy Month basis by way of cancellation of
units. Rates are renewed on yearly basis.
39
THE POLICYHOLDER
Introduction:
 Life begins afresh when you become a parent and when the child takes that first s
towards you, the moment is filled with cheer, enthusiasm never felt before. This mom
marks a new beginning in the child’s life and there’s no looking back after that. The ch
keeps growing and so are his dreams, aspirations which always aim to reach horizon a
you want your child achieve his/her dreams. But at the same time as a proud parent y
also want to secure their future against rising cost of education and other necessitie
We at SBI LIFE understand you better and hence have developed SBI Life - Unit P
Child Plan to suit you and your needs best. This Plan is meant for parents in the a
group of 18-57 having a child between the age group of 0-15 years.
Key Feature :
 Market related returns to match increase coast of education
 Peace of mind giving you triple benefits
 Loyalty units to celeberate your child reaching 18 years.
 New Investment Fund (Equity Optimizer Fund)in addition to existing funds
 Pay Premium for a limited period of and reap benefits over a long time.
40
 Flexible plan which adapts to your changing needs as and when you want.
Why Should I take Unit Plus Child Plan?
 To secure your child’s future by gaining more from financial markets along with.
 Triple Benefits for your family, in case you are not around.
 Loyalty Units by way of free allocation of units.
 Flexible option to meet your changing requirement.
What is Unit Plus Child Plan?
It is Unit Linked Insurance available for parents who have a child between age 0-
years. You pay premium for a limited period and your benefits continue till your ch
becomes an adult. After deducted of charges, your money can be invested in fi
funds as per your choice and risk appetite. At the end of the term your accumulat
Fund Value can be used for your child’s Higher Education, Marriage, Financ
Security or anything else while withdrawals facility helps you to meet unplann
expenses.
Benefits of Unit Plus Child Plan:
Triple Benefits for your child’s future in your absence:
In case of your unfortunate demise
 Benefit1: We pay the Sum Assured lump sum.
 Benefit2: We continue to pay your regular premium on your behalf
Premium Payor Waiver Benefit)
41
 Benefit3: Fund Values is payable at maturity.
Loyalty Units by way of free allocation of Units :
To celebrate the 18th year of your child, we offer Loyalty Units by Way of free allocation
Unit based on the average of last 24 month Fund Value in the 24 month preceding the 1
birthday.
Maturity Benefit :
On completion of the Policy Term, Fund Value will be paid to you.
Settlement Options:
Within a period of 2 month before the Maturity Date, you can opt for a settleme
option and choose to take the Fund Value in the form of periodical annual * paymen
maximum up to 5 years. At any point of time, you can ask for full payment of balan
Fund Value.
Fund Option:
Currently there are 5 investment fund option which are available to you viz.
Equity Optimiser Fund:
Minimum Maximum Risk Profile

Asset
,
Equity & Equity Related Instruments 60 % 100%
Debt & Money Market Instruments NIL 40% High
42
Equity Fund:

Asset
,
Equity & Equity Related Instruments 80 % 100%
Bond Fund:

Asset
Debt Instruments 60 % 100% Low to
Money Market Instruments NIL 40% Midium
Growth Fund:

Asset
Equity & Equity Related Instruments 40 % 100% Medium to
Balanced Fund:
Minimum Maximu Risk Profile

Asset
m
Equity & Equity Related Instruments 40% 60% Medium
Debt & Money Market Instruments 40% 40%
Eligibility Criteria:
Entry Age
Parent Min: 18 years Max: 57 years
Child Min: 0 years Max: 15 years
Age at Maturity
Parent Max: 65 years
43
Min: 18 years Max:25 years
Premium Payment Term
PPT 3yrs/5yrs/7yrs/Till the child attains 18 years
Min Premium (x100)
Min Yearly Premium PPT of 3 yrs:84,000 PPT of 5 yrs:60,000
PPT of 7 yrs:48,000 PPT till child attains 18 yrs : Rs
12,000
There is no limit for the maximum premium for any Premium Payment Term
Premium Mode yearly, half-yearly ,quarterly or monthly
Policy Term
Min. Term 8 yrs or (18-chil’s age at entry)whichever is higher
Max. Term 25 yrs
Sum Assure
Min Sum Assured For Policy Term 8-10 : 5 * AP(Annualized Prm)
For Policy Term 11-25yrs : Term/2 * AP

