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

Transcription

1 Monthly Investment Update: Volume 4, Issue 6 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) Daily Protect III 1

2 DEBT MARKET REVIEW AND OUTLOOK MARKET REVIEW Yields headed higher during the month of September as the govt. announced 53,000 cr of excess borrowings during second half of FY12. The relative stability in Euro with the approval of the EFSF funding size and better economic data in the US also had a role to play in hardening domestic yields. Key rate movements during the month are as under: Instrument Sept '11 Aug '11 Mar 11 Change Change (MOM) (YTD) 10 Yr Gsec 8.44% 8.30% 7.98% 0.14% 0.46% 30 Yr Gsec 8.59% 8.59% 8.33% 0% 0.26% 3 Yr AAA Bond 9.53% 9.35% 9.33% 0.18% 0.20% 5 Yr AAA Bond 9.58% 9.38% 9.20% 0.20% 0.38% 10 Yr AAA Bond 9.60% 9.38% 9.25% 0.22% 0.35% 364 Days T-bill 8.39% 8.30% 7.64% 0.09% 0.75% 91 Days T-bill 8.43% 8.35% 7.31% 0.08% 1.12% 1 Yr Certificate of Deposit 9.75% 9.50% 9.80% 0.25% -0.05% Credit spreads 100 bps 108 bps 127 bps -8 Bps (-) 27 Bps Crude $/barrel 102$ 111$ 115$ (-) 9.00$ (-) 13.00$ (Source: Bloomberg, Reuters & RBI) Macro Indicators Index of Industrial output grew at 3.3% year-on-year (y-o-y) in July. This was the newly formed index which has a base year of versus the old base of The fall in intermediate goods and capital goods category led to this weak Industrial Production (IIP) number. The Purchasing Manager s Index (PMI) number for September has fallen from 52.6 to 50.4 levels and this could suggest a further slowdown in IIP growth for the upcoming month. The June inflation came in at 9.78% against the consensus estimate of 9.7%. The fall in food inflation and global commodity prices by around 10% should have a softening effect on inflation going forward. The real GDP growth for quarter ending June 2011 came in at 7.7% against Q4 FY 11 growth of 7.8% India s trade deficit widened to $ 14 bn in August, with exports growing at above 40% and imports growing at 50% y-o-y. The Current Account deficit for the quarter ending June 2012 came at USD 14bn and thus the annual CAD would stand at 3.1% of FY 12 GDP 2

3 Bank deposits in the latest fortnight of FY12 grew by 8,000 cr and are currently growing at 17.4%. Credit disbursals rose by 19,000 cr and the current growth rate of loans and disbursals is 19.5%. Source: Bloomberg, Reuters & RBI Global News: US economic data throw positive surprise; more downgrades across Euro zone The non farm payrolls saw 1, 03,000 net job additions in the US for the month of September against the previous month s number of Zero additions. The unemployment rate however stood unchanged at 9.1%. The other positive bit of data from the US was that the Institute of Supply Management (ISM) manufacturing PMI came at a higher than expected 51.6 levels. Euro zone on the other hand had to deal with more shockingly bad news, as Italy got downgraded further and around 19 European banks received a similar treatment by the credit rating agencies. Though the 17 nations of Euro approved of the 400 bn Euro based European Financial Stability Facility, things still do seem dire in the region. Source: Bloomberg, Reuters OUTLOOK We expect policy rates to remain at 8.25% after the October 25th Quarterly Policy Review. However extra borrowing of Govt will lead to crowding out of private sector borrowing and push up interest rates in short term. In past 3 years RBI has absorbed additional govt. borrowing by conducting open market purchase to the tune of 60,000-80,000 crores. It is too early for RBI to announce Open Market Operations (OMO) as inflation is still high. Market position was long due to favorable factors and hence additional supply will not be easily absorbed at current levels. We expect 10 y Gsec yield to rise from current levels owing to all the hardening pressures. EQUITY OUTLOOK Markets were volatile for the month of. Intra month benchmark indices went up 3%, however ended negative 1.3%. Index closed 16454, down 1.3%. International turmoil especially in European region and domestic issues continued to haunt the markets. European Union struggled to hold together. There were issues with passing of vote to bail out Greece. European Financial Stability Fund needs more funds to muddle through the crisis. Early signs of slowdown in China were evident with PMI coming below 50 for the first time. 3

