The life insurance arm of State Bank of India, SBI Life Insurance Co Ltd has introduced an innovative unit linked product named Smart ULIP.

The product provides a guarantee of Net Asset Value (NAV) at the highest of 168 fortnightly NAVs during the first seven years or NAV at maturity, whichever is higher.

Moreover a press release by the company stated that in case of a sudden demise of the policyholder during the policy term, the nominee will receive the higher of fund value or sum assured during the period.

The Smart ULIP also extends the facility of a shorter premium paying term to its customers. It allows to pay premium for limited period of either 3 or 5 years and further also avail tax benefits under section 80 C and section 10 (10 D) of the Income Tax Act.

The press release added that the shorter term period will boost the customer's confidence while investing.

SBI Life Insurance Managing Director and CEO, U S Roy said that the Smart ULIP is a display of SBI Life's commitment to focus on the customer need. The scheme is launched at a time when people might be looking for options that will help them to save tax.

The product works with Flexi Protect Fund and Money Market Fund along with offering life insurance solution at appropriate times.