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    SBI Life - Shubh Nivesh Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Keeping in mind the welfare of families and offer them financial security with a fixed income plan, SBI has launched the Shubh Nivesh Plan. The SBI Shubh Nivesh Plan is a non-participating endowment plan that offers policyholders with a lump sum payout upon maturation of the plan and the option of an annuity plan or a fixed income.

    Eligibility - Who is the SBI Shubh Nivesh Plan for?

    To be eligible for the SBI Shubh Nivesh Plan, customers have to meet certain criteria.

    Parameter Details
    Entry Age Minimum: 18 years Maximum: 60 years (For Single Premium payment) 58 years (For Regular Premium Payment) 50 years (For Endowment Whole Life Option)
    Age at the point of maturity Maximum: 65 years 100 years ( For Endowment Whole Life Option)

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured: The sum assured depends on premium, the tenure of the plan. The minimum sum assured is Rs.75,000.

    Premium: Customers enrolled with the SBI Shubh Nivesh Plan have the option of paying the premiums in either the annual, half-yearly, quarterly or monthly mode.

    Policy Term For Endowment option: Minimum: 5 years (For Single Premium Payment) 7 years (For Regular Premium Payment) For Endowment with Whole Life option: Minimum: 15 years (For both, Single and Regular Premium Payment) Maximum: 30 years (For Endowment option) The endowment with Whole Life option can be extended till the policyholder attains the age of 100 years.
    Premium Frequency Half-Yearly: 51.00% of annual premium Quarterly: 26.00% of annual premium Monthly: 8.50% of annual premium
    Premium cost (based on sum assured) Minimum: Yearly: Rs.6,000 Half yearly: Rs.3,000 Quarterly: Rs.1,500 Monthly: Rs.500 Maximum: No limit

    Plan Coverage - What the SBI Shubh Nivesh Plan covers?

    The SBI Shubh Nivesh Plan come with maturity and death benefits for the policyholders for the Endowment plan and the Endowment with Whole Life option.

    Maturity Benefits For Endowment option: The policyholder at the point of maturation of the policy term is liable to the basic sum assured plus the Vested Simple Reversionary Bonuses as well as the terminal bonus. The policyholder can also use the fund to structure an annuity plan. For Endowment with Whole Life option: Here too, the policyholder is liable to the basic sum assured plus the Vested Simple Reversionary Bonuses as well as the terminal bonus at the point of maturation of the term. The fund can also be split into a percentage and converted into an annuity plan. For the endowment with Whole Life option, the basic sum assured will be paid in full when the policyholder attains the age of 100 years.
    Death Benefits In the case of untimely death of the policyholder, the entire sum assured plus the Vested Simple Reversionary Bonuses plus the terminal bonus will be paid to the nominee. In addition, a higher of 105% of the premiums will be paid to the nominee if death occurs during the policy tenure. The nominee can also choose to convert the fund into an annuity plan (fixed income).

    Additional Coverage under the SBI Shubh Nivesh Plan:

    The SBI Shubh Nivesh Plan comes with the benefit of three additional riders - SBI Life Preferred Term Rider, SBI Life Accidental Death Rider and the SBI Life Accidental Total and Permanent Disability Benefit Rider.

    SBI Life Preferred Term Rider:

    An addition to the death benefit cover, the SBI Life Preferred Term Rider provides additional coverage in the case of untimely death of the policyholder.

    Entry Age Minimum: 18 years Maximum: 65 years
    Maximum age at maturity 70 years
    Plan Type Single Premium Payment and Regular Premium Payment
    Premium mode Annual, half-yearly, quarterly and monthly
    Term Minimum: 5 years Maximum: 30 years
    Sum assured Minimum: Rs.25, 000 or sum assured on the base policy - whichever is lower Maximum: Rs.50 lakh

    SBI Life Accidental Death Rider:

    This rider provides additional coverage over the base policy in the case of accidental death of the policyholder - caused by unforeseen circumstances.

