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SBI Life - Shubh Nivesh Plan

What is the Plan all About?

SBI Life - Shubh Nivesh is a non- linked, with profit Endowment Assurance plan that offers whole life coverage. This plan provides benefits of wealth creation, regular income, wealth transfer, & insurance cover. The savings feature of this plan helps you save regularly for your future and with insurance cover, your family is financially secured. You also have the option to get the maturity amount as a regular income or a lump sum over a chosen period.

2 variants can be opted under this plan:

  • Endowment Option
  • Endowment with Whole Life Option

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What are the Key Features?

  • Regular income
  • Wealth creation
  • Insurance cover
  • Option to avail whole life insurance
  • Single or Regular premium payment option
  • Receive basic sum assured at regular intervals
  • High sum assured rebate
  • Get tax exemption

What are the Plan Benefits?

Death Benefit

    Endowment Option:

    In the event of unfortunate death of the life assured before completion of the endowment term, for regular premium, the death benefit payable is higher of Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid. Sum Assured on Death is higher of basic sum assured or multiple of annualized premium. Multiple of annualized premium is 5 times for the policy term less than 10 years. When policy term is 10 years or more, Multiple of annualized premium is 10 times when age at entry is less than 45 years and it is 7 times when age at entry is 45 years or more.

    For single premium, the death benefit payable is Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus. Sum Assured on Death is higher of basic sum assured or multiple of single premium. Multiple of single premium is 1.25 times when age at entry is less than 45 years and it is 1.10 times when age at entry is 45 years or more.

    For Endowment with Whole Life Option:

    When death occurs prior completion of the endowment term, the death benefit payable is higher of Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid.

    When death occurs after completion of the endowment term up to 100 years of age, the basic sum assured is paid to the nominee. The balance amount of deferred maturity payment option is paid to the nominee. The nominee also has an option to receive the outstanding installments as a lump sum.

Maturity Benefit

    Endowment Option:

    On completion of the endowment term, Basic Sum Assured plus Vested Simple Reversionary Bonuses plus Terminal Bonus is payable, provided the policy is in-force. Deferred maturity payment option is available that can be opted at the end of the endowment term.

    For Endowment with Whole Life Option, the basic sum assured is payable on attaining the 100th birthday.

Bonus

    Vested Simple Reversionary Bonuses is declared as a percentage of the sum assured. Once declared, Reversionary Bonus becomes part of guaranteed benefit of the plan. Future bonuses are non-guaranteed and it depends on future profits. Terminal Bonus is paid at maturity, surrender, or death, whichever is earlier.

Loan Benefit

    The policy loan can be availed up to 90% of the Special Surrender Value.

Surrender Value

    For regular premium policies, Surrender Value can be acquired on payment of at least 2 full policy years’ premiums for policy term less than 10 years and the premium payment for 3 full policy years is required to acquire the surrender value for policy term 10 years or more. For single premium policies, Surrender Value can be acquired on paying premiums of the first policy year. Surrender Value payable is higher of Guaranteed Surrender Value or Non-Guaranteed Special Surrender Value.

Tax Benefit

    You can avail tax benefits under as applicable under the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 58 Years (endowment Plan- Regular Premium), 60 Years (endowment Plan- Single Premium), 50 Years (endowment With Whole Life Plan)
Age at Maturity - 65 Years (up To 100 Years, When Opted For Endowment With Whole Life Plan)
Policy Tenure 7 Years (endowment Plan- Regular Premium), 5 Years (endowment Plan- Single Premium), 15 Years (endowment With Whole Life Plan) 30 Years (endowment Term)
Premium Paying Term Single Or Regular Premium -
Premium Paying Mode Single, Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 6,000 (annually), Rs 3,000 (semi Annually), Rs 1,500 (quarterly), Rs 500 (monthly) No Limit
Sum Assured Rs 75,000 No Limit
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders can be opted under this plan, on payment of additional rider premium.

  • SBI Life - Preferred Term Rider
  • SBI Life - Accidental Death Benefit Rider
  • SBI Life - Accidental Total and Permanent Disability Benefit Rider

How the Plan Works?

Let’s understand the plan with the help of the below illustrated example.

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy SBI Life - Shubh Nivesh endowment option with the policy term of 7 years and basic sum assured of Rs 75,000.

Scenario A: Raman Survives through the Policy Term

On survival of Raman till the end of the policy term, Rs 75000 plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid is payable. The maturity benefit payable helps build your wealth.

Scenario B: Raman dies during the Policy Term

On the death of Raman during the policy term, the death benefit payable is Rs 75000 plus Vested Simple Reversionary Bonuses plus Terminal Bonus. The death benefit provides a financial cover for the family, in the event of a mishap.