SBI Life Shubh Nivesh Plan

What is SBI Life Shubh Nivesh Plan?

SBI Life Shubh Nivesh is a participating, non-linked life insurance plan offered by SBI Life Insurance. It is designed to be a savings-cum-protection plan, meaning it provides a combination of life insurance coverage, maturity benefit, and optional regular income payouts. This best investment plan provides a lump sum payout to your family in case of your untimely death and offers a maturity benefit if you survive the policy term. 

Key Features of SBI Life Shubh Nivesh Plan

• This best investment option provides security for your family, helps create wealth, and ensures regular income.

• Allows you to add whole life insurance as an extra benefit. 

• This plan offers a Base Plan (Traditional Savings Plan) which provides you a death and maturity benefit.

• The Endowment with Whole Life Option offers you an extended cover for your whole life (or 100 Years).

• The Deferred Maturity Payment Option allows you to receive income at regular intervals after your endowment term.

• You get the flexibility to withdraw full basic sum assured with bonuses or only bonus, leaving basic sum assured for regular income at the end of endowment term.

• Offers the choice to pay premiums as a lump sum or regularly.

• Includes additional benefits at an affordable cost.

• Option to receive the assured sum in installments over 5, 10, 15, or 20 years.

• Gives an extra assured sum on death after the policy matures.

Eligibility Criteria of SBI Life Shubh Nivesh Plan

* Subject to Board Approved Underwriting Policies

Benefits of SBI Life Shubh Nivesh Plan

SBI Life Shubh Nivesh is an endowment plan that combines insurance coverage with savings and the option for a regular income stream. Some of its key benefits are listed below:

1. Maturity Benefit

   • Endowment Option

     • Upon Completion of Term: The Basic Sum Assured in addition with Vested Simple Reversionary Bonuses and Terminal Bonus (if any) will be paid, provided the policy is active.

     • Deferred Maturity Payment: This option can be selected at the end of the endowment term.

   • Endowment with Whole Life Option

     • Upon Completion of Term: The Basic Sum Assured in addition with Vested Simple Reversionary Bonuses and Terminal Bonus (if any) will be paid, provided the policy is in force.

     • Upon Attaining Age 100: The Basic Sum Assured will be paid, provided the policy is in force.

     • Deferred Maturity Payment: This option can be selected at the end of the endowment term.

2. Death Benefit

   Endowment Option

   • Before Completion of Term: Provided the policy is in force:

     • For Regular Premium: The higher of (A or B) is paid to the nominee/beneficiary/legal heir.

       • Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal Bonus (if any). The Sum Assured on death is the higher of the Basic Sum Assured or 10 times the annualized premium.

       • 105% of the total premiums received up to the date of death.

     • For Single Premium: The Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal Bonus (if any) is paid to the nominee/beneficiary/legal heir. The Sum Assured on death is the higher of the Basic Sum Assured or 1.25 times the single premium.

   Endowment with Whole Life Option

   • Before Completion of Term: The death benefit is as defined under the Endowment Option.

   • After Completion of Term up to Age 100: The Basic Sum Assured will be paid to the nominee/beneficiary/legal heir.

3. Participation in Profits

   • Profit Sharing: The policy participates in the profits of the company's 'with profits' life insurance business, receiving a share of profits in the form of bonuses.

   • Reversionary Bonuses: Declared based on long-term views of investment returns, expenses, mortality, and other experiences. Once declared, the reversionary bonus forms a part of the guaranteed benefits of the plan.

   • Terminal Bonus: May be paid at maturity, earlier death, or surrender.

4. Tax Benefits

   Premiums paid towards the plan qualify for tax deductions under Section 80C of the Income Tax Act. The maturity benefit is also partially tax-exempt under Section 10(10D). You can take help of an income tax calculator to calculate the amount you might save on your taxes by purchasing this investment option.

5. Loan Availability

   You can borrow against your policy once it acquires surrender value, up to a maximum of 90% of the surrender value. The loan interest rate will be declared by the company from time to time.

6. Large Sum Assured Discount 

   Discounts are available on the basic premium based on specific slabs, applicable across all premium modes for regular premiums.

7. Staff Discount: 

   Available for policies purchased by staff, including employees, retired employees, VRS holders, minor children, and spouses of employees of SBI Life Insurance Co. Ltd., State Bank of India (SBI), RRBs sponsored by SBI, and subsidiaries of the State Bank Group.

Rider Benefits of SBI Life Shubh Nivesh

You have the option to avail the following riders at an affordable cost under the SBI Shubh Nivesh Plan. These riders provide additional benefits up to the completion of the endowment term.

1. SBI Life Preferred Term Rider 

   • Benefit: In the unfortunate event of death, the rider sum assured will be paid in addition to the death benefit under the base policy. 

   • Sum Assured: ₹25,000 - ₹50,00,000 

2. SBI Life Accidental Death Benefit (ADB) Rider

   • Benefit: In case of death due to an accident, the rider sum assured will be paid in addition to the death benefit under the base policy. 

   • Sum Assured: ₹25,000 - ₹50,00,000 

3. SBI Life Accidental Total & Permanent Disability (ATPD) Benefit Rider

   • Benefit: Provides protection against total and permanent disability caused by accidents. In the event of ATPD, the rider sum assured is paid, and the policy and other benefits continue. 

   • Continuation: On payment of premiums, both base cover and rider cover continue until the end of the term chosen by you. 

   • Sum Assured: ₹25,000 - ₹50,00,000

SBI Life Shubh Nivesh - Policy Details 

• Grace Period: 30 days for yearly/half-yearly/quarterly premiums and 15 days for monthly premiums. The policy remains in force during the grace period and will lapse if no premium is paid by the end of the grace period.

• Revival: A lapsed policy can be revived within 5 consecutive years from the date of the first unpaid premium, subject to satisfactory proof of insurability.

• Review Option: You have 15 days (30 days for distance marketing and electronic policies) to review the policy terms and conditions. If you disagree, you can return the policy with a cancellation request, and premiums paid will be refunded after deducting stamp duty, medical expenses, applicable taxes, and proportional risk premium.

• Surrender Value / Paid-Up Value

  • Regular Premium Policies: The policy acquires a paid-up and/or surrender value if premiums have been paid for at least 2 consecutive policy years.

  • Death Benefit: On the death of the Life Assured before the completion of the endowment term, the Paid-up Sum Assured on Death plus vested bonuses will be payable.

  • Maturity Benefit: On survival of the Life Assured at the end of the endowment term, the Paid-up Value on Maturity (PUV) will be payable.

    • If the whole life option is chosen, an additional paid-up basic sum assured will be paid on death after the endowment term or on attaining age 100.

How Does the SBI Life Shubh Nivesh Plan Work?

• Choose Coverage: Decide on insurance amount (Sum Assured) and coverage duration (term or whole life).

• Select Option: Pick Endowment (maturity payout) or Endowment with Whole Life (maturity payout + additional benefit at age 100).

• Pay Premiums: Choose regular or single premium payments.

• Maturity/Death Benefit: Receive Sum Assured, bonuses, and terminal bonus (if any) at maturity, or death benefit if the policyholder dies during the term.

• Optional Riders: Add riders for extra coverage (additional cost).

Suicide Exclusion in SBI Life Shubh Nivesh Plan

If the policyholder dies by suicide within 12 months of policy issuance or revival, the nominee will receive 80% of the total premiums paid or the surrender value, whichever is higher, provided the policy is active. After paying this benefit, the policy terminates.