SBI Shubh Nivesh - Investment Plan By SBI Life
Being a participating Endowment plan, SBI Shubh Nivesh offers you the option to pick a Whole Life Coverage. The plan has this advantage because it is traditional plan outlaid with bonus facility.
Want to know how the plan functions?
There are two options for paying premiums- either by paying in lump sum at a time, or by paying under Regular Premium option during the policy tenure. In addition to this, the plan offers Simple Reversionary Bonus until the end of the policy tenure. The plan may either come with a Terminal Bonus or continue till Deferred Maturity period.
Under this SBI Shubh Nivesh, there are two options- Endowment Assurance and Whole Life Endowment. In case the insured dies within the policy term, the nominee of the policy will receive the Sum Assured and accrued Simple Reversionary Bonus under the Endowment Assurance. If the insured survives, he/she will receive the same amount at the time the policy matures as Maturity Benefit.
The Highlighting Features of the Plan
SBI Shubh Nivesh has several key features that describe the policy. These include:
This is an Endowment plan with both Regular and Single premium payment option
You may choose whole life coverage. This SBI Shubh Nivesh comes with Endowment Assurance and Whole Life Endowment Assurance
The plan includes three additional riders
The best part is the plan offers a rebate of higher sum assured
What are the Benefits of the Plan?
The Plan comes with several benefits which are as follows:
Death Benefit - The nominee will receive as per plan option if the insured dies during the policy tenure. He can have access to:
Endowment Assurance- Nominee gets Sum Assured plus Simple Reversionary bonus before the policy matures if the insured dies an unexpected death. After the completion of the term, if the insured dies, the legal heirs will get balance amount on Deferred Maturity Payment option.
Whole Life Endowment Assurance - If the insured dies before the completion of Endowment term, the nominee will get Sum Assured plus Simple Reversionary Bonus. If the insured lives up to 100 years of age after completion of the plan, then nominee will get basic sum assured as Death benefit at the time the policy terminates. The nominee will get the Basic Sum Assured as Death Benefit if the Deferred payment option is selected and in case death takes place on the end of Endowment plan.
Maturity Benefit - SBI Shubh Nivesh comes with Maturity Benefits according to which the policyholder gets Maturity benefit as per the plan.
Endowment assurance- The nominee receives basic Sum assured plus vested Simple Reversionary bonus as Maturity benefit. Accrued bonus is paid if you choose Deferred Maturity Payment and the policyholder will choose the sum assured in the form of regular installments in the next 5/10/15/20 years.
Whole Life Endowment Assurance- The insured receives vested Simple Reversionary Bonus plus Basic Sum Assured as Maturity Benefit. In case, Deferred maturity Payment option is selected, an accrued bonus is paid on the policy maturity and also the policyholder can receive the sum assured in 5/10/15/20 years.
Income Tax Benefit - Herein, the life insurance premium that is paid and is up to Rs. 1,00,000 comes under Section 80C and also the Maturity tax free as per Section 10(10)D.
The plan includes three additional riders:
Accidental death benefit rider
Preferred term rider
Permanent and Disability and Accidental Total Rider
In case the policyholder does not pay the premium, then the policy will lapse and the benefits will stop. The Surrender Benefit is available only after three years for Regular Premium and also one year for a Single Premium.
Thus, a glance at the highlighted features of the SBI Shubh Nivesh will help you understand how the policy will benefit you.