Professional Documents
Culture Documents
Project title
Project report submitted in the partial fulfillment of the requirement for the
Award of the degree of
MASTER OF BUSINESS ADMINISTRATION
Of
Sharda University
Greater noida
By
Aanchal Goyal
8447343131
ACKNOWLEDGMENT
I am the student of Sharda university under the M.B.A is highly thankful to
our respected --------------(Project Guided). Because due to these respected
persons I am able to choose this Research Project. And now I am presenting
the project report. Actually I have no words to explain my pleasure on the
completion of this project. It was not an easy matter for me to complete this
project.
In addition to this, I would like to thank all my respondents, who has spent
their valuable time with me and help me in getting the requested information
for this project.
I would also offer my gratitude to my parents and friends for their help. Last
but not the least I am indebted to Almighty without whose blessings and
grace this project would not have reached where it is now.
Declaration
I name of the student, herby declare that the research project entitled
recruitment and selection and insurance policy has been prepared by me as
part of the requirement of the master of business administration Program of
Sharda university Greater Noida .this is my original work and up to the Best
of my knowledge.
I further declare that this project has not been submitted earlier to any other
university or institute for the award of any degree of diploma
EXECUTIVE SUMMARY
SBI life insurance is India's premier insurance enabling company. sbi Life
insurance is the one-stop-shop for requirements of services in the areas of
insurance, optimum investment, financial coverage and losses, mortality
benefit, and health option etc. This is backed by sbi life insurance service
support infrastructure - the widest in the country
The objective of the project was to understand how financial consultant play
important role for insurance company like SBI LIFE. To understand the
process of Recruitment of finanical consult in sbi life and about the
mechanism of insurance policies.
The main objective of the project is to understand the recruitment and
selection of financial consultant more effectively and efficiently, because
financial consultant play most important role in business of insurance.
Market in Pune city was targeted. Various areas in city were selected. The
data gave knowledge about customer satisfaction, loyalty & their feel about
the sbi Life Insurance.
Recruitment was conducted using questionnaire. The information about
various attributes & factors was collected about the financial consultant. All
the data collected, primary data was filtered & analyzed, represented in the
form of graphs & charts. Secondary data was also used in report such as
company profile, on the basis of analysis of data, conclusions were drawn.
On the basis of findings & conclusions, suggestions were given.
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Help increase the success rate of the selection process by reducing the
number of visibly, under qualified or overqualified job applicants.
Help reduce the probability that job applicants, once recruited and
selected, will leave the organization only after a short period of time.
Infuse
fresh
blood
at
all
levels
of
the
organization.
company.
Search or head hunt/head pouch people whose skills fit the companys
values.
Devise
methodologies
for
assessing
psychological
traits.
Search for talent globally and not just within the company.
Anticipate and find people for positions that do not exist yet.
Recruitment represents the first contact that a company makes with potential
employees. It is through recruitment that many individuals will come to
know a company, and eventually decide whether they wish to work for it. A
well-planned and well-managed recruiting effort will result in high- quality
applicants, whereas, a haphazard and piecemeal effort will result in
mediocre ones. High-quality employees cannot be selected when better
candidates do not know of job openings, are not interested in working for the
company and do not apply. The recruitment process should inform qualified
individuals about employment opportunities, create a positive image of the
company, provide enough information about the jobs so that applicants can
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has two aspects1) To find out the number of vacancies to be notified and the type of
applicants needed to fill them.
2) To approach the potential applicants to apply for such vacancies.
No organization can recruit successfully without taking into consideration
the following factors
1) The Economic Factors
The economic conditions of a country influence the recruitment process in
all organization. The globalization and liberalization of Indian economies
since 1991 onwards has resulted in a boom in financial services in India. As
a result of the new economic policy, the demands of well
2) The Social Factors These also affect the recruitment policy of an
organization. Social changes in the past two decades in India, have forced
organization to place increasedemphasis on recruitment. The mentality of
modern employees has changed from just any job to a satisfying career.
3) The Technological Factors New technology have created new jobs and
existing jobs have undergone rapid changes. Several old jobs have
disappeared from the scene.
4) The Legal Factors The different legislative policies governing child
labour, night shifts, bonded labour etc. have brought legal environment to a
major factor.
PROCESS OF RECRUITMENT It passes through the following stages :
1) Recruitment process begins when personnel department receives
requisition for recruitment from any department of the company.
