SBI Life Shubh Nivesh - Features, Eligibility, Details

Shubh Nivesh Endowment, offered by SBI Life, is a uniquely engineered plan for building a savings corpus without incurring market risks while providing insurance coverage to policyholders. This is a uniquely designed plan that allows you to increase not only your financial portfolio but also your insurance portfolio with additional riders that you can select to boost your life cover.

Primary Features of SBI Life Shubh Nivesh

This life insurance plan offers the following primary benefits:

1. Life Insurance Benefit

2. Advantages such as wealth creation, insurance coverage, and a steady stream of income

3. Option to pay a single or recurring premium iv. Additional rider benefits at a low cost

4. Option to receive the Basic Sum Assured at regular intervals

5. Income tax benefits in accordance with current regulations

Plan Options Under SBI Life Shubh Nivesh

SBI Life Shubh Nivesh offers the following plan options for the investors to choose from - 

• Endowment Option 

This is a typical endowment plan with simple reversionary bonuses that accrue until the endowment term is reached. On surviving until the end of the endowment term or earlier death, the sum assured plus all collected incentives will be paid.

• Endowment Plan with Whole Life Option

If you choose a policy term of 15 years or more, you can also choose to extend your coverage for the rest of your life (or 100 years of age). The option provides you with an Endowment + entire life plan, in which, in addition to the endowment plan advantages described above, you are entitled to an additional amount equal to the basic sum assured if you live to reach 100 years old or if you die before that age.

Benefits of Shubh Nivesh Endowment Plan

Given below are the benefits of this plan: 

1. Maturity Benefit

• Endowment Option

1. If the policy is still in force at the end of the endowment term, the Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus, if any, will be paid.

2. There is a Deferred Maturity Payment option: This option is available at the end of the endowment term.

• Endowment with Whole Life Option

1. If the policy is still in force at the end of the endowment term, the Basic Sum Assured + Vested Simple Reversionary Bonuses + terminal bonuses, if any, will be paid.

2. There is a deferred maturity payment option: This option is available at the end of the endowment term.

3. On reaching the age of 100, the basic sum assured will be paid.

2.  Death Benefit 

•  Endowment Option

Death before the end of the endowment term, if the policy is still in force:

1. For Regular Premium: The nominee receives the higher of A or B, where: Sum Assured on Death + Vested Simple Reversionary Bonuses + Terminal Bonuses if any, and 105% of all the premium paid.

2. For single Premium: Sum assured on death + Vested Reversionary Bonuses + Terminal bonus, if any, is paid to the nominee.

• Endowment With Whole Life Option

Death after the endowment period has ended and you are under the age of 100:

1. The nominee will receive a basic sum assured benefit.

2. If applicable, the balance of the Deferred Maturity Payment Option will be paid to the nominee.

The nominee, on the other hand, has the option of receiving the remaining installments in a lump payment equal to the discounted value of the remaining installments.

Eligibility Under SBI Life Shubh Nivesh

Following are the eligibility conditions for SBI Life Shubh Nivesh -

• Age of entry

The minimum age to join this plan is 18 years, with a maximum age of 58 years for RP, 60 years for SP, and a maximum age of 50 years for endowment with the entire life option.

• Maximum age At Maturity

65 years, which can be extended to 100 years if you choose the endowment with a full life option.

• Sum Assured On This Plan 

Min Rs 75000(x 1000/-). No Limit on the maximum sum assured.

• Premium Payment Mode

Yearly, Half-yearly, Quarterly, Monthly

Endnotes

Prior to investing, it is critical for investors to gain a thorough grasp of the various plans offered. The above article will walk you through the most significant aspects of the SBI Life Shubh Nivesh Endowment plan.

Also Read:

Top 3 Riders In Endowment Insurance Plans

Benefits Of Riders In Endowment Insurance

Disclaimer: This article is issued in the general public interest and is 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.