SBI Life Shubh Nivesh Plan
SBI Life Smart Wealth Builder
  • Endowment+Whole Life Cover
  • Double Benefit Option
  • Tax Benefits Under 80C
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SBI Life Shubh Nivesh Plan

SBI Life Shubh Nivesh is a triple benefit plan where we get whole life insurance Cover, savings and income under a single plan. The plan is a non-linked, participating and individual life insurance product. This Endowment plan was launched in the year 2014 with the objective of helping customers to manage their risks.

Furthermore, this traditional investment plan acts as a good tool to meet your financial goals by providing the option of regular payouts and to build a huge corpus as a lump sum amount at the time of maturity. At the same time, You can claim a deduction of Rs 1.5 lakh of your total income under section 80C of the Income Tax Act, 1961.

Eligibility Conditions

CriteriaMinimumMaximum
Age18 yearsEndowment Option:
  • 55 years (for regular premium)
  • 60 years (for single premium)

Endowment with Whole Life Option:

50 years (For both Single/Regular Premium)

Maturity Age65 years
Annual PremiumSingle-Premium: Rs. 43,000
Yearly: Rs. 6,000
Half-Yearly: Rs. 3,000
Quarterly: Rs. 1,500
Monthly: Rs. 500
No Limit
Premium FrequencySingle Premium, Monthly, Quarterly, Half-Yearly, Yearly
Premium Paying TermSingle-Premium/Regular Premium (same as policy term)
Sum InsuredRs. 75,000No Limit
Policy TermEndowment Option: 10 (RP)/5 (SP) years
For Endowment with Whole Life Option: 15 years (For both SP/RP)
30 years (Endowment Term)

SBI Life Shubh Nivesh: Features

Corpus Building: The plan provides the option of an annuity plan that assists in building a huge corpus with the help of regular income.

Assured Returns: SBI Shubh Nivesh guarantees of returns after maturity which is based on the sum insured amount and other additional factors like interest and bonus etc.

Loan Facility: A loan equivalent to 90% of the Sum Insured can be taken after the locking period.

Free Look Period: A free look period of 15 days is provided where you can cancel the policy within this timeframe. You will get a refund equivalent to the paid premium amount.

SBI Life Shubh Nivesh: Benefits

Maturity Benefit

Endowment Option

  • On completion of endowment term, SBI Shubh Nivesh plan will pay the basic sum assured along with vested Simple Reversionary Bonuses and terminal bonus while the policy is in force.
  • Option of Deferred Maturity Payment can be chosen under the plan after the endowment term ends.

Endowment WIth Whole Life Option

  • On completion of the endowment term, the plan will pay the basic sum assured along with vested Simple Reversionary Bonuses and terminal bonus while the policy is in force.
  • Basic sum assured benefit shall be payable if the policyholder turns 100 years of age.
  • Option of Deferred Maturity Payment can be chosen under the plan after the endowment term ends.
Maturity Benefit

Death Benefit

Endowment Option

If the life insured dies before the endowment term ends:

  • In case of regular premium policies, an amount higher of sum assured along with vested Simple Reversionary Bonuses and terminal bonus or 105% of all the paid premiums till death is paid.
  • In case of single premium policies, the sum assured on death along with vested Simple Reversionary Bonuses and terminal bonus

Endowment WIth Whole Life Option

  • On the death of the policyholder prior to the end of the endowment term, the sum assured with additional bonuses as declared by the company will be paid to the beneficiary.
  • On death after endowment term is completed and till 100 years of age, the benefit of the basic sum assured is payable to the beneficiary of the policy.
Death benefit

SBI Life Shubh Nivesh: Riders

Preferred Term Rider: This rider offers a death benefit under the base policy in addition to the rider sum assured in the case of the unfortunate demise of the policyholder.

Accidental Death Benefit Rider: As the name suggests, the rider is subject to pay the rider sum assured amount together with the death benefit of the policy wherein the life insured dies due to an accident.

