UNIT LINKED PRODUCTS FROM SBI LIFE INSURANCE CO. LTD. 2008

Transcription

1 Monthly Investment Update: Volume 4, Issue 3 June, 2011 ULIP UNIT LINKED PRODUCTS FROM SBI LIFE INSURANCE CO. LTD SBI Life has a variety of unit linked products with different funds which gives you flexibility to choose your investment pattern to generate market linked returns according to your risk appetite. SBI Life ULIP FUNDS Products* Fund Names SBI Life - Unit Plus Super SBI Life Smart Performer SBI Life Saral Maha Anand SBI Life Smart Scholar Equity SBI Life Smart Elite SBI Life Smart Horizon SBI Life Smart Pension SBI Life Smart Wealth Assure Bond Money Market Growth Balanced Equity Optimiser Index Top 300 P/E Managed Daily Protect Daily Protect II Equity Elite Fund II Guaranteed Pension Fund (GPF) Return Guarantee Fund (RGF) *Please note that Unit Plus III, Horizon III, Maha Anand II, Unit Plus Elite II, Unit Plus II Child, Unit Plus III Pension, Horizon III Pension & Smart ULIP (Series II) are withdrawn w.e.f 1 September However the various funds under these products are still in force. 1

2 June, 2011 DEBT MARKET REVIEW AND OUTLOOK MARKET REVIEW Yields headed south during the month as The New York Mercantile Exchange (NYMEX) crude fell below $100 and even touch a tad below $90/bbl. The sovereign default fears in Greece and the subsequent downgrades of Greece and Portugal also had their share in bring down Gsec yields. The markets also witnessed a relief rally considering the fact that RBI kept away from an aggressive 50 basis points (bps) hike on 16th June and stuck only to a moderate 25 bps move. Short term yields and CD rates have fallen as liquidity tightness has eased considerably. Rs. 1 trillion (daily LAF Repo borrowing) it has reduced to around Rs.14,000 cr of late. Key rate movements during the month are as under: Instrument Jun '11 May '11 Mar 11 Change YTD Change (MOM) 10 Yr Gsec 8.33% 8.41% 7.98% 0.35% -0.08% 30 Yr Gsec 8.66% 8.66% 8.36% 0.30% 0.00% 3 Yr AAA Bond 9.62% 9.75% 9.32% 0.30% -0.13% 5 Yr AAA Bond 9.45% 9.65% 9.14% 0.31% -0.20% 10 Yr AAA Bond 9.44% 9.70% 9.11% 0.33% -0.26% 364 Days Treasury Bill 8.29% 8.32% 7.58% 0.71% -0.03% 91 Days Treasury Bill 8.18% 8.19% 7.23% 0.95% -0.01% 1 Yr Certificate of Deposit 9.75% 10.10% 9.60% 0.15% -0.35% Crude $/barrel 95$ 103$ 100$ -5$ -8$ (Source: Bloomberg, Reuters & RBI) Macro Indicators Index of Industrial output grew at 6.3% year-on-year (y-o-y) in April which turned out to be much higher than consensus estimates. This was the newly formed index which has a base year of versus the old base of The new series has lesser weight given to Manufacturing and increased weight to Mining. 42 item groups have been deleted and 135 items groups have been added. The new index is expected to be much purer reflection of the industrial activity in the economy. The HSBC Manufacturing Purchasing Manager s Index (PMI) also dropped from 57.5 to 55.3 in June 2