Max Sum Assured For Age 18-40yrs:25*AP
For Age 41-50yrs:20*AP
For Age 51-57yrs:15*AP
Additional Features of the Plan:
Tax Benefit*:
U/s 80C of the Income Tax Act 1961 on your premium.
U/s 10(10D) of the Income Tax Act 1961 on your maturity proceeds of the policy.
Free Look Period:
You can review the term and conditions of the policy, 15 days from the date of the receipt of t
policy document and where you disagree to any of those terms and conditions, you have t
44
option to return the policy stating the reason for your objection.
The amount refunded to you would be:
Fund Value + (Premium Allocation Charges + Mortality Charge + Rider Charge, if any + Pol
Administration Charge) Already deducted – (Stamp duty + Medical Expenses if any and paym
Instrument Collection Charges).
Grace Period:
30 days for Yearly, Half Yearly and Quarterly Premium Payment Mode; 15 days if the Premi
Payment Mode is Monthly.
45
 CLASSIFICATION:
Individual/unit linked pension product/ with or without life cover.
 Nature of the product:
This product is a pension unit linked product wherein the policy holder chooses an
investment period from 5 to 52 years. You can to choose pay either single premium or
pay regular premium for the entire policy term.
The unit plus II pension plan offer 2 options –
Option 1- pure pension plan
Option 2-pension cum life cover
no switch option is allowed.
Introduction:
We at SBI Life understand the basic needs for pension plan and give you financial
strength to maintain your life style even after the retirement. SBI Life - Unit Plus II
Pension plan makes sure that you have regular income after you retire and also helps
you to maintain your standard of living.
46
This is a unit linked pension plan wherein the policyholder chooses an investment
period from 5 to 52 years for a vesting age between 50 to 70 years. You can choose to
pay either single premium or pay regular premium for the entire policy term. Your
contributions are invested into 5 fund options as per your choice.
Key Features:
 Choice to invest & control four different funds as per your risk appetite.
 Flexibility to choose between two options
o Pure Pension
o Pension cum Life Cover
 No medical required for Pure Pension, automatic acceptance facility.
 Flexibility to increase regular contribution.
 Top up payments: any amount, anytime.
 Customize your plan by adding riders.
 15 days free look period.
Product type:
This is a non participating Unit Linked Pension product.
How does it work?

 Choose your vesting age: Any age between 50 years - 70 years.
 Choose premium frequency and premium amount.
Premium Frequency Minimum frequency Maximum Frequency

Single 25,000(in multiples of No Limit
1000)
Yearly 24,000(in multiples of 100) No Limit
Half Yearly 12,000(in multiples of 100) No Limit
Quarterly 6,000(in multiples of 100) No Limit
Monthly 2,000(in multiples of 100) No Limit
 Choose plan option:
47
Option I Pure Pension Plan (For age group 18-65)
Option II Pension Plan with life cover (For age group 18-60)
In case you have opted for option II, your sum assured will be as mentioned below
For single premium mode
Age at entry Sum Assured

18-35 125 % of single premium subject to maximum SA of Rs. 10 lacs
36-45 125 % of single premium subject to maximum SA of Rs. 5 lacs
46-60 125 % of single premium subject to maximum SA of Rs. 1.2
lacs
For regular premium mode
Age at Sum Assured

entry
18-35 5 or 10 times first annualised premium subject to maximum
SA of Rs. 10 Lacs
36-45 5 or 10 times first annualised premium subject to maximum
SA of Rs. 5 Lacs
46-60 1.2 lacs
Choose your investment funds:
You can invest in 5 investment funds viz. Equity Pension Fund, Bond Pension Fund,
Growth Pension Fund, Balanced Pension Fund and Equity Optimiser Fund.
Benefits:
 Death Benefit:
During accumulation phase
o If you opt for option I : Pure Pension Plan
Fund value will be paid in lumpsum to nominee.

o If you opt for option I : Pure Pension Plan with life cover
The higher of fund value or sum assured will be paid in lump sum to nominee.
48
 Guaranteed additions by way of free allocation of units to increase your retirement
kitty.
On Vesting:
It’s your income; you decide how it works for you. You have choice and flexibility. You can
take up to one third of the fund value in lump sum. tax-free as per current tax law.
The tax free limit applicable for the commutated value may change as per change in
Income Tax rules
 During Annuity Phase:
Balance amount has to be used to purchase annuity. The rate at which the amount at
vesting date will be converted to an annuity is not guaranteed and will be based on the
prevailing immediate anniuty rates under the relevant annuity option at the vesting date.
Currently SBI Life Insurance offers the following annuity options.
 Life annuity at constant rate.

