SBI Life Shubh Nivesh Plan
SBI Life Shubh Nivesh Plan offered by SBI Live is an Individual, Non-linked, participating life insurance savings product. In this, along with insurance cover, you get three types of benefits in the form of savings and regular income.
In this, you get the option of life cover till the age of 100 years. You can also add riders to enhance your coverage in this insurance plan. In this, you get the option of increasing your coverage by adding up to 3 riders at minimal cost.
SBI Life Shubh Nivesh Plan plan is available to you in two options-
- Endowment Option: It is a base plan which offers death and maturity benefits
- Endowment with Whole Life Option: Under this option, you can extend your cover for whole life (or age 100), in addition to the benefits you get under the endowment option.
Features Of SBI Life Shubh Nivesh Plan
Features of SBI Life Shubh Nivesh Plan are as follows-
- SBI Life Shubh Nivesh Plan provides you life cover for the entire life.
- In this, you get two plan options – Endowment Option and Endowment with Whole Life Option.
- In this plan you get the option of adding riders to increase your coverage at a very minimal cost.
- In this, additional basic sum assured is provided on the death of the life assured.
- In this, you are also provided with the benefit of tax benefit.
- In this, you get the option of single or regular premium payment for premium payment.
Benefits Of SBI Life Shubh Nivesh Plan
The benefits of SBI Life Shubh Nivesh Plan are as follows-
- Maturity Benefit:
Depending on the plan chosen, you are provided with the maturity benefit at the end of the policy term.
(i) Endowment Option
In this you are provided Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus at the end of the policy.
(ii) Endowment with Whole Life Option
In this you are provided Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus at the end of the policy. Additional Basic Sum Assured is provided on completion of 100 years of age.
- Death Benefit:
In case of accidental death of the policyholder during the policy term, death benefit is provided to the nominee based on the plan chosen by the life assured.
(i) Endowment Option
(a) Sum Assured on death +Vested Simple Reversionary Bonuses +Terminal bonus
(b) 105% of the total premiums recieved up to the date of death
(ii) Endowment with Whole Life Option
(a) Sum Assured on death +Vested Simple Reversionary Bonuses +Terminal bonus
- Read Also SBI Life Smart Savings Plan
- Rider Options:
In SBI Life Shubh Nivesh Plan, you get the option of adding riders to enhance your insurance coverage. You can enhance your insurance coverage by adding riders to your plan at minimal cost. In SBI Life Shubh Nivesh Plan, you get the option of adding the following three riders
- SBI Life – Preferred Term Rider
- SBI Life – Accidental Death Benefit Rider
- SBI Life – Accidental Total and Permanent Disability Benefit Rider
- Tax Benefits:
You can also avail tax benefits in SBI Life Shubh Nivesh Plan. In this, you get tax exemption on the premium paid under section 80C of the Indian Income Tax Act, 1961. While you are given tax exemption under Section 10 (10D) of the Income Tax Act 1961 on the maturity benefit received.
SBI Life Shubh Nivesh Plan Eligibility
Eligibility for SBI Life Shubh Nivesh Plan is as follows-
| Age at Entry | Min: 18 years Max: Endowment Option – Regular Premium – 55 years Single Premium – 60 years Endowment with Whole Life Option – 50 years (For both Single/Regular Premium) |
| Maximum Age at Maturity | 65 years |
| Basic Sum Assured | Min: 75,000 (x 1,000/-) Max: No Limit |
| Policy Term | Min: Endowment Option: 10 (RP) / 5 (SP) years For Endowment with Whole Life Option: 15 years (For both SP/RP Max: 30 years (Endowment Term) |
| Premium Frequency | Single Premium / Yearly / Half-Yearly / Quarterly / Monthly |
| Premium Paying Term | Single Premium / Regular Premium (same as policy term) |
| Premium | Min: Single Premium: 43,000 Yearly: 6,000 Half -Yearly: 3,000 Quarterly: 1,500 Monthly: 500 Max: No Limit |
Documents Required For SBI Life Shubh Nivesh Plan
The documents required for SBI Life Shubh Nivesh are as follows-
- Completely filled application form
- proof of identification
- Proof of residence
- proof of age
- Amount of income
SBI Life Shubh Nivesh Plan Premium
In SBI Life Shubh Nivesh Plan , you are provided with several premium payment options. You can choose to pay your premium payments as monthly, quarterly, half-yearly, annually or as a single premium payment. In this, you get the option of single premium and regular premium in the form of premium paying term.
| Premium Frequency | Single Premium / Yearly / Half-Yearly / Quarterly / Monthly |
| Premium Paying Term | Single Premium / Regular Premium (same as policy term) |
| Premium | Min: Single Premium: ` 43,000 Yearly: ` 6,000 Half -Yearly: ` 3,000 Quarterly: ` 1,500 Monthly: ` 500 Max: No Limit |
How To Buy SBI Life Shubh Nivesh Plan?
You can buy SBI Life Shubh Nivesh Plan as per your convenience. It is available through both online and offline mode.
If you want to buy it through online medium then you can buy this plan in few minutes in easy steps by visiting the official website of SBI Life.
To buy offline, you can buy it yourself by visiting your nearest SBI branch or you can buy this insurance plan through insurance agents.