3 The May inflation came in at 9.06% against the consensus estimate of 8.7% owing to a 1.1% monthon-month (m-o-m) rise in manufacturing prices clearly indicating that the spill-over is happening from food prices and other indices like input and output prices components of the HSBC India PMI also foretell more price pressures going forward. The overall expectations are still way too high at around 13% which needs to be arrested. Of late the food price index has been rising and has reached a level not seen in the last 12 months which also is a worrying factor. India s trade deficit widened to $ 15 bn in May, with exports growing at above 40%. The year FY 11 ended with exports clocking $245 bn. The current account deficit for FY 11 came at 2.6% of GDP when there were strong fears of the figure approaching 3.5%. Bank deposits in the latest fortnight of FY12 fell by 33,000 cr and are currently growing at 18.2%. Credit growth rose by 20,000 cr and the current growth rate of loans and disbursals is 20.7%. Mid-quarterly Policy review Source: Bloomberg, Reuters & RBI The central bank on 16th June hiked Repo Rate by 25 bps which was what most of the market had expected. this policy meeting onwards Reverse Repo rate would always be Repo rate minus 100 bps. The RBI continued to drive the point that inflation was a threat and the focus of monetary policy in the coming meetings would have to be on arresting inflation. Dr. Subbarao had also clearly mentioned that inflation could start softening later in the year and maintained that GDP growth would be around 8% in FY 12. Source: RBI Global News: US awaits debt ceiling decision as fears recede in Europe; RBA keeps status quo The US economic data is still weak thereby rekindling fears of a prolonged slowdown. The unemployment figure is expected to stick at 9.1% for June. But the staple announcement would have to be the approval for US government to raise its debt ceiling without which even the US long term credit could be downgraded according to Standard & Poor s (S&P). The Euro-zone on the one hand received two shocks with the downgrade of both Greece and Portugal sovereign ratings. However the markets have been pacified with the approval of the European Central Bank (ECB) funding for Greek repayments and also the parliamentary approval for Greece s austerity plans. Reserve Bank of Australia decided to keep its rates on hold until the signs of global slowdown start fading away.. Source: Bloomberg, Reuters 3

4 OUTLOOK Weekly inflation data still suggests high food inflation and manufacturing inflation also is rising sequentially by higher than normal numbers. Higher inflation especially after the retail fuel price hikes and fiscal worries should continue to apply hardening pressure on Gsec yields. However the supply of Gsecs is relatively less going forward. Currently the expected supply-demand gap of Gsecs is around Rs. 50,000 cr by March 2012, but with the rate at which deposits are growing and closing in the gap on credit growth, Statutory Liquidity Ratio (SLR) buying by banks would be enough to bridge this gap. The RBI could also later step in through Open Market Operations (OMOs) and/or raise the SLR requirement 25% of Net Demand & Time Liabilities (NDTL) which would then drive bond yields lower. We expect RBI to hike Repo rate by 25 bps and then pause for a while. Considering this and the softening of liquidity pressures owing to redemptions of bonds and cash management bills, the shorter end of the yield curve should fall and with regards to the 10 year benchmark yield we expect it to trade in the range of 8.25%- 8.45% EQUITY OUTLOOK Sensex plunged more than 10% during the month only to recover subsequently. Sentiments were impacted in secondary markets during the month with talks of policy paralysis and political log jam doing rounds. A possible revoking of tax treaty with Mauritius spooked the markets to a 10% fall from the levels it closed during the month of May, 2011(treaty that gives tax breaks for companies registered in Mauritius). However, sentiments improved since then. International Energy Agency said it would release 60 million barrels of oil of its total 400 billion barrels to cool the prices. India is dependent on imported oil to the extent of 70% of its overall requirements. This was accompanied by rise in prices of downstream petroleum products by the Government of India to reduce the subsidy bill. Even though this came in late, it was a step in right direction. Markets cheered the move. It recovered most of its losses and closed 1.9% above its previous months low. India moved closer to approving of Foreign Direct Investment in multi brand retailing. Mounting pressure of State Electricity Boards losses was a big concern for the centre. Environment and Forest ministry gave its approval for few of the projects by lifting its ban on no go areas of mining of coal for power. Monsoon progressed well during the month and was 11% above the long term average. 4

