India-based SBI Life Insurance, a joint venture between State Bank of India (SBI) and Cardiff SA of France, has rolled out 'SBI Life-Flexi Smart Plus' insurance plan, which has been designed to create wealth with protection cover.

The Flexi Smart Plus is individual, participating, variable insurance product, which enables policyholders to reach their goals, while offering flexibility to adapt according to their needs, as reported by PTI.

Flexi Smart Plus is available in two protection options, including Gold option, which gives higher of policy account value, sum assured, or 105% of total premiums paid on death; and Platinum option, which provides higher of policy account value plus sum assured, or 105% of total premium paid on death.

SBI Life Insurance managing director & CEO Atanu Sen was quoted by the news agency as saying, "The Flexi Smart Plus plan, further strengthens our product offering by catering to customers who are looking to create wealth, while protecting their loved ones."

"At the same time, it assures guaranteed returns which make the product unique," Sen added.

Flexi Smart Plus, which is available at a minimum premium amount of INR50,000 ($807.42) annually, offers a minimum bonus interest rate of 1% p.a. which is guaranteed for the entire policy term.

Additionally, a non-zero positive regular bonus interest rate will be declared at the end of each financial year on 31 March, which will not be less than the interim bonus interest rate, according to SBI Life.

The policy, which is open for the age group of 18 to 60 years, is available for minimum 5 years and maximum 30 years with the flexibility to increase the chosen policy term.