Private insurer SBI Life on Tuesday launched two Unit-Linked Life Insurance Policies (ULIPs), which comply with the new IRDA guidelines that will become effective from Wednesday.
"SBI Life has launched Smart Performer and Unit Plus Super... In compliance with the new IRDA guidelines, these newly launched ULIPs are equipped with enhanced features such as benefits of higher protection, multiple investment options and a wide range of riders," SBI Life said in a release.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance.
SBI has a 74 per cent stake in the insurance company, while BNP Paribas Assurance holds the remaining 26 per cent.
The Insurance Regulatory and Development Authority's (IRDA) new guidelines protecting ULIP-holders from mis-selling by dealers and onerous commissions are likely to make the equity-linked instruments more investor-friendly.
"Customers will find that the new range is highly beneficial, as it further reinforces the proposition of security and long-term wealth creation," SBI Life Insurance MD & CEO M N Rao said.