5 Economic data that got released were not so good though. Core sector growth was at a low of 5.3% and inflation remained high at 9% for the month of May, RBI further raised rates by 25 basis points to 7.5%. On the international side, problems in Greece got temporarily resolved with ruling government getting the required majority. The government that retained its power also passed resolutions required for passing of austerity measures. Market movement in the month of July would depend on progress of monsoon, international stability (especially in Euro zone), results that are likely to be released for the first quarter of Fiscal Indices have started to discount the melting down of factors that led to high inflation like oil and metal prices. Foreign Institutional Investors and Indian Domestic Mutual funds net buying figures of USD 1 billion and USD 250 million are indicating a trend reversal. It may be too early to take a call though in Indian context due to further increase in inflation likely on account of fuel cost increase. We expect margin pressures due to high interest & transportation costs. We would hold to our cautious view on the markets and would stay defensive. Disclaimer: 1) This newsletter only gives an overview of economy and should not be construed as financial advice 2) SBI Life Insurance Co. Ltd however makes no warranties, representations, promises or statements that information contained herein are correct and accurate. Please consult your Advisor/Consultant before making the investment decision 3) The Company reserves the right to close or add existing / new fund option subject to IRDA approval. 4) Company shall select the investments, including derivatives and units of mutual funds, by each fund at its sole discretion subject to the investment objectives of the respective plan and the IRDA regulations. 5

6 & * As on 30th June 2011 Equity Fund To provide high equity exposure targeting higher returns in the long term. The fund has the following asset class allocation strategy: Assets of Equity Fund Minimumm Maximum Risk Equity 80% 100% 89.15% High Debt & Money Market Instruments 0% 20% 10.85% E 1 yr 2 yrs 3 yrs Equity Fund -1.95% 7.64% 17.67% 14.03% Benchmark - NIFTY -3.19% 6.30% 14.72% 11.81% 4 yrs 5 yrs Since Inception (10 Jan 05) 7.44% 12.91% 23.54% 6.93% 12.53% 17.56% 6

7 Bond Fund To provide relatively safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities. The fund has the following asset class allocation strategy: Assets of Bond Fund Minimum Maximum Risk Debt Instruments 60% 100% Low to 79.83% Money Market Instruments 0% 40% Medium 20.17% 1 yr 2 yrs 3 yrs 4 yrs 5 yrs (10 Jan 05) Bond Fund 1.65% 5.35% 6.28% 10.15% 9.79% 9.57% 8.63% Benchmark CRISIL CompBex 1.24% 4.58% 4.63% 6.78% 6.35% 5.99% 5.50% *i) less than or equal to one year are absolute returns. greater than a year are in terms of Compound Annual Growth Rate (CAGR) ii) Past performance of any of the funds is not indicative of their future prospects or returns 7

8 Growth Fund Long-term capital appreciation through investment primarily in equity and equity related instruments with a small part invested in debt and money market for diversification and risk reduction. The fund has the following asset class allocation strategy: Assets of Growth Fund Minimum Maximum Risk Equity 40% 90% Medium 68.53% Debt & Money Market Instruments 10% 60% to High 31.47% Since 1 yr 2 yrs 3 yrs 4 yrs 5 yrs Inception (24 Nov 05) Growth Fund -2.30% 3.93% 11.18% 8.11% 3.24% 8.51% 14.42% Benchmark Nifty (70%) CompBex (30%) -1.82% 6.10% 12.02% 6.70% 3.25% 9.42% 11.74% 8

9 Balanced Fund To provide accumulation of income through investment in both equities and fixed income securities with an attempt to maintain a suitable balance between return and safety. The fund has the following asset class allocation strategy: Assets of Balanced Fund Minimum Maximum Risk Equity 40% 60% 48.65% Medium Debt & Money Market Instruments 40% 60% 51.35% 1 yr 2 yrs 3 yrs 4 yrs 5 yrs (5 Dec 05) Balanced Fund -0.28% 3.96% 9.88% 10.52% 8.69% 11.95% 12.36% Benchmark Nifty (50%) CompBex (50%) -0.92% 5.82% 10.06% 8.63% 6.04% 9.48% 10.56% 9

10 Equity Optimiser Fund To provide equity exposure targeting higher returns through long term capital gains. The fund has the following asset class allocation strategy: Assets of Equity Optimiser Fund Minimum Maximum Risk Equity 60% 100% 80.15% High Debt & Money Market Instruments 0% 40% 19.85% 1 yr 2 yrs 3 yrs (21 Jan 08) Equity Optimiser Fund -4.05% 3.15% 13.65% 13.54% 5.92% Benchmark Nifty (80%) LiquiFEX (20%) -2.14% 6.73% 13.08% 8.43% -0.33% 10