 Annuity payable at constant rate throughout the life of Annuitant with facility of
receiving on death of Annuitant refund of purchase price less the sum total of annuity
already paid till date of death.
 Annuity payable at constant rate throughout the life of Annuitant with facility of
receiving on death of Annuitant 100% refund of purchase price.
 Annuity increasing at the simple rate of 1%, 2% or 3% per annum as the case may be
and payable during the life of the Annuitant.
 Annuity certain for 5/10/15 years as the case may be and for life thereafter.
 Last survivor annuity, whereby upon the death of Annuitant his / her spouse will
receive a life annuity, which will be either 50% or 100% of the last annuity amount paid
to the Annuitant, as selected. This annuity option will not be available if the difference
in the age of annuitant and spouse is more than 10 years.
49
Term = Vesting Age - Age at Entry

Minimum Years Maximum Years
5 Years 52 Years
If you are in the age group of 18 to 65 you can opt for SBI Life - Unit Plus II pension plan
without life cover. For Unit Plus II pension plan with life cover it should be between 18-60
years.
Riders available :
 SBI Life - Accidental Death and Total Permanent Disability Rider
You can invest in the following investment funds viz. Equity Pension Fund, Bond Pension
Fund, Growth Pension Fund, Balanced Pension Fund and Equity Optimiser Fund.
Equity Pension Fund:
Assets Min Max Risk

High
Debt & Money market instruments Nil 20%
Bond Pension Fund:
50
Assets Min Max Risk
Low to medium
Money market instruments Nil 40%
Growth Pension Fund:
Assets Min Max Risk

Equity and Equity related instruments 40% 100%
Medium to High
Debt & Money Market instruments Nil 60%
Balanced Pension Fund :
Assets Min Max Risk

Medium
Debt & Money Market instruments 40% 60%
Equity Optimiser Fund :
Assets Min Max Risk

High
Debt & Money Market instruments Nil 40%

Guaranteed additions by way of free allocation of units:
The bonus units are rewarded for the policy term of 20 years and above, when no premiums
are due and the policy is in full force.
For Regular Premium Mode
End of Policy Year Free allocation of unit as a % of annualized average Regular Premium
51
10 10 % of annualized average Regular Premium for the first 10 policy years

For Single Premium Mode
End of Policy Year Free allocation of unit as a % of Single Premium

10

15

20
TAX BENEFIT:
Contribution paid in unit plus 2nd pension product are eligible to tax deduction u/s it
act 80CCC(1) upto Rs 1 lakh within the overall ceiling of section 80(c) of the it act.
PERSONS COVERED:
Individuals, residents and non residents Indians.
Two type of premium mode is available:
1. Single Premium Mode
2. Regular Premium Mode

THE POLICYHOLDER
52
53
NATURE OF THE PLAN:
 Horizon 2ndpension plan is a non participating unit linked pension plan with a unique
feature of automatic assets allocations by means of which you truly, don’t need to be an
expert to grow your money.
 Horizon 2nd pension plan is the most simple unit linked pension plan, all you need to do
is:
 Choose your retirement date, the plan option and the regular premium amount.
 Based on the plan option and the term opted, SBI life invest your money in three
different funds viz., equity pension fund, bond pension fund, and money market
pension fund.
 The funds are invested keeping in mind the term opted for and your money is
invested in safer funds as your policy approaches maturity.
ABOVE FEATURES IN BRIEF:
 Available in two options: option 1: pure pension and option 2 nd : pension cum life cover.
 Age at entry: 18- 60 years.
 Vesting age: 50- 70 years.
 Term: min. 10 and maximum 52 years.
 Premium: minimum 12,000 p.a. (6000 for h.y./3000 for quarterly/ rs. 1000 for monthly
mode.), maximum no limit.
54
INVESTMENT PLAN AVAILABLE:
 PLAN A-DYNAMIC PLAN:
Here, a higher proportion of your money is invested in the equity. It is ideal for
longer period of term.
 PLAN B-GROWTH PLAN:
Here, the Investment in equity automatically Decrease more rapidly as the funds are
put into less risky options. This leads to a more balanced approach, hence lower
volatility coupled with good returns in the long run.
OPTIONS AVAILABLE:
 Option 1: pure pension-automatic acceptance (no life cover)

 Option 2: pension cum life cover:
Sum assured available:
 Age group 18-35 Year: 5 times the first annualized premium subject to
max. SA of Rs 10 LAKHS.
 Age group of 36-45 years: 5 times the first annualized premium subject to
max. SA of Rs 5 LAKH.
 Age group 46-60 years: fixed Rs 1.2 LAKH.
Get started…………..
All you need to do is decide on the premium you want to contribute , choose the frequency
mode (yearly/half yearly/quarterly/monthly), select an investment plan (A-dynamic / B-growth)
and an option (1/2) ,decide upon the vesting age (age from when you want to receive your
pension) and just relax!
55
Your regular premiums net of entry charges are invested into the three funds: equity pension
Fund, bond pension fund and money market pension fund as per the allocation grid of the
plan opted for.
EQUITY PENSION FUND: for long term capital appreciation.
Assets Minimum Maximum Risk profile

Equity and equity 80% 100% High
related instruments
Debt and money Nil 20% High

market instruments
BOND PENSION FUND:
For Generating good returns by taking calculated risk.

