SBI LIFE – SHUBH NIVESH Policy

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Have you started building a financial corpus to support the life of your dreams?

Now avail insurance coverage and kick-start your wealth creation journey through systematic savings. SBI Life – Shubh Nivesh, a with-profit endowment assurance plan, provides insurance cover, savings and income under a single plan.

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This savings plan offers –

  • Security – ensure your family is financially secure
  • Reliability – with simple reversionary bonuses throughout the policy term
  • Flexibility – through two plan options and option to receive regular income with DMP (Deferred Maturity Payment)
  • Affordability – through rider benefits at an affordable cost

Some of the amazing features and advantages of this policy:

Features

  • Avail life cover for up to 30 years or whole life depending on your insurance needs
  • Simple reversionary bonuses throughout the policy term
  • Two plan options – endowment option and endowment with whole life option
  • Option to receive the basic sum assured as a lump sum or as regular income, at maturity
  • Get comprehensive coverage at an affordable cost with three rider options

Advantages

Security

  • Protect your family and empower them to fulfil their aspirations
  • Helps you reach your financial goals

Reliability

  • Build your corpus through regular simple reversionary bonuses throughout the policy term

Flexibility

  • Two plan options to provide you with life coverage to meet your financial needs
  • Option to receive regular income to suit your financial requirements

Affordability

  • Enhance your coverage through three rider options at a nominal cost
    • SBI Life – Preferred Term Rider
    • SBI Life – Accidental Death Benefit Rider
    • SBI Life – Accidental Total and Permanent Disability Benefit Rider

Some of the  SHUBH NIVESH Policy benefits are as follows,

Maturity Benefit:

Depending upon the plan option chosen:

Endowment Option

  • After completion of endowment term, the Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any will be paid, provided the policy is in-force
  • Deferred Maturity Payment option is available: Can be selected at the end of the endowment term

Endowment with Whole Life Option

  • After completion of endowment term the Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any will be paid, provided the policy is in-force
  • Deferred Maturity Payment option is available: Can be selected at the end of the endowment term
  • On attainment of 100th birthday: Basic Sum Assured will be paid.

Death Benefit:

In the unfortunate death of the Life Assured, depending upon the plan option chosen:

Endowment Option:

  • Death before the completion of endowment term provided the policy is in-force :
    • For Regular Premium: Higher of A or B is paid to the nominee, where:
      • Sum Assured on death + Vested Simple Reversionary Bonuses
        + Terminal bonus, if any.
        Sum assured on death is higher of Basic Sum Assured or a multiple of annualised premium; where multiple is:

        Policy TermAge at entry of Life Assured less than 45 yearsAge at entry of Life Assured 45 years or more
        Less than 10 years55
        10 years or more107
      • 105% of all the premiums paid.
    • For Single Premium: Sum Assured on death +Vested Reversionary Bonuses + Terminal bonus, if any, is paid to the nominee
      Sum assured on death is higher of Basic Sum Assured or a multiple of single premium; where multiple is:

      Age at entry of Life Assured < 45 yearsAge at entry of Life Assured >= 45 years
      1.251.10

Endowment with Whole Life Option

  • Death before the completion of endowment term provided the policy is in-force:
    • Death Benefit as defined under point 1 of Endowment option, will be paid to the nominee.
  • Death after completion of the endowment term and up to 100 years of age:
    • Basic Sum Assured benefit will be paid to the nominee.
    • Balance amount of Deferred Maturity Payment Option, if availed and if any, will be paid to the nominee. However, the nominee has an option to take the remaining instalments in lump sum which will be equal to the discounted value of the remaining instalments.

Other Benefits

Deferred Maturity Payment Option:
You can use this option to get income at regular intervals. At the end of the endowment term you can either withdraw the full sum assured along with accumulated bonuses or you can withdraw only the bonus, leaving the basic sum assured to be drawn as income at regular intervals over a stipulated time period of 5 , 10 , 15 or 20 years. Income will be paid at a frequency (Yearly/Half-Yearly/Quarterly/Monthly) of your choice.

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Three Rider Options: –

  • SBI Life – Preferred Term Rider (UIN: 111B014V02): The Preferred Term Rider Sum Assured is payable in addition to normal death benefit
  • SBI Life – Accidental Death Benefit Rider (UIN: 111B015V02): In case of death due to an accident, the rider Sum Assured is payable in addition to normal death benefit
  • SBI Life – Accidental Total and Permanent Disability Benefit Rider (UIN 111B016V02) The rider Sum Assured will be paid on the Life Assured being found eligible for the Total Permanent Disability Benefit as defined in the policy document.

To know more about the terms and conditions of SBI Life – Shubh Nivesh, read the following documents carefully.

One who is able to take SBI Life – Shubh Nivesh Policy

  • All the references to age are age as on last birthday.
  • For Monthly mode, 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card).
  • For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.

One important aspect is Tax Benefits:

  • Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
  • You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time.

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