India's SBI Life has launched two unit-linked insurance products featuring dynamic allocation and capital protection strategies.
SBI Life Smart Performer has a ten-year term and promises policy holders 5% above the highest Nav observed after the first seven years. A Secure & Grow option places 80% of capital in a constant proportion portfolio insurance strategy, with the remainder invested in an equity index-linked fund. Any gains higher than 15% from the equity fund are transferred automatically to the CPPI strategy. A Secure option is 100% allocated to the CPPI fund.
SBI Life Unit Plus Super, meanwhile, is a lifestyle-style unit-linked plan with a term of between ten and 30 years and options for guarantees of capital, amount assured and enhanced income. The product includes a choice of nine underlying funds, including one that dynamically allocates between equity-based and money market assets depending on the forward price earnings multiples of the S&P CNX Nifty.
The plans, which conform to the Insurance Regulatory & Development Authority latest guidelines, are available as a regular premium, limited premium payment term or lump sum investment.
"The new range provides customers, across socio-economic profile, a stronger rationale to participate in equity markets and benefit in long term from India's sustainable growth story. Customer will find that the new range is highly beneficial as it further reinforces the proposition of security and long term wealth creation," said Mahadev Rao, CEO at SBI Life Insurance.
The company said it plans to launch a range of new products including for pension and high-net-worth clients in the near future.
This product will appear shortly in Recent Additions (India).