Debt instruments 60% 100% Low to medium
Money market Nil 40% Low to medium
instruments
MONEY MARET PENSION FUND:
For Cutting the risk while reaching the maturity.
56
Debt instruments Nil 20% Low
Money market 80% 100% Low
instruments
BENEFITS:
 PREMIUMS paid on horizon 2nd pension product are eligible for tax deduction
u/s 80 CCC (1) up to Rs. 1 LAKH within the overall ceiling of section 80 C of the IT
Act. The tax benefits are subject to change in Tax laws.
 RETIREMENT BENEFIT:
At vesting age you get a choice to withdraw up to one third of the fund value in the
LUMPSUM–tax free as per the current tax law. The remaining has to be used to buy
annuity from either SBI life or from any other annuity provider.
 DEATH BENEFIT:
o Death during the term of the policy:
o Option 1: pure pension-fund value is payable to the nominee.
o Option 2: Pension with life cover- fund value + SA after deducting any mortality
charges due but not paid during the policy year in which death occurs, provided
the policy is in full force.
o Death after vesting age: death benefits depends upon the annuity option chosen.
 ANNUITY OPTIONS CURRENTLY AVAILABLE AT VESTING AGE:
57
 Option 1 : life annuity at a constant rate. No death benefit.
 Option 2 : annuity payable at constant rate throughout the life of the annuitant a
refund of purchase price less the sum total of annuity already paid till date of
death.
 Option 3 : annuity payable at constant rate throughout the life of the annuitant
with the facility of receiving on death of the annuitant 100% refund of purchase
price.
 Option 4: annuity increase at a simple rate of 1% or 2% or 3% per premium as
the case may be and payable during the life of the annuitant. No death benefits is
payable.
 Option 5: annuity certain for 5/10/15 years as the case may be and for the life
thereafter. Death benefit payable- if death occurs during
The annuity certain period, the nominee will receive the annuity amount on the
original dates scheduled for the unexpired portion of the annuity certain period
and thereafter contract ceases. If death occurs after the annuity certain period,
no benefit would be payable.
 Option 6: last survivor annuity, whereby upon the death of the annuitant his/her
spouse will receive a life annuity, which will be either 50%/ 100% of the last
annuity amount paid to the annuitant, as the case may be. This annuity option is
not available if the difference in age of the annuitant and the spouse is more
than10years.
SURRENDER FACILITY:
You have the option to surrender policy from the 4 th policy year onwards. Surrender
value will acquire after payment of at least one year full premium, and will be payable
after completion of three policy years.
58
Policy year Surrender value as % of fund value
During the first three policy year Nil
From the 4th policy year onwards 100% of fund value less surrender
Charges
COMPUTATION OF NAV:
A unit of each fund has its own price called the net asset value (NAV). The NAV of each
fund is calculated on daily basis with the following formula:
(market value of investment + C.A.-C.L. &provisions)
Number of units outstanding
Where-
(1) C.A.= current assets (2) C.L.=current liabilities
CHARGES:
 PREMIUM ALLOCATION CHARGES:
59
Entry charges as % of the annualized
Policy year
premium/Rs. Amount
Year 1 15% Rs 60,000*
Year 2 & 3 7.5% Rs 40,000*
Year 4 to year 10 1.5% Rs 10,000*
Year 11 onwards Nil
Top up (year 1-10) 1.5% Rs 10,000*
Top up (year 11 onwards) Nil
whichever is lower
 POLICY ADMINISTRATION CHARGES:

Monthly administrative charges are fixed to Rs. 70/- for the financial year 2006-07. These
charges are increased@ 2% p.a. subject to a ceiling of Rs. 300 per month and this increase
will be effective from 1st of april, each financial year.
 PARTIAL WITHDRAWAL:
In pension plans no partial withdrawal is allowed during the policy term.
 GRACE PERIOD:
30 days for yearly, half yearly, quarterly mode. 15 days for monthly mode.
UNPAID PREMIUM:
UNPAID WITHIN FIRST THREE POLICY YEARS-
60
 Life cover lapses
 A revival period of 5 years from the date of first unpaid premium is given.
 If policy is not revived within the revival period then surrender value is paid.
 Policy ends thereafter.
UNPAID PREMIUM AFTER 3 POLICY YEARS-
 Automatic life cover maintenance till end of revival period.

