SBI Life Shubh Nivesh is an individual, non-linked insurance plan. It is a participating life insurance plan which also gives an option of Whole Life Cover. The insurer gets a lot of benefits like saving, wealth transfer, regular income and insurance cover. Every person chooses their financial goals according to their needs which is different for everyone therefore, SBI Life Shubh Nivesh helps you to protect you and your savings. It also gives an option to save a portion of your wealth for your children/grandchildren. It also offers you an option of availing benefits in the form of regular income over a certain period of time to support you and your family.
Features of SBI Life Shubh Nivesh
SBI Life Shubh Nivesh is an Endowment Life Insurance Plan with two options which are as follows:
- Endowment Plan as a base plan for traditional saving, offering death and maturity benefits.
- Endowment With Whole Life Option gives the insurer a benefit of extending cover for the whole life (100 years of age) in addition to the base plan.
- The plan helps the insurer to create wealth and regular flow of income which helps him/her to secure his/her family.
- The plan gives flexibility to the insurer to add on Whole life cover plans to its base plan.
- The plan gives the insurer an option of choosing premium payment which can be a single or regular premium.
- It also gives the insurer a benefit of receiving the sum assured at intervals over the time period of 5year,10 years or 15 years.
- It also gives additional riders benefits to the insured at a low cost.
- Endowment With Whole Life plan gives Additional Basic Sums Assured post maturity on the death of assured.
Eligibility condition for SBI Life Shubh Nivesh
An individual can buy the plan by fulfilling the eligibility conditions which are listed below:-
- An individual can enter into the policy at minimum age of 18 years for both the plan options and the maximum age of entry for Endowment plan is 60 years for single premium and 55 year for regular premium whereas the maximum age for Endowment Whole Life plan is 50 years for both cases (single and regular premium).
- The maximum age of maturity of both the plan option is 65 years.
- The policy allows minimum 75,000Rs (×1,000/-) as Basic Sum Assured and maximum has no limit.
- The term of the policy for Endowment plan is minimum 10 years for single premium and 5 years for regular premium, the maximum is 30 years whereas for Endowment With Whole Life Plan is minimum 15 years for both types of premium and maximum is 30 years.
- The plan gives flexibility for premium frequency which can me be monthly/quarterly/ half-yearly/yearly/single premium.
- An individual can pay a regular premium or single premium.
- The amount of premium an individual has to pay under this plan is minimum Rs 43,000 for a single premium, Rs 6,000 as yearly premium, Rs 3000 half-yearly, Rs 1500 as quarterly, Rs 500 monthly whereas maximum premium has no limit.
- The premium frequency loading in the plan for half-yearly is 51.00% of the annual premium, quarterly 26.00% of annual premium and monthly is 8.50% of the annual premium.
Benefits of SBI Life Shubh Nivesh
SBI Life Shubh Nivesh is an Endowment plan that offers you whole life cover options as well. This plan gives you a lot of benefits mentioned below:-
The plan offer maturity benefit under
- Endowment Option – After the completion of the term, the insured gets Basic Sum Assured plus Vested Simple Reversionary Bonuses plus Terminal Bonuses, if any, will be paid provided the policy is in force. Deferred maturity payment is also available.
- Endowment With Whole Life option- After the completion of the term, the insured gets Basic Sum Assured plus Vested Simple Reversionary Bonuses plus Terminal Bonuses whereas On the completion of 100 years of age Additional Basic Sum Assured will be paid, provided policy term is in-force. Deferred maturity payment is also available.
Theplan offer death benefits under
- Endowment option – If the insured dies before the completion of Endowment term provided the policy is in force in case of regular premium he/she gets Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonuses if any or 105% of total premium received up to the date of death whichever is higher and in case of single premium Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonuses if any is given to the nominee/beneficiary/legal heir.
- Endowment With Whole Life option – If the insured dies before the completion of Endowment Term provided the policy is in-force the nominee/legal heir/beneficiary will get the death benefit as mentioned in point 1 of Endowment option and if the insured dies after the completion of Endowment Term or up to 100 years of age provided the policy is in force Basic Sum Assured benefit will be paid to the nominee/beneficiary/legal heir.
The policy offers rider benefit at an affordable cost. It also allows the insurer to enjoy rider benefit up to the Endowment Term. It allows availing the rider at the inception of policy only. It also gives an option to select more than one rider but the Rider Sum Assured cannot be more than Basic Sum Assured. They offer three types of rider under this plan.
The plan has a grace period of 30 days within which the policyholder can pay all the due premiums for the policy. The plan will be in force during the said grace period. However, for monthly premium paying frequency, the grace period is of 15 days.
The policyholder also has an option to cancel the policy during the free look period of 15 days from the date of receipt of the policy documents if the policyholder is not satisfied with the policy or its terms and conditions.
SBI Life Shubh Nivesh is a participating life insurance plan which offers wider features and benefits to the holder of the policy. This plan provides flexibility to the insured with two options which can be selected by the policyholder as per their need and requirement. Shubh Nivesh plan offered by SBI Life is an ideal choice for those who want a savings plans along with insurance coverage and are also looking for steady and regular income and maximisation of wealth through the participation in bonus declared by the insurance company. The two options of endowment and offer of coverage of whole life make this life insurance plan unique and beneficial.