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Personnel
Planning
Job
Analysis
Recruitment
Planning
Searching
Evaluation
and control
Strategy
Development
Selection
Screening
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5.RecruitingAgencies
6.Competitors
7.DisplacedPersons
8. E-recruitment
12. Cold calling
RECRUITMENT PROCESS COMPANY ADOPTS
1)Internalsource
2)Advertisement
3)Consultants
4) Data banks
INDUCEMENTS
Organizational inducements are all the positive features and benefits offered
by an organization that serves to attract job applicants to the organisation.
Three inducements need specific mention here, they are:.Compensation: Starting salaries, frequency of pay increases, incentives and
fringe benefits can all serve as inducements to potential employees.
Career Opportunities: These help the present employees to grow
personally and professionally and also attract good people to the
organization. The feeling that the company takes care of employee career
aspirations serves as a powerful inducements to potential employees.
Image or Reputation: Factors that affect an organisations reputation
include its general treatment of employees, the nature and quality of its
products and services and its participation in worthwhile social endeavors.
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CONSTRAINTS
If a firm has a poor image in the market, many of the prospective candidates
may not even apply for vacancies advertised by the firm. If the job is not
attractive, qualified people may not even apply. Any job that is viewed as
boring, hazardous, anxiety producing, low-paying, or lacking in promotion
potential seldom will attract a qualified pool of applicants. Recruiting efforts
require money. Sometimes because of limited resources, organizations may
not like to carry on the recruiting efforts for long periods of time, this can,
ultimately, constrain a recruiters effort to attract the best person for the job.
Government policies often come in the way of recruiting people as per the
rules of the company or on the basis of merit/seniority, etc. For example,
reservations to specific groups (such as scheduled castes, scheduled tribes,
backward castes, physically handicapped and disabled persons, exservicemen, etc.) have to be observed as per constitutional provisions while
filling up vacancies in government corporations, departmental undertakings,
local bodies, quasi-government organizations, etc.
CORPORATE
MISSION,
OBJECTIVES,
STRATEGIES
AND
TACTICS (MOST)
Corporations have started linking their Mission, Objectives, Strategies and
Tactics (MOST) to the functions of recruitment and selection. The economic
liberalizations and consequent competition through quality and services
necessitated the companies to search for and attract competent human
resources. Corporations focusing on new business development will have to
seek entrepreneurial abilities, companies planning to withdraw from
diversifications must look for pragmatists and companies chasing growth
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Units can recruit candidates as and when they are required without
any delay.
The units would enjoy freedom in finding out, developing the sources,
The unit would enjoy better familiarity and control over the
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employees preferably lower level positions in view of the nature of the jobs
and suitability of those systems for those categories of positions. The
management has to find out and develop the sources of recruitment after
deciding upon centralizing or decentralizing the recruitment function
INTRODUCTION SELECTION
The size of the labour market, the image of the company, the place of
posting, the nature of job, the compensation package and a host of other
factors influence the manner of aspirants are likely to respond to the
recruiting efforts of the company. Through the process of recruitment the
company tries to locate prospective employees and encourages them to
apply for vacancies at various levels. Recruiting, thus, provides a pool of
applicants for selection.
Definition
To select mean to choose. Selection is the process of picking individuals
who have relevant qualifications to fill jobs in an organisation. The basic
purpose is to choose the individual who can most successfully perform the
job from the pool of qualified candidates.
Purpose
The purpose of selection is to pick up the most suitable candidate who
would meet the requirements of the job in an organisation best, to find out
which job applicant will be successful, if hired. To meet this goal, the
company obtains and assesses information about the applicants in terms of
age, qualifications, skills, experience, etc. the needs of the job are matched
with the profile of candidates. The most suitable person is then picked up
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The Process
Selection is usually a series of hurdles or steps. Each one must be
successfully cleared before the applicant proceeds to the next one. The time
and emphasis place on each step will definitely vary from one organisation
to another and indeed, from job to job within the same organisation. The
sequence of steps may also vary from job to job and organisation to
organisation. For example some organisations may give more importance to
testing while others give more emphasis to interviews and reference checks.
Similarly a single brief selection interview might be enough for applicants
for lower level positions, while applicants for managerial jobs might be
interviewed by a number of people.
Reception
A company is known by the people it employs. In order to attract people
with talents, skills and experience a company has to create a favourable
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the management has to perform the function of selecting the right employees
at the right time. The obvious guiding policy in selection is the intention to
choose the best person who have good social contact. The objective of the
selection decision is to choose the individual who can most successfully
perform the job from the pool of qualified candidates. The selection
procedure is the system of functions and devices adopted in a given
company to ascertain whether the candidate specifications are matched with
the job specifications and requirements or not.
