SBI Life Insurance Company will launch its second unit-linked insurance plan, Unit Plus, soon.

The insurer had introduced its first ULIP, Horizon, in January last year. In fact, SBI Life has decided to focus on unit-linked plans over the remaining months of this fiscal.

The insurer had initially lined up two plans, Dhanvridhi ? a single-premium policy with guaranteed additions, and Unit Plus ? a flexible unit-linked insurance plan, to be launched in November. It launched Dhanvridhi this month. But the formal launch of Unit Plus has been held back because IRDA is likely to come out with modified norms for ULIPs in two weeks.

Unit Plus will be available in two options, regular and single-premium plans. However, the most interesting aspect of the plan is that it has the features of an investment, an endowment, a money-back and a whole life policy ? all in one.

Under the regular premium plan, free units are allocated for policies with a term of 20 years or more. Policyholders can also choose the degree of risk and return of their investments under the plan. There are two pure funds, equity and bond, and two diversified funds, growth and balanced, to choose from.

Anyone between the age group of seven and 65 can buy this plan and can either choose a limited policy term ? minimum five years and maximum 40 ? or a whole life tenure.

Under the regular premium payment plan, the minimum sum assured is Rs 24,000 and the maximum is Rs 50 crore. The sum assured is 5 to 20 times the annualised premium. In the single premium mode, the minimum sum assured is Rs 50,000.

Unit Plus comes with other advantages, including a switchover facility between funds (four in a policy year) and systematic withdrawal.