4 Much needed to be done back home. Indian government had to put its act together to gain confidence within market participants. Cabinet cleared the mining bill. However, response by the markets was negative. There were concerns on sharing of profits and R&R activities that needed to be carried out for acquisition of land. Central bank increased the repo rate by 25 basis points. This was in line with the expectation. Industrial Output index came at 3% for the month of July. In view of bad sentiments and beaten down price, government deferred its plans to disinvest Oil and Natural Gas Ltd. Negative sentiments have taken over. Despite fall in commodity prices that augurs well to Indian economy and widespread monsoon, fall in major indices could not be prevented. Foreign Institutional Investor selling was nominal. We get into result season with caution Results are not expected to be good in view of falling demand, increase in costs. We would maintain a cautious outlook. Valuations are attractive from one year point of view. 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. 4

5 & * As on 30 th September 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 Minimum Maximum Risk Equity 80% 100% 96.48% High Debt & Money Market Instruments 0% 20% 3.52% 1 yr 2 yrs 3 yrs 4 yrs 5 yrs (10 Jan 05) Equity Fund % % 2.37% 11.28% 0.45% 7.54% 20.59% Benchmark - NIFTY % % -1.39% 8.03% -0.39% 6.61% 14.55% *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 5

6 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 81.32% Money Market Instruments 0% 40% Medium 18.68% 1 yr 2 yrs 3 yrs 4 yrs 5 yrs (10 Jan 05) Bond Fund 3.58% 6.43% 6.88% 10.24% 9.39% 9.40% 8.60% Benchmark CRISIL CompBex 3.11% 5.58% 5.52% 7.00% 6.16% 6.01% 5.58% 6

7 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 Minimumm Maximum Risk (As on 30 Sept 11) Equity 40% 90% Medium 65.90% Debt & Money Market Instruments 10% 60% to High 34.10% E Growth Fund Benchmark Nifty (70%) CompBex (30%) 1 April % 1 yr % 2 yrs -0.18% 3 yrs 6.73% % % 0.99% 4.71% Since 4 yrs 5 yrs Inception (24 Nov 05) -2.49% 4.18% 12.23% -2.69% 4.64% 9.58% 7

8 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% 47.38% Medium Debt & Money Market Instruments 40% 60% 52.62% 1 yr 2 yrs 3 yrs 4 yrs 5 yrs (5 Dec 05) Balanced Fund -5.28% -7.34% 1.91% 8.87% 4.34% 8.97% 10.81% Benchmark Nifty (50%) CompBex (50%) -6.31% -6.53% 2.43% 7.03% 1.78% 6.32% 9.03% 8

9 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% 76.30% High Debt & Money Market Instruments 0% 40% 23.70% 1 yr 2 yrs 3 yrs (21 Jan 08) Equity Optimiser Fund % % -0.58% 11.08% 2.87% Benchmark Nifty (80%) LiquiFEX (20%) % % 0.29% 5.87% -3.01% 9

10 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% 99.68% High Money Market Instruments & Cash 0% 10% 0.32% 1 yr (7 Jan 2010) Index Fund % % -2.25% Benchmark Nifty % % -3.56% 10

11 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% 71.78% High Money Market Instruments & Cash 0% 40% 28.22% 1 yr (7 Jan 2010) Top 300 Fund -8.79% % 5.50% Benchmark Nifty (80%) LiquiFEX (20%) % % -1.39% 11

12 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 referencee 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 Risk Instruments Instruments & Cash <12 90% to 100% 0% to 10% 12 and < 15 80% to 100% 0% to 20% High 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% Actual Asset Mix (As on 30 Sept 11) Equity: % Debt, Money Market Instruments & Cash: 4.02% FUND PERFORMANCE 1 yr (8 Sep 2010) P/E Managed Fund % % % Benchmark NA NA NA NA 12

13 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 Equity & Equity Related Instruments 0% 100% Low to 58.33% Debt & Money Market Instruments 0% 100% Medium 41.67% ^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 value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee. 1 yr (6 Sep 2010) Daily Protect Fund % % % Benchmark NA NA NA NA 13

