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Scheme to allow policy-holders to increase regular premium or make top-up payments. Option to advance or postpone the vesting age.

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Kolkata Feb. 17 SBI Life has announced the launch of a new pension product with a "guaranteed addition" that enables allocation of units to enhance an insured person's retirement kitty.

Unit Plus II Pension is positioned as a non-participating unit-linked plan which allows policy holders to increase regular premium or make top-up payments. Policyholders, who can also select the vesting age, will have the option of advancing or postponing the vesting age.

A number of options will be provided - equity, bond, growth and balanced. An insured person will be able to either switch or re-direct funds.

Mr Pier-Paolo Dipaola, Deputy CEO, SBI Life, maintained that the insurance company is seeking to cater to an emerging market - pensions.

The aim is to step up presence in newer segments, especially by tapping SBI's network.

SBI Life has recently proposed to step up its capital base by infusing fresh capital, increasing it to Rs 500 crore. The company's authorised capital stands at Rs 1,000 crore. The insurer has lately launched a pension plan - Horizon II - with an automatic asset allocation facility. The plan has so far led to a collection of over Rs 50 crore in new business premium, it is pointed out.

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