SBI Life Shubh Nivesh Plan
SBI Life Shubh Nivesh Plan is a Participating Endowment Plan with an option to opt for Whole Life Coverage as well. It is a Traditional Plan with Bonus facility.
Key Features
It is a participating Endowment Plan with Single and Regular premium payment option
In this plan, there is an option to opt for Whole Life Coverage
There are 2 options in this plan:
- Endowment Assurance
- Whole Life Endowment Assurance
This plan has a unique option of Deferred Maturity Benefit which can be taken for 5, 10, 15 or 20 years post maturity
There are 3 additional riders in this plan
There is high sum assured rebate in this plan
Benefits
- Death before the completion of Policy Tenure: Sum Assured + Simple Reversionary Bonus (if any) is paid to the nominee as Death Benefit and policy terminates
- Deferred Maturity Payment Option has been opted for 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
- Death before the completion of Endowment term: Sum Assured + Simple Reversionary Bonus (if any) is paid to the nominee as Death Benefit and the policy terminates
- Death after the completion of the endowment term up to 100 years of age: Basic Sum Assured is paid to the nominee as Death Benefit and the policy terminates
- If deferred Maturity Payment Option has been opted for 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 would be paid to the nominee as Death Benefit and the policy continues. The remaining amount of the Deferred Maturity Payment Option would continue to be paid to the nominee till the end of the stipulated period as chosen.
- After completion of Policy Tenure, the Basic Sum Assured + vested Simple Reversionary Bonus is paid as Maturity Benefit and the policy terminates
- If Deferred Maturity Payment option has been chosen, the accrued bonus will be paid on the date of policy maturity and the policyholder may choose to receive the sum assured in regular installments over the next 5/10/15/20 years as selected
- After completion of endowment term the Basic Sum Assured + vested Simple Reversionary Bonus is paid as Maturity Benefit and the policy continues
- If, Deferred Maturity Payment option has been chosen, the accrued bonus will be paid on the date of policy maturity and the policyholder may choose to receive the sum assured in regular instalments over the next 5/10/15/20 years as selected
- Again an amount equal to the basic sum assured will be paid when the Life Insured is 100 years old.
- Preferred Term Rider
- Accidental Death Benefit Rider
- Accidental Total and Permanent & Disability Rider
How it works
- Endowment Assurance: Under this option, the Sum Assured + accrued Simple Reversionary Bonus would be paid on death of the Life Insured within the Policy Tenure as Death Benefit or on survival till the end of the Policy Tenure as Maturity Benefit.
- Whole Life Endowment: Under this option, the policy is converted to a whole life cum Endowment Plan. Thus, the Sum Assured + accrued Simple Reversionary Bonus would be paid at the end of the Endowment Tenure and the policy continues. An additional amount of basic Sum Assured will be paid on survival till 100 years of age or on the death of the Life Assured, whichever is earlier.
Eligibility
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
75,000
|
No Limit
|
Policy Term (in years)
|
5
|
30
|
Premium Payment Term (in years)
|
Single
|
Equal to Policy Tenure
|
Entry Age of Life Insured (in years)
|
18
|
60
|
Age at Maturity (in years)
|
23
|
65
|
Annualized Premium (in Rs.)
|
6,000
|
No Limit
|
Payment modes
|
Yearly, Half-Yearly, Quarterly, Monthly & Single
|
FAQs
If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years premiums have been paid, then the policy gets converted to a Paid Up Policy and continues with reduced coverage.
Loan facility is available in this plan after the policy acquires Surrender Value.