SBI Life Shubh Nivesh Plan is a participating traditional endowment policy which gives various benefits under a single plan for a secured and wealthy future. Being an endowment plan that provides whole life cover, let’s understand first these terms and then focus on the features and benefits of SBI Life Shubh Nivesh.
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Age |
Policy Term 10 years |
Policy term 20 years |
Policy term 30 years |
|||
|
Regular Pay (Rs) |
Single Pay (Rs) |
Regular Pay (Rs) |
Single Pay (Rs) |
Regular Pay (Rs) |
Single Pay (Rs) |
20 years |
11,170 |
79,571 |
5412 |
58,660 |
3454 |
43,263 |
30 years |
11,183 |
79,595 |
5451 |
58,889 |
3548 |
44,131 |
40 years |
11,269 |
79,751 |
5624 |
59,837 |
- |
- |
SBI Life Shubh Nivesh allows a grace period of 15days for monthly premium payment and 30 days for other premium payment modes. In case of failure of the premium payment within even their grace period also, SBI Life Shubh Nivesh plan is subject to be void.
SBI Life Shubh Nivesh provides a surrender value on terminating the SBI Life life insurance plan within the policy term. The higher of Guaranteed Surrender Value or Special Surrender Value is the Surrender Value of the plan.
Guaranteed Surrender Value (Regular) = Guaranteed Surrender Value Factor * Basic premiums
(excl. survival benefits already paid, incl. GSV of accumulated bonuses)
Guaranteed Surrender Value (Single) = 70% of premium for first 3 years and 90% thereafter
SSV = SSV Factor * Paid-up Value on maturity
In a case if the insured is not satisfied with his Shubh Nivesh, he is free to cancel his plan within 15 days after receiving his policy documents, given no claims are done.
Inclusions under SBI Life Shubh Nivesh
Loan benefits upto 90% of the SSV
Death by Suicide: In a case if the insured person commits suicide within 12 months since the inception, higher of acquired Surrender Value is paid or 80% of premiums paid to the nominee.
An endowment plan is a combination of insurance and investment and it promises the investor twin benefits of protection and good returns. Critically, it differs from a term plans in terms of maturity benefits. Endowment plans pay sum assured along with bonuses (if any) at the time of death or maturity (survival). In case of the death, endowment plan pays the beneficiaries of the insured the entire assured sum amount. Also, in a case where the insured manages to survive the entire plan term then the complete assured coverage is paid to him. This is achieved by charging higher fees as compared to term plans and whole life policies, which is reflected in the premiums. Endowment plans generally invest in high-quality debt instruments and / or government securities. The profits are a subject to the premiums amount invested in asset markets – equities and debt.
The key benefits of an endowment policy include financial protection of loved ones, goal-based savings, tax benefits and the option to take a loan against the endowment policy. Endowment plans fulfill the dual need of life cover and savings through a single life insurance plan.
To sum up, an endowment policy is essentially a life insurance policy, which in addition to covering the life of the insured, also helps him or her save regularly over a specific period of time so that he or she receives a lump sum amount at maturity in the event of him / her surviving the policy term. The maturity amount helps take care of important financial objectives like paying for children’s education and marriage, buying a house, saving for retirement, etc.
There are basically two types of endowment plans – with profit and without profit.
A whole life insurance policy covers a policyholder over his life, i.e. this kind of life insurance policy provides insurance until the demise of the insured. Since the validity plan is not defined, the insured enjoys life cover throughout his or her life. Such a policy only expires in case of an eventuality resulting in death. The policyholder pays regular premiums until death, after which the corpus is paid to the nominees or beneficiaries.
The premium for a whole life plan is paid for a longer duration of time since plan term. The insured however has the option of choose the premium paying term based on his needs. Also, the interest or bonus (cash value) earned on the premium is generally higher as compared to a with profit endowment policy.
A whole life policy normally does not offer survival benefit as the policy term is not defined. The nominee receives sum assured plus bonus (if any) upon death of the policyholder. The policyholder gets the benefit to make withdrawals or take loan against the cash value of the plan.
Whole life policies are suitable for people of all ages who wish to protect their families from a financial crisis due to premature death of the policyholder.
You may like to know more : SBI Life Investment Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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*Tax benefit is subject to changes in tax laws
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