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IN DETAIL EXPLANATION:
(A) JOB ANALYSIS:
Job analysis is the basis for selecting the right candidates. Every
organization should finalize the job analysis, job description, job
specification and employee specifications before proceeding to the next step
of selection
essentially a series of methods or stages by which different types of
information can be secured through various selection techniques. At each
step facts may come to light, which are useful for comparison with the job
requirement and employee specifications.
(B) HUMAN RESOURCE PLAN:
Every company plans for the required number of and kind of employees for
a future date. This is the basis for recruitment function.
(c) RECRUITMENT:
Recruitment refers to the process of searching for prospective employees
and stimulating them to apply for jobs in an organization. It is the basis for
the remaining technologies of the screening the candidates in order to select
the appropriate candidates for the jobs
.
(D) DEVELOPMENT OF BASES FOR SELECTION:
The company has to select the appropriate candidates from the pool of
applicants.
The
company
develops
or
borrows
the
appropriate
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background
Educational
qualifications
Work
Salary
Personal
experience
(drawing
attainments
and
including
likes
expecting)
and
dislikes
References
F) WRITTEN EXAMINATION:
Organizations have to conduct written examination for the qualified
candidates after they are screened on the basis of the application blanks so as
to measure the candidate s ability in arithmetical calculations, to know the
candidate s attitude towards the job, to measure the candidate s aptitude,
reasoning, knowledge in various disciplines, general knowledge and English
language.
(G) PRELIMINARY INTERVIEW:
The preliminary interview is to solicit necessary information from the
prospective applications and to assess the applicant s suitability to the job.
An assistant in the personnel department may conduct this preliminary
interview. The information thus provided by the candidate may be related to
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INTEREST TESTS:
These tests are inventories of the likes and dislikes of candidates in relation
to work, job, occupations, hobbies and recreational activities. The purpose of
this test is to find out whether a candidate is interested or disinterested in the
job for which he is a candidate and to find out in which area of the job
range/occupation the candidate is interested. The assumption of this test is
that there is a high correlation between the interest of a candidate in a job
and job success. Interest inventories are less faked and they may not
fluctuate after the age of 30
.
PERSONALITY TESTS:
These tests prove deeply to discover clues to an individual s value system,
his emotional reactions and maturity and characteristic mood. They
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J) INTERVIEW:
Final interview follows after tests. This is the most essential step in the
process of selection. In this step the interviewer matches the information
obtained about the candidate through various means to the job requirements
and to the information obtained through his own observation during the
interview. The different types of interviews are:
PRELIMINARY INTERVIEW:
(1) Informal interview:
This is the interview, which can be conducted at any place by the person to
secure the basic and non-job related information. The interaction between
the candidate and the personnel manager when the former meets the latter to
enquire about the vacancies or additional particulars in connection with the
employment advertisement is an example of the informal interview.
2) Unstructured interview:
In this interview, the candidate is given the freedom to tell about himself by
revealing his knowledge on various items/areas, his background,
expectations, interest etc. Similarly, the interviewer also provides
information on various items required by the candidate.
CORE INTERVIEW:
It is normally the interaction between the candidates and the line executive
or experts on various areas of job knowledge, skill, talent etc. This interview
may take various forms like:
(1)Background information interview This interview is intended to collect
the information which is not available in the application blank and to check
that information provided in the application blank regarding education, place
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DECISION-MAKING INTERVIEW:
After the experts including the line managers of the organization in the core
areas of the job examine the candidates, the head of the department/section
concerned interviews the candidates once again, mostly through informal
discussion. The interviewer examines the interest of the candidate in the job,
organization
Reaction adaptability to the working complaining, promotional
opportunities, work adjustment and allotment etc. The personnel manger
also interviews the candidates with a view to find out his reaction/acceptance
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trainee, tests are not used as elimination means. The shortlisted candidates
are called for the final interview. Regret letters are sent to those who are not
shortlisted. Background checking of the shortlisted candidates is done to
ensure that they will fit with the culture of the organization. Job offers are
made to the selected candidates and they are asked to give their confirmation
that they accept the job offer. On receiving their confirmation, appointment
letter is prepared by personnel and administration division and given to the
candidate at the time of joining. Salary offer is a part of Human resource
division while personnel and administration division handles salary
administration.
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RESEARCH METHODOLOGY
The current chapter deals with the research methodology adopted In present
study indicates the selection of sample respondents, collection of data.
choice of statistical tools for analysis of data, in addition to pointing out
limitations of the study.
Methodology adopted:
The research is aimed at to evaluate employee engagement at SBI bank. The
city will cover under the research Moga.,Bagha purna
Research design:
The design for this study is descriptive.
