SBI Life - Shubh Nivesh Plan

• 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.

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.

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.

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.

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.

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.

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.

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.