SBI Life Shubh Nivesh Plan

SBI Life Shubh Nivesh Plan is a Participating Endowment Plan with an option to opt for Whole Life Coverage as well. It is a Traditional Plan with Bonus facility.

Key Features

It is a participating Endowment Plan with Single and Regular premium payment option

In this plan, there is an option to opt for Whole Life Coverage

There are 2 options in this plan:

• Endowment Assurance
• Whole Life Endowment Assurance

This plan has a unique option of Deferred Maturity Benefit which can be taken for 5, 10, 15 or 20 years post maturity

There are 3 additional riders in this plan

There is high sum assured rebate in this plan

Benefits

In case of death of the Life Insured within the Policy Tenure, the nominee gets according to the plan option chosen:

• Death before the completion of Policy Tenure: Sum Assured + Simple Reversionary Bonus (if any) is paid to the nominee as Death Benefit and policy terminates
• Deferred Maturity Payment Option has been opted for and death happens after the completion of Endowment term: The Balance amount of the Deferred Maturity Payment Option, if any would continue to be paid to the legal heirs till the end of the stipulated period as chosen

• Death before the completion of Endowment term: Sum Assured + Simple Reversionary Bonus (if any) is paid to the nominee as Death Benefit and the policy terminates
• Death after the completion of the endowment term up to 100 years of age: Basic Sum Assured is paid to the nominee as Death Benefit and the policy terminates
• If deferred Maturity Payment Option has been opted for and death happens after the completion of Endowment term but before the receipt of the final installment under the deferred payment option, the basic Sum Assured would be paid to the nominee as Death Benefit and the policy continues. The remaining amount of the Deferred Maturity Payment Option would continue to be paid to the nominee till the end of the stipulated period as chosen.

On survival till the end of the policy tenure, the policyholder gets Maturity Benefit according to the plan option chosen:

• After completion of Policy Tenure, the Basic Sum Assured + vested Simple Reversionary Bonus is paid as Maturity Benefit and the policy terminates
• If Deferred Maturity Payment option has been chosen, the accrued bonus will be paid on the date of policy maturity and the policyholder may choose to receive the sum assured in regular installments over the next 5/10/15/20 years as selected

• After completion of endowment term the Basic Sum Assured + vested Simple Reversionary Bonus is paid as Maturity Benefit and the policy continues
• If, Deferred Maturity Payment option has been chosen, the accrued bonus will be paid on the date of policy maturity and the policyholder may choose to receive the sum assured in regular instalments over the next 5/10/15/20 years as selected
• Again an amount equal to the basic sum assured will be paid when the Life Insured is 100 years old.

Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

1. Preferred Term Rider
2. Accidental Death Benefit Rider
3. Accidental Total and Permanent & Disability Rider

How it works

n this plan, premium can be paid in a lumpsum under Single Premium Option or till the end of the policy tenure under Regular Premium Option. This plan offers Simple Reversionary Bonus till the end of the basic Policy Tenure chosen. The plan may continue beyond that for Deferred Maturity Option or Whole Life Option. This plan also may have Terminal Bonus at the end of the policy tenure.

• Endowment Assurance: Under this option, the Sum Assured + accrued Simple Reversionary Bonus would be paid on death of the Life Insured within the Policy Tenure as Death Benefit or on survival till the end of the Policy Tenure as Maturity Benefit.
• Whole Life Endowment: Under this option, the policy is converted to a whole life cum Endowment Plan. Thus, the Sum Assured + accrued Simple Reversionary Bonus would be paid at the end of the Endowment Tenure and the policy continues. An additional amount of basic Sum Assured will be paid on survival till 100 years of age or on the death of the Life Assured, whichever is earlier.

This plan has a unique option of Deferred Maturity Benefit which can be taken for 5, 10, 15 or 20 years post maturity.