A penny saved is a penny earned. Save your money with SBI Life Shubh Nivesh Plan and meet your long-term financial goals.
SBI Life Shubh Nivesh is a non-linked, participating, and individual life insurance policy that offers Triple Benefits to the policyholders. The plan comes with multiple benefits where one can get whole life insurance coverage, savings, and regular income under a single plan.
The plan comes with amazing features that add greater flexibility to the plan. Furthermore, this traditional investment plan acts as a good tool to meet your long-term financial goals by providing the option of regular payouts and building a huge corpus as a lump sum amount at the time of maturity.
The plan provides the option of an annuity plan that assists in building a huge corpus through wealth creation along with a regular flow of income.
SBI Life Shubh Nivesh guarantees returns on the sum insured along with interest and bonus after maturity.
The plan allows you to choose your preferred premium paying option as Single or Regular premium payment.
If you need financial support in case of any emergency, the plan will allow you to avail of a loan equivalent to 90% of the surrender value.
One can avail of discounts on large Sum Assured under the following slabs.
Basic Sum Assured (Rs.) | Discount on premium per thousand Basic Sum Assured | |
Regular Premium (p.a.) | Single-Premium | |
0.75 Lakhs to < 1.5 Lakhs | NIL | NIL |
1.5 Lakhs to < 3 Lakhs | Rs. 2.25 | Rs. 4.50 |
3 Lakhs to 6 Lakhs | Rs. 4.50 | Rs. 9.00 |
6 Lakhs and above | Rs. 6.00 | Rs. 12.00 |
**Last Updated on July, 2021
Below we have elaborately explained the working of a SBI Shubh NIvesh Plan. Take a look and understand how the plan will help you to build a financial corpus.
An applicant can choose between an endowment plan or an endowment with whole-life insurance depending on his or her preferences. In addition, he or she can pick between regular or single premium payment frequencies for a policy duration ranging from 5 to 30 years. One can then avail a maturity benefit at the end of the policy's duration. This benefit can be paid the below-mentioned ways:
The plan offers two plan options that are:
Endowment Option
Endowment With Whole Life Option
Endowment Option
If the life insured dies before the endowment term ends:
Endowment With Whole Life Option
The grace period for the SBI Life Shubh Nivesh plan is 15 days for the 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 policy lapse.
The policy participates in profits that may be declared by the company from time to time. Simple reversionary bonuses will be paid based on the company's profits that solely depend 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, before death or surrender. This plan is participating only during the endowment term and not thereafter.
You can claim a deduction of Rs 1.5 lakhs on your total income under section 80C of the Income Tax Act, 1961.
Criteria | Minimum | Maximum |
Age | 18 years | Endowment Option: 55 years (for regular premium) 60 years (for single premium) Endowment with Whole Life Option: 50 years (For both Single/Regular Premium) |
Maturity Age | 65 years | |
Annual Premium | Single-Premium: Rs. 43,000 Yearly: Rs. 6,000 Half-Yearly: Rs. 3,000 Quarterly: Rs. 1,500 Monthly: Rs. 500 | No Limit |
Premium Frequency | Single-Premium, Monthly, Quarterly, Half-Yearly, Yearly | |
Premium Paying Term | Single-Premium/Regular Premium (same as policy term) | |
Sum Insured | Rs. 75,000 (x 1,000) | No Limit |
Policy Term | Endowment Option: 10 (RP)/5 (SP) years For Endowment with Whole Life Option: 15 years (For both SP/RP) | 30 years (Endowment Term) |
**Last Updated on July, 2021
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.
As the name suggests, the rider is subject to pay the rider sum assured amount together with the death benefit of the policy in case the life insured dies due to an accident.
In the case of total and permanent disability that is caused due to an accident, the rider sum assured is paid. 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.
The sum assured option for all the riders is the same, that is:
Minimum Sum Assured: Rs. 25,000
Maximum Sum Assured: Rs. 50 lakhs
To get a better understanding of how SBI Life Shubh Nivesh works, take a look at the illustration below, where Rakesh, a 30-year-old man decides to invest under this plan for 15 years. Now let's look at how much benefit he will get at the time of maturity.
Policy Term | 15 Years | |
Premium Frequency | Single | |
Sum Assured | Rs. 10,00,000 | |
Maturity Benefit | Endowment Option | At assumed rate of returns: @ 4% 11,03,500 or @ 8% 17,76,250 |
Endowment with Whole Life Option | At assumed rate of returns: @ 4% 10,69,000 or @ 8% 18,79,750 |
**Last Updated on July, 2021
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