11 Index Fund To provide returns closely corresponding to returns of NSE, S&P CNX Nifty Index, though investment regulations may restrict investment in group companies and some large cap companies listed on the Nifty Index leading to higher tracking error. The fund has the following asset class allocation strategy: Assets of Index Fund Minimum Maximum Risk Equity 90% 100% 98.89% High Money Market Instruments & Cash 0% 10% 1.11% 1 yr (7 Jan 2010) Index Fund -2.38% 6.81% 6.42% Benchmark Nifty -3.19% 6.30% 4.88% 11

12 Top 300 Fund To provide long term capital appreciation by investing in stocks of top 300 companies in terms of market capitalization on the National Stock Exchange. The fund has the following asset class allocation strategy: Assets of Top 300 Fund Minimum Maximum Risk Equity 60% 100% 76.68% High Money Market Instruments & Cash 0% 40% 23.32% 1 yr (7 Jan 2010) Top 300 Fund -0.16% 5.31% 13.18% Benchmark Nifty (80%) LiquiFEX (20%) -2.14% 6.73% 5.38% 12

13 P/E Managed Fund To provide long term capital appreciation through dynamic asset allocation with reference to forward Price Earning (P/E) multiple. The allocation to equity and equity related instruments is determined largely by reference to forward Price Earning (P/E) multiple on the NSE, S&P, CNX Nifty Index and remaining fund is invested in debt instruments, money market & cash. The fund has the following asset class allocation strategy: Asset Allocation Forward P/E Bands Equity & Equity Related Debt, Money Market Instruments Instruments & Cash <12 90% to 100% 0% to 10% 12 and < 15 80% to 100% 0% to 20% 15 and < 18 60% to 90% 10% to 40% 18 and < 21 40% to 80% 20% to 60% 21 0% to 50% 50% to 100% Risk High Equity: 80.68% Debt, Money Market Instruments & Cash: 19.32% (8 Sep 2010) P/E Managed Fund -2.27% 0.20% Benchmark NA NA NA 13

14 Daily Protect Fund To provide NAV protection using the CPPI methodology. The asset allocation is dynamically rebalanced to give a guarantee^ of 105% of the highest NAV in the built-up phase. The fund has the following asset class allocation strategy: Assets of Daily Protect Fund Min Max Risk Actual Asset Mix Equity & Equity Related Instruments 0% 100% Low to 84.42% Debt & Money Market Instruments 0% 100% Medium 15.58% ^The Guaranteed NAV shall be available only at maturity and shall be subject to the Policy being in force till the maturity date. Guarantee charge of 0.50% p.a. of Daily Protectt Fund value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee. E Daily Protect Fund Benchmark NA -2.02% NA (6 Sep 2010) -3.38% NA 14

15 Equity Elite Fund II To provide high equity exposure targeting higher returns in the long run. The fund has the following asset class allocation strategy: Assets of Equity Elite Fund II Minimum Maximum Risk Equity Debt & Money Market Instruments 60% 0% 100% 40% High 77.76% 22.24% E 1 yr (10 Feb 2010) Equity Elite Fund II -2.62% 7.66% Benchmark Nifty (80%) LiquiFex (20%) -2.14% 6.73% 8.63% 12.03% 15

16 Equity Elite Fund For long-term capital appreciation through higher exposure in equity and equity related instruments. The fund has the following asset class allocation strategy: Assets of Equity Elite Fund Minimum Maximum Risk Equity & Equity Related Instruments 60% 100% 79.22% High Debt & Money Market Instruments 0% 40% 20.78% 1 yr 2 yrs 3 yrs (25 Feb 08) Equity Elite Fund -3.93% 5.51% 15:00% 17.88% 12.00% Benchmark Nifty (80%) -2.14% 6.73% 13.08% 8.43% 0.23% LiquiFEX (20%) 16

