SBI Life Insurance Shubh Nivesh Plan


Introduction

:SBI Life – Shubh Nivesh is an Endowment product with an option of Whole Life coverage.  The basic purpose is to provide Savings, Income and Insurance Cover to you and your family. Not only you can save regularly for your future but you also have the flexibility to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon your needs.


Key Features:

 

A unique Savings cum Insurance Plan with the flexibility of Whole Life option as an add-on
Triple benefits of Wealth Creation, Regular Income and Insurance Cover under a single plan
Convenience of premium payment options – Single Premium and Regular Premium
Comprehensive risk coverage through 3 Riders:
SBI Life – Preferred Term Rider (UIN:111B014V01)
SBI Life – Accidental Death Benefit Rider (UIN:111B015V01)
SBI Life – Accidental Total & Permanent Disability Rider (UIN:111B016V01)
Option to receive the Basic Sum Assured at regular interval over a stipulated time period of 5/10/15/20 years.
Tax benefits as per prevailing norms under the Income Tax Act, 1961

How does it work?



SBI Life – Shubh Nivesh has two options:Endowment Assurance: The base plan is a traditional endowment plan with simple reversionary bonuses which accrue till the end of the endowment term. The sum assured with all accrued bonuses will be paid on death during the endowment term or survival till the end of the endowment term.Whole Life Endowment: The policyholder has to opt for the Whole Life Endowment option at the proposal stage itself, wherein the sum assured along with the accrued bonus till the end of the endowment term will be paid to the policyholder, and an amount equal to the basic sum assured will be paid on the life assured attaining 100 years of age or on the death of the life assured, if earlier.


Benefits:

Maturity Benefit: Depending upon the plan option chosen:
Endowment Assurance (i.e. if Whole Life option is not taken):
After completion of endowment term, the Basic Sum Assured + vested Simple Reversionary Bonus is paid
If Deferred Maturity Payment option has been chosen, the accrued bonus will be paid on the date of maturity and the policyholder may choose to receive the sum assured in regular installments over the next 5/10/15/20 years.
Whole Life Endowment (i.e. Whole Life option is taken):
After completion of endowment term the Basic Sum Assured + vested Simple Reversionary Bonus is paid.
If, Deferred Maturity Payment option has been chosen, the accrued bonus will be paid on the date of maturity and the policyholder may choose to receive the sum assured in regular installments over the next 5/10/15/20 years.
An amount equal to the basic sum assured will be paid on the life assured attaining 100 years of age.
Death Benefit: In the unfortunate death of the Life Assured, depending upon the plan option chosen:
Endowment Assurance (i.e. if Whole Life option is not taken):
Death before the completion of Endowment term: Sum Assured + Simple Reversionary Bonus (if any) is paid to the nominee
Deferred Maturity Payment Option has been availed and death happens after the completion of Endowment term: The Balance amount of the Deferred Maturity Payment Option, if any would continue to be paid to the legal heirs till the end of the stipulated period as chosen
Whole Life Endowment (i.e. if Whole Life option is taken) :
Death before the completion of Endowment term:
Sum Assured + Simple Reversionary Bonus (if any) is paid to the nominee
Death after the completion of the endowment term up to 100 years of age:
Sum Assured under the Whole Life coverage is paid to the nominee.
If deferred Maturity Payment Option has been availed and death happens after the completion of Endowment term but before the receipt of the final installment under the deferred payment option, the basic sum assured under the Whole Life coverage is paid to the nominee and the balance amount of the Deferred Maturity Payment Option, if any would continue to be paid to the nominee till the end of the stipulated period as chosen
Other Benefits
Deferred Maturity Payment Option: You have the option to avail the sum assured as regular payouts over a stipulated period of 5/10/15/20 years. The amount of regular income payable will be quoted based on the rates available at that time
Three sets of riders: –
SBI Life – Preferred Term Rider (UIN:111B014V01): The Preferred Term rider Sum Assured is payable in addition to normal death benefit
SBI Life – Accidental Death Benefit Rider (UIN:111B015V01): In case death due to an accident, the rider Sum Assured is payable in addition to normal death benefit
SBI Life – Accidental Total and Permanent & Disability Rider (UIN:111B016V01): The rider Sum Assured will be paid on the Life Assured being found eligible for the Total Permanent Disability Benefit as defined in the policy document.

Shubh Nivesh at a Glance:

Minimum Maximum
Entry Age 18 years 60 years
Maturity Age 23 years 65 years
Policy Term 5 years 30 years
Sum Assured Rs.75,000 No limit

Mode of Premium Payment: Yearly, Half-Yearly, Quarterly, Monthly & Single Premium

* For monthly mode, 3 months premium to be paid in advance and renewal premium payment is allowed only through ECS, Credit card, Direct debit and SI-EFT

Tax Benefits:
Tax deduction under Section 80(C) is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured.
Tax exemption under Section 10(10D) is available, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy.
Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details..

These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.


Brochures:

You may download product official brochure from here and SBI Life – Preferred Term Rider Brochure from here.

 

 

Benefit Illustration

You may see a calculate benefit illustration from here.

 




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