Accidental Permanent Disability Rider: In case of total and permanent disability that is caused due to an accident, the rider is liable to pay the rider sum assured. However, the base cover and other benefits of the policy will continue. On paying premiums, the policy will continue until the end of the policy tenure for this rider option.

The rider sum assured will be similar for all the three above-mentioned riders:
Minimum Sum Assured: Rs. 25,000
Maximum Sum Assured: Rs. 50 lakhs

Riders can be brought while buying the policy or at the time of renewal. Alternatively, after checking with distributors, it might be available in the interim period as well by paying the extra premium amount.

SBI Life Shubh Nivesh Plan: Premium Illustration

1. An indicative model for the regular and single premium modes of Endowment option with Rs. 1 lakh sum assured is illustrated below:

Age at Last Birthday Policy Tenure
10 years 30 years 30 years
RPSPRPSPRPSP
20 years11,17479,5715,41258,6603,45443,263
30 years11,18879,5955,45158,8893,54844,131
40 years11,28179,7515,62459,837--

2. An indicative model for the regular and single premium modes of Endowment with Whole Life option with Rs. 1 lakh sum assured is illustrated below:

Age at Last Birthday Policy Tenure
20 years30 years
RPSPRPSP
20 years5,87263,9213,78447,785
30 years6,17167,0774,01350,440
40 years6,64971,032

**Note: The premium amount is mentioned in rupees exclusive of applicable taxes.

Additional Details

Grace Period

The grace period for SBI Life Shubh Nivesh plan is 15 days for monthly premium payment mode and 30 days for other modes. If the policyholder does not pay the premiums within the grace period, then it leads to lapsation of the policy.

Surrender Benefit

On terminating the policy within the policy term, it offers a surrender value. This particular value is known as the Guaranteed Surrender Value (GSV).

  • Regular Premium Policies– Surrender benefit is GSV Factor multiplied by basic premium.
  • Single Premium Policies – If the policy is surrendered in 3 years, then the benefit will be GSV of 70% single premium paid.

Once the policy acquires a surrender value, you will be eligible to take a loan from SBI Life Shubh Nivesh. On the other hand, if it is surrendered within 4 years or later, then the benefit will be GSV of 90% single premium paid.

Participation in Profits

The policy participates in profits that may be declared by the company from time to time. Simple reversionary bonuses will be paid on the basis of the company’s profits that solely depends on expenses, long term view of investment returns, mortality, and other experiences.

A terminal bonus is also declared on the maturation date of the policy, prior to death or surrender. This plan is participating only during the endowment term and not thereafter.

Documents Required

  • Duly-filled policy application form
  • Address proof
  • Identity proof
  • Income proof
  • Medical reports
  • Necessary documents for KYC.

Exclusions

  • In case the policyholder attempts or commits suicide during the initial 12 months of the policy, then the company will not be liable to pay for any claim. This is the case when subscribed to the regular premium policy, but in case of single premium policies, 80% of the total premiums paid will be payable to the beneficiary of the policy.
  • Death or disability due to any widespread infection.
  • Accidental wounds.
  • Any disability or demise due to intake of alcohol, drugs, psychiatric medicines, etc.
  • Wars, riots, nuclear attacks induced injury or disease.
  • Any flying activity that caused any injury or death.
  • Hazardous sports that may be commenced at their own risks.

SBI Life Shubh Nivesh: FAQs

‘RP’ and ‘SP’ stands for Regular and Single Premium policies respectively.

If you stop paying premiums, then the policy gets lapsed and all the benefits will cease from the company.

If the premiums are paid for at least 3 years, the policy will convert into paid-up policy and continue to be active with reduced coverage.

Surrender Benefit is applicable after 3 years for Regular Premium and 1 year for Single Premium policy.

Once the policy acquires a surrender value, you will be eligible to take a loan from SBI Life Shubh Nivesh.

Last updated on 13-03-2020