 If fund value reaches to an amount to equivalent to full one year premium then policy
lapses.
 If the policy has not been revived before the end of the revival period you have the
option of:
o Continuing the policy by asking for continuance of the policy, the policy will continue
till the fund value reaches a minimum of one full year’s premium or
o Ending the policy by taking home the surrender value.
 REVIVAL PERIOD:
The policy holder may revive the lapsed policy by making a written application within a period
of 5 years from the due date of the first unpaid premium.
 FREE LOOK PERIOD:
The policy holder has a period of 15 days from the date of the receipt of the policy document to
review the term and conditions of the policy and where the insured disagrees to any of those
terms or conditions, he has the option to return the policy stating the reason for his obligation
when he shall be entitled to a refund of the amount as follows:
Fund value(units repurchased based on the price of the units on the date of cancellation)
+ (premium allocation charges + mortality charges, if applicable + policy administration
charges) already deducted MINUS (stamp duty + medical expenses, if any)
61
62
 SBI Life has established itself as a distinctive life insurance brand with an innovative,
attractive and customer-friendly portfolio ranging from protection, savings, retirement
and investment plans; which it sells through a unique tool-The Life Maker.
 Agent must have full knowledge of the products of company and good Public Relation &
communication skills.
 Agent must be engrossed with marketing & selling techniques and must have friendly
approach towards his customers and must keep the insurer’s records for long- term
usage.
 Customer shall be satisfied with the services of an Agent & Agents efforts should be
distinguishly appreciated by the company.
 Agent shall work in the direction of providing its customer maximum comfort & best of
services.
 SBI Life is rich in services & produces a wide range of products for various needs.
Further it requires making more efforts to advertise its products through Agents & other
Media.
63

Alok Abi Project

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Alok Abi Project

Uploaded by

Copyright:

Available Formats

A

“DIFFERENT INSURANCE POLICY PROVIDED BY SBI”

“SBI LIFE INSURANCE”

MASTER OF BUSINESS ADMINISTRATION

Submitted to; Submitted by:

GOVT. ENGINEERING COLLEGE,

 Meaning of life insurance

 Companies of life insurance

 SBI LIFE INSURANCE

 Vision & mission

 Share of SBI group & BNP

There is a vast difference between theory and practice. The practical

Summer training was an exposure to corporate functional environment.

This project is based on a brief study of six weeks of training period.

I wish to express my gratitude to those who generously helped me in completing this

I present my gratitude to project guide Mr. KAWIM JAIN, Senior Agency

(Alok Jain Bakliwal)

1. Death 2.Accidental recovery 3.Health

When age is increase, risk is also increase, so premium is increase.

Why we need insurance?

 SBI LIFE INSURANCE CO.LTD.

 Provide security for your family.

 Protect your home mortgage.

 Take care of your estate planning needs.

 Look at other retirement savings/income vehicles.

 SBI LIFE INSURANCE CO.LTD.

Share of SBI GROUP & BNP PARIBAS:-

SBI GROUP + BNP PARIBAS = SBI LIFE INSURANCE CO. LTD.

PRODUCT OF SBI LIFE:-

These all Plans are Traditional Plans.

Product features available of “SBI Life – Shield” used as Keyman:

 Minimum / Maximum Age at Entry : 18 Years to 60 Years

Minimum (Per Life Assured):

Maximum Sum Assured (Per Corporate):

Maximum Sum Assured should be LOWER of :

A multiple of the individual remuneration/compensation package that the

Keyman receive may also be considered.

How does it work?

 Maturity Benefit: Depending upon the plan option chosen:

 Term Assurance Cover benefit

In case of Total Permanent Disability due to an accident:

Two benefits are payable:

 Fixed Sum Assured (Plan A)

Flat Sum Assured + Vested Bonus

 Increasing Sum Assured (Plan B)

2) Yearly Instalment Payment : Accidental Death and Accidental Total Permanent

Policy ends immediately.

 Critical Illness cover:

 Tax Benefits SBI Life :

What is the policy term?

Minimum Maximum Years

Who can buy this product?

Minimum Maximum Years

 SBI Life - Critical Illness Rider

 SBI Life - Term Assurance Rider

 SBI Life - Accidental Death & Total Permanent Disability Rider

How does it work?

Term of the Plan Guaranteed Survival Benefit Cumulative Guaranteed

Exclusions applicable to the Basic Cover:

Suicide within the first year

 SBI Life - Premium Waiver Benefit Rider:

 SBI Life - Critical Illness Rider:

Who can buy this product?

Eligibility Criteria Term