17 FlexiProtect Fund To optimise returns and provide capital protection by adopting dynamic asset allocation plan. The fund has the following asset class allocation strategy: Assets of FlexiProtect Fund Minimum Maximum Risk Equity & Equity Related Instruments 0% 100% Low to 49.43% Debt & Money Market Instruments 0% 100% Medium 50.57% 1 yr 2 yr (8 March 09) FlexiProtect Fund -0.30% 4.11% 11.27% 25.86% Benchmark NA NA NA NA NA 17

18 FlexiProtect Fund (Series II) To provide capital protection and optimum returns based on systematic asset allocation model. The fund has the following asset class allocation strategy: Assets of FlexiProtect Fund (Series II) Minimum Maximum Risk Equity & Equity Related Instruments 0% 100% Low to 77.40% Debt & Money Market Instruments 0% 100% Medium 22.60% 1 yr (8 Jan 2010) FlexiProtect Fund (Series II) -1.05% 7.20% 11.77% Benchmark NA NA NA NA 18

19 Equity Pension Fund To provide high equity exposure targeting higher returns in the long term. The fund has the following asset class allocation strategy: Assets of Equity Pension Fund Minimum Maximum Risk Equity & Equity Related Instruments 80% 100% 93.97% High Debt & Money Market Instruments 0% 20% 6.03% 1 yr 2 yrs 3 yrs 4 yrs (15 Jan 07) Equity Pension Fund -3.12% 4.58% 12.88% 11.20% 5.91% 7.76% Benchmark Nifty -3.19% 6.30% 14.72% 9.54% 4.98% 5.87% 19

20 Bond Pension Fund To provide relatively safe and less volatile investment option mainly through debt instruments and accumulation of income through investment in fixed income securities. The fund has the following asset class allocation strategy: Assets of Bond Pension Fund Minimum Maximum Risk Debt Instruments 60% 100% Low to 81.54% Money Market Instruments 0% 40% Medium 18.46% 1 yr 2 yrs 3 yrs 4 yrs (16 Jan 07) Bond Pension Fund 1.66% 5.26% 6.66% 8.91% 8.86% 8.87% Benchmark CRISIL CompBex 1.24% 4.58% 4.63% 6.78% 6.35% 6.04% 20

21 Growth Pension Fund To provide long-term capital appreciation through investments primarily in equity and equity related instruments with a small part invested in debt and money market for diversification and risk reduction. The fund has the following asset class allocation strategy: Assets of Growth Pension Fund Minimum Maximum Risk Equity & Equity Related Instruments 40% 90% Medium 69.56% Debt & Money Market Instruments 10% 60% to High 30.44% 1 yr 2 yrs 3 yrs 4 yrs (15 Feb 07) Growth Pension Fund -2.16% 5.61% 14.08% 11.86% 7.15% 11.18% Benchmark Nifty (70%) CompBex (30%) -1.82% 6.10% 12.02% 4.53% 1.37% 2.49% 21

22 Balanced Pension Fund To provide accumulation of income through investment in both equities and fixed income securities with an attempt to maintain a suitable balance between return and safety. The fund has the following asset class allocation strategy: Assets of Balanced Pension Fund Minimum Maximum Risk Equity & Equity Related Instruments 40% 60% 50.29% Medium Debt & Money Market Instruments 40% 60% 49.71% 1 yr 2 yrs 3 yrs 4 yrs (21 Feb 2007) Balanced Pension Fund -0.22% 4.23% 10.10% 12.40% 11.46% 13.99% Benchmark Nifty (50%) CompBex (50%) -0.92% 5.82% 10.06% 8.63% 6.04% 6.57% 22

23 Equity Optimiser Pension Fund To provide equity exposure targeting higher returns (through long term capital gains). The fund has the following asset class allocation strategy: Assets of Equity Optimiser Pension Fund Minimum Maximum Risk Equity & Equity Related Instruments 60% 100% 79.98% High Debt & Money Market Instruments 0% 40% 20.02% 1 yr 2 yrs 3 yrs (21 Jan 2008) Equity Optimiser Pension Fund -3.65% 4.31% 14.07% 13.81% 6.15% Benchmark Nifty (80%) LiquiFEX (20%) -2.14% 6.73% 13.08% 8.43% -0.33% 23