14 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 60% 100% 71.77% High Debt & Money Market Instruments 0% 40% 28.23% 1 yr (10 Feb 2010) Equity Elite Fund II % % 0.48% Benchmark Nifty (80%) LiquiFex (20%) % % 3.46% 14

15 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% 74.06% High Debt & Money Market Instruments 0% 40% 25.94% 1 yr 2 yrs 3 yrs (25 Feb 08) Equity Elite Fund % % 0.19% 11.75% 8.11% Benchmark Nifty (80%) % % 0.29% 5.87% -3.04% LiquiFEX (20%) 15

16 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 49.81% Debt & Money Market Instruments 0% 100% Medium 50.19% 1 yr 2 yr (8 March 09) FlexiProtect Fund -6.10% % 2.71% 20.21% Benchmark NA NA NA NA NA 16

17 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 56.06% Debt & Money Market Instruments 0% 100% Medium 43.94% 1 yr (8 Jan 2010) FlexiProtect Fund (Series II) -9.63% % 4.35% Benchmark NA NA NA NA 17

18 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% 91.51% High Debt & Money Market Instruments 0% 20% 8.49% 1 yr 2 yrs 3 yrs 4 yrs (15 Jan 07) Equity Pension Fund % % -1.52% 8.74% -0.90% 4.78% Benchmark Nifty % % -1.39% 6.52% -2.55% 2.61% 18

19 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 83.83% Money Market Instruments 0% 40% Medium 16.17% 1 yr 2 yrs 3 yrs 4 yrs (16 Jan 07) Bond Pension Fund 3.62% 6.32% 7.18% 9.03% 8.48% 8.82% Benchmark CRISIL CompBex 3.11% 5.58% 5.52% 7.00% 6.16% 6.13% 19

20 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 67.23% Debt & Money Market Instruments 10% 60% to High 32.77% 1 yr 2 yrs 3 yrs 4 yrs (15 Feb 07) Growth Pension Fund -9.70% % 0.88% 10.39% 0.72% 8.64% Benchmark Nifty (70%) CompBex (30%) -9.95% % 0.99% 3.25% -4.80% 0.46% 20

21 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% 46.91% Medium Debt & Money Market Instruments 40% 60% 53.09% 1 yr 2 yrs 3 yrs 4 yrs (21 Feb 2007) Balanced Pension Fund -4.97% -6.68% 1.54% 10.00% 6.43% 11.98% Benchmark Nifty (50%) CompBex (50%) -6.31% -6.53% 2.43% 7.03% 1.78% 4.93% 21

22 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% 77.78% High Debt & Money Market Instruments 0% 40% 22.22% 1 yr 2 yrs 3 yrs (21 Jan 2008) Equity Optimiser Pension Fund % % -0.35% 11.25% 3.00% Benchmark Nifty (80%) LiquiFEX (20%) % % 0.29% 5.87% -3.01% 22

23 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% 99.02% High Money Market Instruments & Cash 0% 10% 0.98% 1 yr (18 Jan 2010) Index Pension Fund % % -0.10% Benchmark Nifty % % -3.74% 23

24 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% 72.38% High Money Market Instruments & Cash 0% 40% 27.62% 1 yr (18 Jan 2010) Top 300 Pension Fund -8.84% % 3.33% Benchmark Nifty (80%) LiquiFEX (20%) % % -1.53% 24

25 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 65.21% Debt & Money Market Instruments 0% 100% Medium 34.79% ^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 % -7.71% Benchmark NA NA NA 25

26 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. - RGF Assets of RGF Minimum Maximum Risk Debt 0% 10% Low 97.70% Money Market Instruments 90% 100% 2.30% (09 Mar 2011) Return Guarantee Fund (RGF) 1.00% 1.73% Benchmark NA NA NA 26

27 - RGF Assets of RGF Minimum Maximum Risk Debt 0% 10% Low 87.87% Money Market Instruments 90% 100% 12.22% (21 Jun 2011) Return Guarantee Fund (RGF) NA 0.87% 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. 27

