Smart wealth assure, a new plan initiated by SBI, which aims to provide guaranteed fixed returns to the policyholder. The plan guarantees at commencement of a pre-specified NAV applicable at the end of the 10-year term. The special SBI ULIP plan – Smart Wealth Assure offers policyholders a single premium plan and gives an option of Accidental Death benefit and partial withdrawal facility from 6th policy year onwards. The plan is available at a minimum amount of Rs. 50,000. It also covers policyholders from age group of 8 years to a maximum 65 years for a policy term of 10 to 30 years. With the commencement of the new plan, presently SBI life consists of eight ULIPs. This has created various customer segments in long term wealth insurance. SBI aims to allow customers to choose relevant solutions to meet their needs by building sizeable and attractive suite of Simple and Smart products. The plans made by SBI also align to the income and risk profile of the common man as stated by SBI Life Insurance MD & CEO M N Rao. The smart wealth assurance guarantees fixed return which help provide the policyholder to choose for either of equity fund or P/E Managed Fund or Bond Fund. Although, only return Guarantee Fund guarantees fixed return mostly in fixed income securities but this time smart wealth assurance also gives fixed return. With this the SBI life market share has increased to 18.9 percent and in total market share it comes to 5.6 per cent, in January, 2011

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