SBI Life Shubh Nivesh Plan: Benefits, Features and Eligibility

Shubh Nivesh Endowment, offered by SBI Life Insurance, 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 to the individual with the policy:

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 under 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 Whole life insurance plan 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 SBI Life endowment 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 instalments in a lump payment equal to the discounted value of the remaining instalments.

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

Documents Required to Buy SBI Life Subha Nivesh Plan

The following are the required documents to purchase the SBI Life Shubh Nivesh Policy:

• Completed SBI Life Shubh Nivesh registration form.
• KYC documents
• Address proof
• Medical Examination Proofs (if required)
• Salary slips of last 3 months (if salaried income)
• Bank Statement for the last 6 months (if salaried income)
• ITR of last 3 years (if business owner)
• Completion of Income for the last 3 years(if business owner)

Endnotes

Before investing, investors must gain a thorough grasp of the various plans offered. The above allows you to go 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

FAQs

Ques 1. What is SBI Shubh Nivesh Plan?

Ans. SBI Shubh Nivesh is a life insurance plan that helps you to save your money and simultaneously provide protection for your family. Once the policy matures, you can choose to receive regular payouts as well which can act as income after your retirement.

Ques 2. Who can buy the SBI Shubh Nivesh Plan?

Ans. Anyone between the ages of 18 and 60 who has an income through salary or business can purchase this plan.

Ques 3.What is the endowment plan with a whole life option?

Ans. The endowment plan with whole life provides the benefits of a regular endowment plan but also extends the advantage by covering the whole life until the age of 100 by giving another payout in case you pass away after the term or reach the age of 100.

Ques 4. How much does SBI Shubh Nivesh cost?

Ans. The cost depends on your age, desired coverage amount, and how long you want the policy to last. You can get a free quote from

Ques 5. What happens if I die during the policy term?

Ans. SBI Shubh Nivesh includes death benefits in the policy terms. In case of death during the term period you will be given the sum assured along with the bonuses that have been declared during the active period of the policy.

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 and should research further or consult an expert in this regard.