28 Daily Protect Fund III 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 70.99% Debt & Money Market Instruments 0% 100% Medium 29.01% ^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 III value, would be recovered from the fund (through cancellation of units) to provide the NAV guarantee. (1 Sep 2011) Daily Protect Fund III NA -0.12% Benchmark NA NA NA 28

29 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% 0.18% Low Money Market Instruments 80% 100% 99.82% 1 yr 2 yrs 3 yrs 4 yrs 5 yrs (1 Feb 06) Money Market Fund 3.75% 6.81% 6.05% 6.56% 6.69% 6.49% 6.41% Benchmark LiquiFEX 3.92% 7.77% 5.89% 6.20% 6.52% 6.69% 6.60% 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% 0% Low Money Market Instruments 80% 100% 100% 1 yr 2 yrs 3 yrs (20 Mar 08) Money Market Pension Fund 4.29% 8.03% 6.22% 6.68% 6.74% Benchmark - LiquiFEX 3.92% 7.77% 5.89% 6.20% 6.51% 29

30 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) 3.12% 3.81% 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. 30

31 Funds Inception Date Bench marks (BM) 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 Equity Equity Pension# Growth# Growth Pension # Equity Optimiser* Equity Optimiser Pension#* 10-Jan Jan Nov Feb Jan Jan-08 NIFTY Nifty (70%) CompBe x (30%) Nifty (80) LiquiFEX (20) 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) CompBe x (50) Bond 10-Jan-05 CRISIL Bond CompBe Pension 16-Jan-07 x Money Market# 1-Feb-06 Money Market Pension# 20-Mar- 08 LiquiFEX 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 Daily Protect III 8-Mar-09 8-Jan-10 9-Feb-11 6-Sep-10 4-Mar-11 1-Sep-11 NA 1.32 NA 2.54 NA NA NA NA NA NA NA NA NA 3.78 NA 3.12 NA NA NA NA NA NA NA NA NA NA NA 3.81 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 1.00 NA NA NA NA NA NA NA NA NA NA NA 1.73 NA RGF Mar-11 NA NA NA NA NA NA NA NA NA NA NA NA 0.87 NA RGF P/E Managed^ 21-Jun-11 8-Sep NA NA NA NA NA NA NA NA NA NA NA 1.32 NA 2.54 NA NA NA NA NA NA NA NA NA 3.78 NA Index Index Pension Top 300* Top 300 Pension* 7-Jan Jan-10 7-Jan Jan-10 Nifty Nifty (80) Liquifex (20) NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

32 # 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. 32

33 Funds Equity Fund Bond Fund Growth Fund Balanced Fund Money Market Fund Equity Pension Fund Bond Pension Fund Growth Pension Fund Balanced Pension Fund Equity Optimiser Fund Equity Optimiser Pension Fund Equity Elite Fund Money Market Pension Fund Flexi Protect Fund Flexi Protect (Series II) Fund Index Fund Top 300 Fund Index Pension Fund Top 300 Pension Fund Equity Elite II Fund Daily Protect Fund Daily Protect Fund - II Daily Protect Fund - III P/E Managed Fund GPF Guaranteed Pension Fund Return Guaranteed Fund-RGF Return Guaranteed Fund-RGF SFIN SFIN ULIF EQUITY-FND111 ULIF BONDULPFND111 ULIF GROWTH-FND111 ULIF BALANCDFND111 ULIF MONYMKTFND111 ULIF PEEQITYFND111 ULIF PENBONDFND111 ULIF PEGRWTHFND111 ULIF PEBALANFND111 ULIF EQTYOPTFND111 ULIF PEEQOPTFND111 ULIF EQTYELTFND111 ULIF PEMNYMTFND111 ULIF FLEXPR1FND111 ULIF FLEXPR2FND111 ULIF INDEXULFND111 ULIF TOP300-FND111 ULIF PEINDEXFND111 ULIF PETP300FND111 ULIF EQTELI2FND111 ULIF DLYPRO1FND111 ULIF DLYPRO2FND111 ULIF DLYPRO3FND111 ULIF P/EMNGDFND111 ULIF PEGURNTFND111 ULIF RETGRT1FND111 ULIF RETGRT2FND111 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 33