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SBI Life Endowment Plans: Everything You Need to Know

Published On Feb 24, 2022 10:00 AM By InsuranceDekho

The amount supplied plus any accrued bonus is provided by SBI's endowment programme at death or maturation. The SBI Endowment into Whole Life For plan can be extended as a Whole Career plan, with the guaranteed sum paid at completion and again if you die before reaching the age of 100. The guaranteed payout is provided if the insured lives for another 100 years. You can get daily payouts after maturity for a period of 5, 10, 15, or 20 years if you pick SBI's Deferred Maturity Payment option. The contenders are rewarded at a reduced rate for the remaining awards if the policyholder dies. The premiums paid have a favourable tax treatment.

SBI Life Endowment Plans: Everything You Need to Know

Everything you need to know about SBI Life Endowment Plans is listed below:
SBI Life Insurance offers individual plans to suit the demands of people from all walks of life. The following are some of SBI Life's individual life insurance plans:

1. Smart Money Back Gold - SBI Life

The gold plan is a savings account that also includes life insurance and cash inflow.
This is a typical money-back scam that involves participants.

Features & Benefits:

A payment assured of Rs.75,000 is required as a minimum. The entry age is 14 years old for the youngest and 55 years old for the oldest. Money-back options are available, as well as a fixed cash inflow option. The beneficiary receives the survival benefit until he or she reaches the age of adulthood. You will be paid 110 percent of the guaranteed amount. It can be purchased both before and after maturation. On a large sum of money, you will be entitled for refunds. You can choose from a choice of riders for further benefits.

2. SBI Life - Shubh Nivesh 

It is a Whole Life cover endowment assurance product from SBI Life. You may save money, make money, and provide for yourself and your family by doing so.

Features and Advantages:

  • The minimum age for entrance is eighteen years old.
  • A payment assured of Rs.75,000 is required as a minimum.
  • This is a savings plan that can be supplemented with full life insurance.
  • Premiums can be paid in one of two ways: one-time or on a recurring basis.
  • For a modest cost, additional riders can be added. You might choose to receive the basic sum assured on a monthly basis.
  • Under India's existing tax legislation, the policyholder is eligible for tax benefits.
  • You will receive a maturity and death benefit, depending on the plan you choose. You have two plan options: endowment and endowment with Whole Life.

3. Smart Guaranteed Savings Plan (SBI Life)

In the traditional sense, this is a non-participating individual savings plan. It boosts your savings by depositing monies that are guaranteed.

Features and Advantages:

  • The minimum age for admission is 18 years old, with a maximum age of 50 years old.
  • The premium you choose determines the amount assured.
  • You will receive assured additions at the conclusion of each policy year.
  • Premiums can be paid for up to seven years at a time.
  • For plans that are still active, you can get death and maturity benefits.
  • You will be entitled to income tax incentives and exemptions under Indian tax legislation.


An endowment plan combines insurance and investing to provide both protection and high returns to the investor. It is fundamentally different from term plans in terms of maturity benefits. Endowment plans pay a guaranteed sum plus bonuses (if any) at the time of death or maturity (survival). In the case of the guaranteed's death, endowment plans pay the entire assured sum amount to the assured's beneficiaries. Furthermore, if the assured survives the plan's term, he is paid the full amount of the guaranteed coverage. This is accomplished by imposing higher expenses on whole life and term insurance, which are reflected in premiums. Endowment funds frequently put their money into high-quality debt products.

Also Read: Are Endowment Plans Preferable Than Fixed Deposits?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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