SBI Life Shubh Nivesh Plan

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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.
 
How it works – In this plan, premium can be paid in a lumpsum under Single Premium Option or till the end of the policy tenure under Regular Premium Option. This plan offers Simple Reversionary Bonus till the end of the basic Policy Tenure chosen. The plan may continue beyond that for Deferred Maturity Option or Whole Life Option. This plan also may have Terminal Bonus at the end of the policy tenure.
 
There are 2 options in this plan:
  • 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.
 
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.
 
 
Key Features of SBI Life Shubh Nivesh Policy
 
  • 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 you get from SBI Life Shubh Nivesh Insurance Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets according to the plan option chosen:
Endowment Assurance:
  • 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
Whole Life Endowment Assurance:
  • 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.
 
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets Maturity Benefit according to the plan option chosen:
Endowment Assurance:
  • 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
Whole Life Endowment Assurance:
  • 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.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions & other restrictions in SBI Life Shubh Nivesh Insurance Plan
 

 
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

 
 
Sample illustration of Premium of SBI Life Shubh Nivesh Plan
 

The below illustration is for a healthy male of 40 years of age opting for a Regular Premium for 20 years with Sum Assured of Rs 1,00,000

 

SBI Life Shubh Nivesh Plan Sample Premiums

 

Additional Features and Benefits of SBI Life Shubh Nivesh Plan
 
Riders – There are 3 additional riders in this plan:
  1. Preferred Term Rider
  2. Accidental Death Benefit Rider
  3. Accidental Total and Permanent & Disability Rider
 
 
What happens if?
 
You stop paying the premium - 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.
 
You want to surrender the policy – Surrender Benefit is available after 3 years for Regular Premium and 1 year for Single Premium.
Guaranteed Surrender Value for Regular Premium=30% of all premiums paid – 1st year’s premium
Guaranteed Surrender Value for Single Premium= 80% of Single Premium in 2nd and 3rd year and 90% thereafter.
 
You want a loan against your policy – Loan facility is available in this plan after the policy acquires Surrender Value.
 
 
Other Endowment Insurance Plans from SBI Life Insurance
 
 
 
Some Endowment Plans from other insurance companies
 

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