SBI Life Shubh Nivesh insurance policy is a non-linked participating traditional endowment policy that offers a wide range of benefits through a single plan. It enables you to plan your finances well in advance and build a robust corpus for financially securing your family during unforeseen emergencies and plan your future aspirations. Designed to offer a whole life cover, it presents a range of options in terms of types of plans, premium payment frequencies, death and maturity benefits, add-on riders, etc. Policyholders have the convenience of selecting the benefits, according to their unique needs.
Simple reversionary bonuses that accumulates throughout the policy tenure, along with the benefit of opting for regular income, makes it a versatile plan. Last but not the least, cost-friendly premiums are well complimented with nominal overhead charges for add-on riders. This enhances the effectiveness of SBI Life Shubh Nivesh insurance plan without reducing its affordability.
Free Look Period – SBI Life Shubh Nivesh offers its policyholders a period of 30 days for policies sourced through distance marketing and 15 days for policies sourced through any other channel. This offers them the advantage of returning the policy in case its features and benefits dos not meet his/her expectations.
Documents required
1. Duly filled up SBI Life Shubh Nivesh form
2. Proof of Address (PoA)
3. Proof of Identity (POI)
4. Proof of Income
5. Proof of medical diagnostic tests
6. KYC documents
Offers two types of insurance plans:
Endowment Option: For endowment plans, the payout benefit that can be availed during the policy term includes the basic sum assured plus vested simple reversionary bonuses and terminal bonus. Policyholder is eligible for Deferred Maturity Payment option that can be selected at the end of the endowment term.
Endowment with Whole Life Option: For this type of insurance plan, the payout benefits comprise of the basic sum assured plus vested simple reversionary bonuses and terminal bonuses after the completion of the policy term, provided the policy is in force. Policyholder is also eligible for Deferred Maturity Payment option, which can be selected after the completion of the endowment term. If the policyholder survives till his/her 100th birthday, he/she will be eligible for the basic sum assured.
Death Benefit under the endowment option:
a. For Regular Premium: A or B, whichever is higher, is paid to the nominee:
| Policy Term | Age at entry of Life Assured less than 45 years | Age at entry of Life Assured 45 years or more |
|---|---|---|
| Less than 10 years | 5 | 5 |
| 10 years or more | 10 | 7 |
b. In the case of single premium payment: Sum assured on death +vested reversionary bonuses and terminal bonus (if any) is paid to the nominee
Sum assured on death is higher of Basic Sum Assured or a multiple of single premium; where multiple is:
| Age at entry of Life Assured < 45 years | Age at entry of Life Assured >= 45 years |
|---|---|
| 1.25 | 1.1 |
Endowment with Whole Life Option
In case of death before the completion of endowment policy term, provided the policy is in-force:
Death Benefit that will consist of the total sum of sum assured on death, vested simple reversionary bonuses and terminal bonus (if any) will be paid to the nominee
Death post the completion of the endowment plan tenure and up to 100 years of age:
Other Benefits through Deferred Maturity Payment Option
This serves as an effective option for receiving stable and reliable source of income at regular intervals. After the completion of the endowment term, the policyholder can either withdraw the entire sum assured along with the accumulated bonuses, or withdraw the bonus only while the basic sum assured can be drawn as income at regular intervals over a certain pre-determined time period of 5 years or 10 years or 15 years or 20 years. Income is payable at the frequency of your preference – yearly, half-yearly, and quarterly or monthly.
Under this SBI Life Shubh Nivesh policy, an applicant can select between an endowment plan, and an endowment with whole-life cover, as per his/her preference. Further, he/she can also choose between the premium payment frequencies – regular or single premium for a policy tenure ranging between 5 years and 30 years. On the maturity of the policy tenure, that is, after its completion, he/she is eligible for receiving a maturity benefit. This benefit can be paid in two ways, as the policyholder’s preference –
Premiums of up to Rs. 1.5 lakh are eligible for deduction from the policyholder’s annual taxable income as per Section 80C of the Income Tax Act, 1961. The maturity benefit is tax free under Section 10(10D) of the Income Tax Act, 1961 on the fulfilment of certain terms and conditions.
What is SBI Life Shubh Nivesh plan?
The following are the features and benefits offered by SBI Life Shubh Nivesh plan:
When does SBI Life Shubh Nivesh policy offer surrender benefits?
The surrender benefit on SBI Shubh Nivesh is offered after completion of pre-defined number of policy years. For policyholders who have opted for regular premiums, the Surrender Benefit is offered after 3 years, while for single premiums, the benefit is applicable after 1 year.
Guaranteed Surrender Value for regular premium is 30% of all premiums, payable on the premium for the first year Guaranteed Surrender Value for single premium is 70% of the single premium paid for the second and the third year. The surrender value is 90% thereafter.
What are the rider options under SBI Life Shubh Nivesh Plan?
Can one take a loan against SBI Life Shubh Nivesh Policy?
Loan facility can be availed against the SBI Shubh Nivesh insurance plan after it acquires the Surrender Value.
