Information on SBI Shubh Nivesh insurance Saving Plan features and Benefits for long term. SBI Shubh Nivesh Plan provides 3 benefits of savings, Income and Protection to you and your family
Introduction: Shubh Nivesh Plan
SBI Life – Shubh Nivesh is an Endowment product with an option of Whole Life coverage. In this plan you can save regularly for your future as well as 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 Protection Plan with the flexibility of Whole Life option as an add-on
• Triple benefits of Wealth Creation, Regular Income and Protection under a single plan
• Convenience of premium payment options – Single Premium and Regular Premium
• Comprehensive risk coverage through 3 Riders:
• Preferred Term Rider
• Accidental Death Benefit Rider
• Accidental Total & Permanent Disability Rider
• 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 ssured 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: -
• Preferred Term Rider: The Preferred Term rider Sum Assured is payable in addition to normal death benefit
• Accidental Death Benefit Rider: In case death due to an accident, the rider Sum Assured is payable in addition to normal death benefit
• Accidental Total and Permanent & Disability Rider: 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.
Tax Benefits:
Tax benefit as per section 80C and 10(10D) of Income Tax Act.
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 |