24 Index Pension Fund To provide returns closely corresponding to returns of NSE, S&P CNX Nifty Index, though investment regulations may restrict investment in group companies listed on index leading to higher tracking error. The fund has the following asset class allocation strategy: Assets of Index Pension Fund Minimum Maximum Risk Equity 90% 100% 98.81% High Money Market Instruments & Cash 0% 10% 1.19% 1 yr (18 Jan 2010) Index Pension Fund -2.34% 6.80% 9.33% Benchmark Nifty -3.19% 6.30% 4.82% 24

25 Top 300 Pension Fund To provide long term capital appreciation by investing in stocks of top 300 companies in terms of market capitalization on National Stock Exchange. The fund has the following asset class allocation strategy: Assets of Top 300 Pension Fund Minimum Maximum Risk Equity 60% 100% 77.23% High Money Market Instruments & Cash 0% 40% 22.77% 1 yr (18 Jan 2010) Top 300 Pension Fund -0.27% 3.35% 10.57% Benchmark Nifty (80%) LiquiFEX (20%) -2.14% 6.73% 5.35% 25

26 Daily Protect Fund II To provide NAV protection using the CPPI methodology. The asset allocation is dynamically rebalanced to give a guarantee^ of 105% of the highest NAV in the built-up phase. The fund has the following asset class allocation strategy: Assets of Daily Protect Fund II Min Max Risk Equity & Equity Related Instruments 0% 100% Low to 74.86% Debt & Money Market Instruments 0% 100% Medium 25.14% ^The Guaranteed NAV shall be available only at maturity and shall be subject to the Policy being in force till the maturity date. Guarantee charge of 0.50% p.a. of Daily Protect Fund II value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee. (4 Mar 2011) Daily Protect Fund II -3.06% 2.43% Benchmark NA NA NA 26

27 Return Guarantee Fund (RGF)* To maximise the investment return subject to a guaranteed return over a pre specified fixed period (till the last vesting date of all policies invested in the fund). It aims to guarantee a reverse repo related return by investing mostly in fixed income securities (debt instruments, money market instruments and cash) with maturities close to the maturity date of the fund. Assets of RGF Minimum Maximum Risk Equity 0% 10% Low Debt &Money Market Instruments 90% 100% 100% - RGF (09 Mar 2011) Return Guarantee Fund (RGF) % Benchmark NA NA NA - RGF (21 Jun 2011) Return Guarantee Fund (RGF) NA -0.21% Benchmark NA NA NA *The Return Guarantee (Minimum NAV Guarantee) is applicable only in respect of the Return Guarantee Fund (RGF) and is applicable to the NAV at the end of the 10 th year from the start of the subscription period of the Fund and /or subfund(s). The guarantee will apply to all contributions made during the subscription period. To provide the Return Guarantee a guarantee charge of 0.35% p.a. of the Fund Value levied on RGF would be recovered through cancellation of units. RGF

28 Money Market Fund To deploy the funds in liquid and safe instruments so as to avoid market risk on a temporary basis. The fund has the following asset class allocation strategy: Assets of Money Market Fund Minimum Maximum Risk Debt Instruments 0% 20% 0.23% Low Money Market Instruments 80% 100% 99.77% 1 yr 2 yrs 3 yrs 4 yrs 5 yrs (1 Feb 06) Money Market Fund 1.68% 6.17% 5.31% 6.52% 6.40% 6.37% 6.32% Benchmark LiquiFEX 1.92% 7.18% 5.22% 6.27% 6.39% 6.57% 6.53% Money Market Pension Fund To provide an option to deploy the funds in liquid and safe instruments so as to avoid market risk on a temporary basis. The fund has the following asset class allocation strategy: Assets of Money Market Pension Fund Minimum Maximum Risk Debt Instruments 0% 20% 11.36% Low Money Market Instruments 80% 100% 88.64% 1 yr 2 yrs 3 yrs (20 Mar 08) Money Market Pension Fund 2.08% 7.11% 5.50% 6.58% 6.57% Benchmark - LiquiFEX 1.92% 7.18% 5.22% 6.27% 6.39% 28

