SBI Life Shubh Nivesh Plan Review, Benefits, Eligibility, Features, Surrender Value and more details: Achieving your family goals, meeting the needs of your growing lifestyle and protecting your loved ones should always be your priority. Now you can enjoy a happy time with SBI Life – Shubh Nivesh which provides you security, savings and regular income to build a secure financial corpus for lifetime.
What is SBI Life Shubh Nivesh Plan?
SBI Life Shubh Nivesh Plan is a participating traditional endowment policy, which offers multiple benefits under a single plan for a secure and prosperous future. Being an endowment plan which provides insurance for the entire life.
Plan Option
- Endowment Option: This is the basic plan option. It is a traditional savings plan, which offers death and maturity benefits.
- Endowment with whole life option: Under this option, you can extend your cover for whole life (or till the age of 100 years).
SBI Life Shubh Nivesh Plan Eligibility Criteria
| Name of Insurance: | SBI Life Shubh Nivesh Plan |
| Entry Age (Minimum): | Minimum:- 18 Years |
| Entry Age (Maximum): | Endowment Option – Regular Premium: 55 Years Single Premium: 60 Years Endowment with Whole Life Option – 50 Years (Both Single/Regular Premium) |
| Coverage (Basic Sum Assured): | Minimum:- Rs.75,000 Maximum:- No limit (Subject to Board approval) |
| Premium Paying Term: | Regular/single premium (equal to the policy term) |
| Policy Term (Minimum): | Endowment Option: 10 Years (Regular Premium)/ 5 Years (Single Premium) |
| Policy Term (Maximum): | Endowment Option: 30 years |
| Maturity Age: | Maximum: 65 Years |
| Official website: | www.sbilife.co.in |
Features of SBI Life Shubh Nivesh Plan
Key features of SBI Life Shubh Nivesh Plan are as follows:
- Protection, wealth creation and regular flow of income for your family
- Flexibility to take whole life insurance as an add-on benefit
- Additional rider benefits at an affordable cost
- Single or regular premium payment option
- Whole life insurance with endowment option provides additional basic sum assured on death of the life assured after maturity.
- Option to receive Basic Sum Assured at regular intervals over a period of 5/10/15/20 years
- Insurance cover till the age of 100 years in endowment with whole life option
Benefits of SBI Life Shubh Nivesh Plan
Death Benefit
Depending on the plan option chosen, the death benefit in case of unfortunate death of the life assured will be as follows:
Endowment option
For Regular Premium: Death Benefit higher of A and B is paid to the Life Assured, where:
- A. Sum Assured on Death + Vested Simple Reversionary Bonuses + Terminal Bonus (if any), where Sum Assured on Death is higher of Basic Sum Assured or 10 times of Annualized Premium.
- B. 105% of the total premiums received till the date of death
For Single Premium: On death Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus (if any) is paid to the beneficiary of the life assured. Where Sum Assured on Death is higher of Basic Sum Assured or 1.25 times of Single Premium.
Maturity Benefit
Depending on the plan option chosen, the maturity benefit will be as follows:
Endowment option
After completion of endowment term, Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus (if any) is paid.
Deferred maturity payout option available: Can be chosen at the end of the endowment term.
Endowment with whole life option
Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus (if any) will be paid after the endowment term is over.
On attaining the age of 100 years: Additional Basic Sum Assured will be paid.
Deferred maturity payout option available: Can be chosen at the end of the endowment term.
Deferred Maturity Payment Option
The insured can use this option to receive income at regular intervals. At the end of the Endowment Term the Life Assured can either withdraw the complete Basic Sum Assured along with the accumulated Bonus or you can withdraw only the Bonus, Basic Sum Assured as income at regular intervals over a specified time period of 5, 10, 15 or 20 years can be taken out. Income is paid at a frequency (annual/half-yearly/quarterly/monthly).
Tex Benefits
Life insurance premium paid up to ₹ 1,00,000 is allowed as a deduction from taxable income every year under section 80C and the maturity amount is tax free under section 10(10)D.
Riders of SBI Life Shubh Nivesh Plan (Additional Rider Benefits)
There are 3 rider benefits available under SBI Life Shubh Nivesh Plan, which are as follows:
- SBI Life – Preferred Term Rider
- SBI Life – Accidental Death Benefit Rider
- SBI Life – Accidental Total and Permanent Disability Benefit Rider
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
A surrender value is provided on termination of SBI Life Shubh Nivesh Plan within the policy term. Guaranteed Surrender Value or Special Surrender Value whichever is higher will be the surrender value of the plan.
- Guaranteed Surrender Value (Regular) = Guaranteed Surrender Value Factor * Basic Premium
- Guaranteed Surrender Value (Single) = 70% of the premium for the first 3 years and 90% thereafter
Free look period
The policyholder gets a free look period of 30 days if the policy is purchased through online channels (Digital Marketing and Electronic Policies) and 15 days if purchased through any other channel. Within this free look period, if the insured is not satisfied with the terms and conditions of the policy, the insured can return the policy to the company for the purpose of cancellation.
The Bottom Line:
Hello friends, Hope you have come to know everything about “SBI Life Shubh Nivesh Plan” like Reviews, Benefits, Eligibility, Features, Surrender Value and many more. If You Liked It Then Please Share with Your Friends and If Any Query Regarding This Post Feel Free To Submit In Comment Below.