Sampling unit:
Sampling is an effective step in collection of primary data that influence the
quality and correctness of the result.
Sampling size:
The sample size is selected to give the true picture. The size is
ANLAYSIS AND FINDINGS
From the analyzed data I could find that
The main source of the recruitment is through external sources i.e.
through
advertisement.
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For most of the prospects they join SBI LIFEINSURANCE for the
extra
income.
Most of the recruited people continue working as a Financial Advisor.
LIMITATIONS
1) This Project Report is restricted only for the interviewed people.
2) Biased reply of the respondents like giving wrong information.
3) Non availability of the data or the relevant information of the respondent.
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It is one of those things that one would not like to think and talk about but if
you dont you may leave your family unprotected. In simple terms life
insurance provides money for my family in the event that I die.
In insurance two type of benefits risk cover and saving. Risks cover Consists
of death, accidental recovery and health.
Insurance
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Risk cover
1. Death
2.Accidental recovery
Saving
3.Health
Need of Insurance
Insurance is a basic need of a individual. Like every man eat food forgiving
so insurance is necessary for every human life. If a person not has life
insurance and he is died then his families face many financial troubles. So
insurance is necessary need.
Share of SBI GROUP & BNP PARIBAS:SBI Life Insurance Company Limited is a joint venture between the State
Bank of India and BNP Paribas Assurance. SBI Life Insurance is registered
with an authorized capital of Rs 2000 crores and a Paid-up capital of Rs
1000 Crores. SBI owns 74% of the total capital and BNP Paribas Assurance
the remaining 26%.
SBI GROUP
CO. LTD.
74 %
+ 26 %
I.
Traditional plan:-
A.
Term Insurance:
40
= 100 %
41
Shield Plan
Swadhan Plan
B.
Endowment plan:
SUDARSHAN PLAN
Money back plan
C.
Children plan:
Scholar II plan
D.
Pension plan:
Lifelong pension
Introduction:
Key man is the key member or staff of the organization who is a major
contributor to its growth and the profit and whose absence may affect the
continuity of the business.
A Keyman insurance policy is taken to protect the 41organization against the
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reduction in profit resulting from the death of the Keyman. As per IRDA
circular only Pure Term Assurance Products may be used as a Keyman
Insurance. We offer SBI Life Shield as a Keyman Insurance Policy.
Product features available of SBI Life Shield used as Keyman:
No Riders available
Sum Assured
Minimum (Per Life Assured):
SBI Life Shield Plan: Rs. 10, 00,000/- (in multiples of Rs. 10,000)
Maximum Sum Assured (Per Corporate):
The quantum of cover would be based on the following parameters,
underwriting requirements and subject to the maximum Sum Assured
permitted in the respective plan chosen
Maximum Sum Assured should be LOWER of :
1.
5 times the average net profit of the Company for the past 3
years.
2.
3 times the average gross profit of the Company for the past 3 years.
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SUDARSHAN
Introduction:
SBI Life - Sudarshan is an Endowment Policy designed to provide savings
and protection to you and your family. You can save regularly for the future.
Thus at the end of the plan, you will receive a substantial amount of savings
along with the accumulated bonuses declared. At the same time, your family
will be protected for death risk for the full Sum Assured.
Key Features:
requirement and needs, by opting for various extra covers (Riders) that are
offered.
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With this plan you can plan your childrens future education, marriage
plan that gives you a secure amount at the end of a fixed period plus a
bonus. In the unfortunate event of death before maturity, the nominee would
stand to receive the Sum assured and the bonus accrued till that date.
Bonus* is payable
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Death Benefit:
In the unfortunate event of death of the Life Assured, depending upon the
plan option chosen:
Fixed Sum Assured (Plan A) The Sum Assured along with Vested
Other Benefits:
If the extra cover (riders) have been opted for, the following additional
benefits are payable:
Cover Benefit:
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On diagnosis of any of the 6 critical illnesses and you survive for more than
30 days; the Critical Illness Cover Sum Assured is paid in a lump sum. No
more claims will be admitted under this cover.
SBI Life - Sudarshan policy remains in force for all the other benefits
Tax Benefits SBI Life :
Sudarshan enjoys Tax benefit u/s 80 C and 10 (10 D) of IT Act* Premiums
paid for Critical Illness Benefit qualify for tax exemption under Sec 80D*
What is the policy term?
