SBI Life launches Horizon II Pension Product

Mumbai, Jan 3 (UNI) SBI Life today unveiled the new Horizon II Pension Product, a unit-linked pension product aimed at offering greater retirement security to investors and retirees alike and it is hopeful of earning revenue, amounting to Rs 800-900 crore by the end of the current financial year.

Launching the new product here today, company's MD and CEO S Krishnamurthy said ''The new product is the pension variant of the existing Horizon Pension Product, which will be made available at the Net Asset Value (NAV) of Rs 10 each''.

Talking about the features of the new product, Mr Krishnamurthy said that its uniqueness stems from the proprietary Automatic Asset Allocation (AAA), an algorithm-based active investment allocation mechanism, which is currently offered exclusively by SBI Life.

According to Company deputy CEO Pier-Paolo Dipaola, ''The idea is to cater to the post-retirement needs of the people of the country whose number was growing today''.

Though born in the USA during early nineties, the new product is just like target maturity fund, which automatically switches the fund, he said.

One can start investing in the fund from a paltry sum of Rs 1,000 per month and no premium/top-up allocation would be charged on the fund from 11th year of operation onwards, he assured.

UNI