In a bid to target Resurgent India Bondholders looking at long-term investment opportunities, SBI Life Insurance Company Ltd on Monday introduced 'Setubandhan', a policy aimed at non-resident Indians with an assured return of five per cent per annum.

The company was roping in remittance agents in Middle East for easing the application procedures for this policy, R Krishnamurthy, managing director and CEO, SBI Life, told newspersons in Mumbai. He said SBI Life was also exploring the option of corporate agents in that region.

Market sources said this scheme with a five per cent assured return on sum assured has been introduced with an aim to tap State Bank of India's RIB holders, who would like to park their funds for a longer term.

Krishnamurthy said, "Setubandhan addresses an important concern of NRIs by providing for protection of their dependants in India and will also be available for resident Indians."

The scheme would come with a five and 10-year term and it provides full repatriation of maturity or death benefits at the prevailing exchange rate, he said.

Krishnamurthy said the customers would get a critical illness cover (Dhanwantri) of upto Rs 500,000 without undergoing medical examination. The scheme also has the facility to cover spouse and parents residing in India aged between 18-55 years.

The single premium would be Rs 1,019 and Rs 996 for sum assured of Rs 1,000 for a five and 10-year term, respectively.