SBI Shubh Nivesh Plan

SBI Shubh Nivesh is a participating endowment plan which comes with an option of whole life insurance coverage. Moreover, as a traditional participating plan, it also offers the facility of bonus to the insured. For the better understanding of our customers, here we have elaborately described the functionality, features, and benefits of SBI Life Insurance Shubh Nivesh plan.

How Does the Plan Work?

SBI Shubh Nivesh plan comes with two option of premium payment. The policyholder can either opt for a single premium option or regular premium option to pay the premium of the policy. In single premium, the policyholder needs to pay the premium in lump-sum. Moreover, SBI Shubh Nivesh plan also offers a reversionary bonus at the end of the policy tenure. The policy may either come with a Terminal Bonus or continue till Deferred Maturity period.

SBI Life Shubh Nivesh comes with two options- Whole Life Endowment and Endowment Assurance. If the policyholder deceases within the policy tenure, the beneficiary of the plan will get the maturity benefit at the end of the policy tenure.

 Eligibility Criteria of SBI Shubh Nivesh Plan

  Minimum Maximum
Sum Assured Rs.75,000 No limit
Policy Tenure 5 30
Maturity Age 23 65
Premium Paying Tenure Single equal to policy tenure
Entry Age 18 60
Yearly Premium 6,000 No limit
Premium Payment Mode Annually, half-yearly, monthly, quarterly and single pay.

Key Features of SBI Shubh Nivesh Plan

Let us take a look at some of the salient features of SBI Shubh Nivesh.

  • As a traditional participating endowment policy, SBI Life Subh Nivesh offers 2 options of premium payment i.e. regular premium payment and single premium payment.
  • The policy offers two life cover options whole life endowment assurance and endowment assurance.
  • The plan also comes with additional rider benefit in order to enhance the coverage of the policy.
  • SBI Shubh Nivesh plan offers the option of deferred maturity benefit under which the insured can opt to avail the maturity benefit in 5, 10, 15 and 20 years post the policy maturity.
  • The plan offers a rebate on higher sum assured amount.

Benefits of SBI Shubh Nivesh Plan

There are various benefits offered by the policy. Let’s take a look at the benefits of SBI Shubh Nivesh.

Death Benefit– In the event of the decease of the policyholder during the tenure of the policy, the beneficiary of the plan receives the death benefit as per the life cover option is chosen by the insured.

  • Endowment Assurance– The beneficiary of the policy will receive the sum assured along with the simple reversionary bonus in case of demise of the insured during the tenure of the policy.  In case the policyholder dies, after the policy terms come to end then the nominee will receive the balance amount on the option of deferred maturity payment.
  • Whole Life Endowment Assurance– If the event of the decease of the policyholder before the completion of policy tenure, the beneficiary will receive the sum assured along with a simple reversionary bonus. In case, the insurance holder survives up to 100 years of age then the nominee will receive the basic sum assured amount as a death benefit and the tenure of the policy will come to an end. If the policyholder has opted deferred payment option then the beneficiary will receive the basic sum assured as a death benefit in case the insured dies at the end of the Endowment plan.

Maturity Benefit- SBI Shubh Nivesh offers maturity benefit according to the plan option chosen by the policyholder.

  • Endowment assurance– In case, the insured survives the entire tenure of the plan then he/she receives the maturity benefit as the total sum assured amount along with the benefit of vested simple reversionary bonus. If the insured has chosen the option of deferred maturity payment then accrued bonus is paid along with the maturity benefit. The can choose to receive the sum assured in form of regular installments in 5/10/15/20 years.
  • Whole Life Endowment Assurance– In case, the insured survives the entire tenure of the plan then he/she receives the maturity benefit as the total sum assured amount along with the benefit of vested simple reversionary bonus. If the insured has chosen the option of deferred maturity payment then accrued bonus is paid along with the maturity benefit. The can choose to receive the sum assured in form of regular installments in 5/10/15/20 years.

Income Tax Benefit– SBI Shubh Nivesh Plan also offers a tax benefit to the insured. The premium paid towards the plan up to maximum limit of Rs.1,00,000 and the maturity proceeds are tax exempted under section 80C and 10(10D) of Income Tax Act 1961.

Rider Benefits

SBI Life Shubh Nivesh offers 3 rider benefits:

  • Accidental death benefit rider
  • Preferred term rider
  • Permanent and Disability and Accidental Total Rider

Other Features of SBI Shubh Nivesh Plan

Surrender Benefit– In case the insurance holder is not satisfied with the terms and conditions of the policy then he/she can surrender the policy after the completion of 1 year for single premium and 3 policy years for regular premium. Surrender benefit is given as:

For regular premium= 30% of the entire premium paid -1st-year premium.

For single premium= 80% of single premium in 2nd and 3rd year and 90% thereafter.

Grace Period– In case the policyholder fails to pay the premium of the policy within the due date then a grace period of 15 days and 30 days is offered to the policyholder during which they can pay their premium amount.

Free-look Period– A free-look period of 15 days is offered by the insurance company after the initiation of the policy, during which the insurance holder can cancel the policy if he/she is dissatisfied with the terms and conditions of the policy.

Documents Required for SBI Shubh Nivesh Plan

  • KYC Document
  • Address proof
  • Medical Test Certificate
  • Properly Filled Registration Form

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