SBI Life Insurance, an India-based private insurer, has unveiled its latest offering, Smart Humsafar.

The new insurance policy provides multiple benefits of savings and insurance cover for husband and wife under a single product.

It has been designed as a joint life insurance cum savings policy wherein the customer can take insurance cover for both spouses under a single policy.

The company claims that the plan harmonizes the couple’s efforts to achieve prosperity along with protection.

In the event of unfortunate demise of one spouse, a payment of sum assured is given to the surviving spouse, while future premiums are waived off. In case of death of surviving spouse during the reminder of the policy term, the nominee receives the sum assured along with all the accrued bonuses.

The basic sum assured with all accrued bonuses will be paid upon survival of any or both lives on maturity.