    Entry Age Minimum: 18 years Maximum: 65 years
    Maximum age at maturity 70 years
    Plan Type Single Premium Payment and Regular Premium Payment
    Premium mode Annual, half-yearly, quarterly and monthly
    Term Minimum: 5 years Maximum: 30 years
    Sum assured Minimum: Rs.25, 000 or sum assured on the base policy - whichever is lower Maximum: Rs.50 lakh

    SBI Life Accidental Total and Permanent Disability Benefit Rider:

    An addition to the base policy the SBI Life Accidental Total and Permanent Disability Benefit Rider offered additional coverage to the policyholder if total or permanent disability is caused as a result of an accident. Some of the disabilities include, loss of one arm or both arms, loss of one leg or both legs, loss of eyes, etc.

    Entry Age Minimum: 18 years Maximum: 65 years
    Maximum age at maturity 70 years
    Plan Type Single Premium Payment and Regular Premium Payment
    Premium mode Annual, half-yearly, quarterly and monthly
    Term Minimum: 5 years Maximum: 30 years
    Sum assured Minimum: Rs.25, 000 or sum assured on the base policy - whichever is lower Maximum: Rs.50 lakh

    Exclusions - What the SBI Shubh Nivesh Plan doesn’t cover?

    Base Policy and Rider Exclusions:

    If the policyholder commits suicide within 12 months of the commencement of the policy, no claim will be payable. For those subscribed to the Single Premium Policy, 80% of the total premiums paid will be passed on to the nominee. Listed below is the exclusion list of the riders of the SBI Life Saral Shield Plan. Policyholders are not liable to any coverage if the below list of events and eventualities occur:

    • Death or disability caused by a spread of infection barring infection caused by accident wounds.
    • Death or disability under the influence of drugs, alcohol, psychotropic substance or any sort of narcotics.
    • Self-inflicted injury.
    • Death or disability arising out of criminal activity of the policyholder.
    • War and civil unrest.
    • Nuclear contamination.
    • Death or disability caused from any flying activity if the policyholder is not a commercial licensed pilot.
    • Any hazardous sport leading to death or disability.
    • Any physical infirmity.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Listed below are the key features of the SBI Shubh Nivesh Plan.

    Grace Period Policyholder are granted a grace period of 30 days to pay the due premium for annual, half-yearly and quarterly mode and 15 days in the case of monthly mode of premium payments.
    Revival Policyholders have the option of reviving their policy within three years of the first unpaid premium. Provided that the due premiums are paid and the policy revived, the policyholder is liable to all the benefits.
    Nomination Policyholders can make nominations as per Section 39 of the Insurance Act, 1938.
    Freelook Period Policyholders are granted a freelook period of 15 days from the commencement of the policy. If the policyholder disagrees with the terms and conditions of the policy, he/she can return the policy and receive a refund for the premium - minus cancellation and stamp duty charges.
    Surrender of the policy Policyholders can surrender the policy only after a year of initiating the policy. On surrendering the policy, policyholders are liable up to 75% of the base fund and premiums paid minus applicable deductions.

    Tax Benefits – How you can save with the SBI Shubh Nivesh Plan?

    Policyholder enrolled with the SBI Shubh Nivesh Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:

    • Section 80C of the Income Tax Act, 1961, for contributions (premium) made towards the scheme.
    • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from the riders and the death maturity benefits.

    Other Benefits – How you can save with the SBI Shubh Nivesh Plan?

    The SBI Life Saral Shield Plan comes with a number of other benefits, they are listed below:

    • Hassle-free issuance of policies. Customers can purchase policies on the SBI Life Insurance page with ease and convenience.
    • Policyholders can buy plans using their net banking account, credit cards, debit cards, e-wallets, etc.
    • Large sum assured rebates.

    Why you should buy the SBI Shubh Nivesh Plan from SBI Life Insurance?

    Headquartered in Mumbai, India, SBI Life Insurance was formed following a joint venture between India’s largest state owned bank State Bank of India and French multinational bank BNP Paribas Cardif. Having an authorized capital of $20 billion, SBI Life Insurance has branches spread across the country, offering insurance products to thousands across the country. The insurance company banks heavily on their expert customer service that functions round-the-clock to bring the utmost satisfaction to its customers. In 2007, SBI Life Insurance was given a AAA/Stable/P1+ rating by CRISIL Limited.