Everyone has different needs and financial goals. The basic purpose of a life insurance is to provide protection against any uncertainty and we all know uncertainty cannot be deduced and hence it becomes very important to invest in some kind of life cover that promises a high return at the same time performs as a shield to save our loved ones on the financial front, when we are absent. SBI Shubh Nivesh is one such plan that offers all the benefits mention in a single plan. This plan offers its policyholder a freedom to save his money and at the same time offers a life cover protection through an additional rider.
This plan comes with different plans and the customer can avail depending on his needs. These are the following option this plan offers-
Endowment option
This plan is a base plan with a very traditional endowment plan with a simple revisionary bonus which accrues till the end of the term. The sum assured along with the bonus will be paid on the maturity or on the death of the policyholder.
Endowment option with whole life option
If the policy term chosen is more than 15 years, then you have the option to extend your cover for whole life. There is a simple revisionary bonus which accrues till the end of the term also you are entitled to an additional amount equal to the basic sum assured on survival till the age 100 or earlier death during the extension period.
Deferred maturity payment option
We often face a change of pace during our lifetime. Life is like an ocean someday we have high tides and some days low. This plan offers you monthly income withdrawal option as per your need. After the maturity, you can only withdraw the bonus and chose to take sum assured as a regular income over a siphoned period of 5,10,15 or 20 years.
Benefit of SBI Shubh Nivesh Plan
Maturity benefit
Endowment option
- Basic Sum Assured + Vested Revisionary Bonus + Terminal Bonus
- Deferred maturity payment option is available
Endowment option with whole life option
- Basic Sum Assured + Vested Revisionary Bonus + Terminal Bonus
- Deferred maturity payment option is available
- On reaching the age of 100 years basic sum assured will be paid.
Death benefit
Endowment option
- Death before the completion of the policy term then the Basic Sum Assured + Vested Revisionary Bonus + Terminal Bonus or the 105% of the entire premium paid.
Endowment option with whole life option
- Death before the completion of the policy term then the Basic Sum Assured + Vested Revisionary Bonus + Terminal Bonus or the 105% of the entire premium paid.
- Death after the endowment period and before 100 years of age- then the basic sum assured will be paid to the nominee along with the deferred maturity will be paid to the nominee.
Additional benefit
There is an additional benefit in this option. You can avail riders at an affordable cost and can enjoy the riders up to the period of the endowment plan. These are the rider’s benefit that this plan offers-
- SBI Life- Preferred Term Rider
- SBI Life – Accidental Death Benefit (ADB) Rider
- SBI Life- Accidental Total & Permanent Disability (ATDP)Benefit Rider
Rebate of SBI Shubh Nivesh Plan
| Sum Assured | Rebates on premium per thousand sums assured | ||
|---|---|---|---|
| Regular premium (Rs) | Single premium (Rs) | ||
| 0.75 Lakhs< 1.5 Lakhs | NIL | NIL | |
| 1.5 Lakhs<3 lakhs | 2.25 | 4.50 | |
| 3 lakhs< 6 lakhs | 4.50 | 9.00 | |
| 6 lakhs and above | 6.00 | 12.00 | |
Eligibility for SBI Shubh Nivesh Plan
| Age at entry | Minimum –18 years | Maximum
RP-58 years SP- 60 years Endowment with whole life- 50 years |
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| Maturity Age | 65 years and extendable if chosen endowment with whole life insurance | |||
| Policy term | Minimum | Endowment plan | Endowment Plan with Whole Life Insurance
|
Maximum- 30 years
(Endowment plan)
|
| RP | 7 years | 15 years | ||
| SP | 5 years | 15 years | ||
| Premium paying term | Single Premium/ yearly/ half-yearly /quarterly/ monthly | |||
| Premium frequency | Single Premium/ yearly/ half-yearly /quarterly/ monthly | |||
| Premium frequency loading | Half-Yearly – 51.00% Annual Payment
Quarterly-26.00% Annual Payment Monthly-8.50% Annual Payment |
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| Premium amount | Minimum Single premium based on the minimum sum assured: Yearly-6,000 Half-Yearly -3,000 Quarterly-1,500 Monthly-500 |
Maximum No Limit |
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Surrender value
For regular premium policy, the policy will only acquire a paid-up or surrender value only if the premium is paid of 2 years for policy term less than 10 years and at least 3 years for a policy term of more than 10 years.
Policy loan
The policyholder can avail a loan against the policy. The loan can be availed only after the policy reached its surrender value i.e. 2 years for policy term less than 10 years and at least 3 years for a policy term of more than 10 years.
Tax Benefit of SBI Shubh Nivesh Plan
The subscriber of the policy can enjoy the tax benefit under the Income Tax Act, Section 80C. The tax benefit is subject to the income tax department and can tax redemption amount can vary.
Free lookup period
You will get a free lookup period of 30 days will be provided. If you are not satisfied with the policy, you can return the policy and your full money will be refunded by deducting the documentation charges.
Exclusion
If the life assured commits suicide within 12 months from the date of inception of the policy or from the date of revival of the policy will be void.