30 years
30 years
Regular Mode
62 years
65 years
Regular Mode
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Minimum
Rs.25,000
Maximum
Rs.1 Crore
Riders available
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Introduction:
As an individual your life is fueled by dreams. You experience different
special moments in life like wedding, birth of a child, childs education or
purchasing a new home. You have to be financially prepared for these
special moments. What you need is easy liquidity at regular intervals with
life insurance protection to take care of these special moments.
Key Features:
The plan has a number of moneyback options specially suited to your needs.
The cover is available at competitive premium rates.
It has guaranteed
In
addition to normal death cover, the plan also provides you 4 additional
covers. Product type: It is a Traditional Saving Plan with added advantage
of life cover and guaranteed cash inflow at regular intervals.
How does it work?
SBI Life Money Back is a saving plan with added advantage of life cover
and cash inflow at regular intervals. This plan is designed for individuals
who want to plan for various financial obligations at specified times in life.
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Cumulative Guaranteed
Survival Benefit
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10 Years
15 Years
20 Years
25 Years
Benefits
Death Benefit:
In the unfortunate event of death during the term of the plan, the nominee
will receive Sum Assured + Vested Bonuses, (accrued till the date of
death),No deductions are made from the claim amount for the Survival
Benefits already paid.
The benefit under the Term Assurance Rider is payable in addition to death
benefit.
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equal annual installments; He/she will exit from all the rider covers
thereafter, but continue to be covered for basic cover on receipt of further
premium due, if any.
Under this rider the policy holder need not pay future premiums for the base
product, if he/she suffers
the Critical Illness Cover Amount is paid in a lumpsum. No more claims will
be admitted under this cover. The Basic policy remains in force for all the
other
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benefits.
Tax Benefit:
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SBI Life Money Back Plan enjoys Tax benefit u/s 80 C and 10 (10 D) of IT
Act*.
Premiums paid for Critical Illness Benefit qualify for tax exemption under
Sec 80D*.
What is the policy term?
Eligibility Criteria
Term
Option 2:
Term 15
Years
15
Option 3:
Term 20
Years
15
Option 4:
Term 25 Years
Option 1:
Term 10
Years
15
60
55
50
45
Minimum
Rs. 50,000 (and multiples of Rs.
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10,000 thereafter)
Maximum
Rs.5 Crore.
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Riders Available
Unit Plus-II
Smart Ulip
Horizon II
Unit Plus Children Plan
Horizon II Pension
Unit Plus II Pension
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INTRODUCTION:
It may be difficult to understand all your needs but as your preferred life
insurance company, SBI Life definitely understands all your financial &
insurance needs. SBIBI Life - Unit Plus II Plans are an attempt to meet all
your financial & insurance needs through a single non participating product.
You can use it the way you like. Whats more you get market linked returns
which in the long term has always proved to
Key Features:
Product type:
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Maximum Premium
Single
No Limit
Regular
No Limit
Single
Premium
Term 10
110 % of single
years and
premium amount
above
Regular
Premium
Minimum Sum
Assured
Regular
Premium
5 times annual
premium amount
Whole Life
5 times annual
premium amount
No Limit
(Subject to underwriting)
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Benefits :
Maturity Benefit:
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After attaining age 7 and before 65th birthday, the beneficiary will receive
higher of Fund Value or Sum Assured less Partial Withdrawals within the last 12
calendar months.
If death occurs after age 65, the beneficiary will receive the higher of the Fund
Value or Sum Assured less all the Partial Withdrawals made in the last 12 calendar
months before attaining the age of 65+ all withdrawals made after attaining the age of
65 will be set off against the Sum Assured excluding partial withdrawals from Top Up
Amount.
Tax Benefits :
Tax benefit as per section 80C and 10(10D) of Income Tax Act.
What is the policy term?
Limited
Term
Minimum
Years
5 years
Maximum
Years
40
years
Age
Ageatat entry
entry18-35
Whole
Life
Term
Life
cover
will be
available
till you
attain 99
years of
age.
Sum Assured
Sum Assured
125 % of single premium subject to maximum SA of Rs.
18-35
5 or 10 times first annualised premium
10 lacs subject to
36-45
125 %
of singleSA
premium
subject
maximum
of Rs. 10
Lacs to maximum SA of Rs.
36-45
5 or 10 times first annualised
5Vesting
lacs subject
to at Entry
Term =premium
Age - Age
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46-60
125 %
of single
premium
SAYears
of Rs.
maximum
Minimum
SA
of Years
Rs. subject
5 Lacs to maximum
Maximum
Guaranteed Additions(Only for SBI Life - Unit Plus II Regular):
46-60
1.2
5 Years
lacs 1.2 lacs
52 Years
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Assets
60%
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Max
Risk
100%
High
40%