29 Guaranteed Pension Fund (GPF070211)^ To maximise the investment return subject to a guaranteed return over a pre specified fixed period (till the last vesting date of all policies invested in the fund). It aims to guarantee a reverse repo related return by investing mostly in fixed income securities (debt instruments, money market instruments and cash) with maturities close to the maturity date of the fund. Assets of GPF Minimum Maximum Risk Equity 0% 10% 0% Low Debt &Money Market Instruments 90% 100% 100% (09 Feb 2011) Guaranteed Pension Fund (GPF070211) 1.41% 2.09% Benchmark NA NA NA ^The Guaranteed NAV is applicable only at maturity, and shall be further subject to the Policy being in force till the Maturity Date. Guarantee Charge of 0.35% p.a. would be recovered from the Fund (through cancellation of units) to provide the NAV Guarantee. 29

30 Funds Equity Equity Pension# Growth# Growth Pension # Equity Optimiser* Equity Optimiser Pension#* Inception Date 10-Jan Jan Nov Feb Jan Jan-08 Bench marks (BM) NIFTY Nifty (70%) CompBex (30%) Nifty (80%) LiquiFEX (20%) 1 Apr 11 in % (Less than or equal to 1 yr : Absolute, greater than 1 yr : CAGR) 1 yr 2 yrs 3 yrs 4 yrs 5 yrs Since Inception Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM Fund BM NA NA NA NA NA NA NA NA NA NA NA NA Equity Elite# 25-Feb NA NA NA NA Equity Elite Fund II* Balanced# Balanced Pension# 10-Feb-10 5-Dec Feb-07 Nifty (50%) CompBex (50%) Bond Bond 10-Jan-05 CRISIL CompBex Pension 16-Jan-07 Money Market# 1-Feb-06 Money LiquiFEX Market 20-Mar- Pension# NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA FlexiProtect FlexiProtect (Series II) Guaranteed Pension Fund (GPF070211) Daily Protect Daily Protect II 8-Mar-09 8-Jan-10 9-Feb-11 6-Sep-10 4-Mar-11 NA NA 4.11 NA NA NA NA NA NA NA NA NA NA 7.20 NA NA NA NA NA NA NA NA NA NA 1.41 NA NA NA NA NA NA NA NA NA NA NA 2.09 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 2.43 NA RGF Mar NA NA NA NA NA NA NA NA NA NA NA 0.09 NA RGF NA NA NA NA NA NA NA NA NA NA NA NA NA P/E Managed^ 8-Sep NA NA NA NA NA NA NA NA NA NA NA 0.20 NA Index Index Pension 7-Jan Jan-10 Nifty NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Top 300* Top 300 Pension* 7-Jan Jan-10 Nifty (80) Liquifex (20) NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

31 # W.e.f. 1st April, 2009 the Benchmark for the funds has been revised for better representation of the investment philosophy of the fund. The benchmark returns mentioned above accordingly represent aggregate performance of old benchmark upto March 09 and revised benchmark thereafter. * W.e.f. 1 June 2010, the Benchmark for the funds have been defined. Past performance of any of the funds above is not indicative of their future prospects or returns. Risk Factors: 1) Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors 2) Premium paid in unit linked policies are subject to market risks associated with capital markets and NAVs of units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decision. 3) SBI Life Insurance Co. Ltd. is only the name of the insurance company and the various products offered are only the names of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns 4) The various funds offered under SBI Life Unit Linked products are only the names of funds and do not in any way indicate the quality of these funds, their future prospects and returns 5) Please know the associated risks and the applicable charges, from your Insurance agent or the intermediary or policy document of the insurer 6) Past Performance of the Fund is not indicative of its future prospects or returns. IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER To know more about us Visit us at or Call Toll Free No SBI Life Insurance Co. Ltd. Registered Office and Corporate Office: "Natraj", M.V Road & Western Express Highway Junction, Andheri (E), Mumbai Regn. No. 111 Insurance is the subject matter of solicitation For more details on Risk Factors, Terms & Conditions, please read the sales brochure carefully before concluding a sale 31