The most popular investment plans available – the SBI Life Shubh Nivesh Plan. This plan is a non-linked, participating, individual life insurance policy that provides triple benefits to policyholders. With this plan, you receive life insurance coverage, savings, and regular income under a single investment.
Key Features of SBI Life Shubh Nivesh Plan
This plan offers multiple special features, making it a flexible and reliable option for long-term financial planning. It is a traditional investment plan designed to help policyholders achieve their financial goals while securing their future.
Three Coverage Options Available
- Endowment Option
- A traditional participating plan with an endowment option.
- Simple reversionary bonuses are provided.
- Bonuses are paid either at maturity (if the insured survives) or to nominees in case of the policyholder’s death.
- Endowment with Whole Life Option
- Provides extended life coverage up to 100 years.
- If the policy term is 15 years or more, it offers both endowment and whole life benefits.
- Policyholder receives endowment benefits equal to the basic sum assured either at the age of 100 years or in case of earlier death during the extension period.
- Deferred Maturity Payment Option
- This is an additional option under both the endowment and endowment with whole life options.
- It provides flexibility in receiving maturity benefits over time.
Eligibility Criteria
| Criteria | Minimum Age | Maximum Age |
|---|---|---|
| Regular Premium | 18-55 years | – |
| Single Premium | 18-60 years | – |
| Endowment with Whole Life Option | 18-50 years | – |
| Single & Regular Premium (Whole Life Option) | 18 years | – |
| Maximum Age at Maturity | – | 65 years |
Policy Term
- Regular Premium Option: Minimum 10-30 years
- Single Premium Option: Minimum 5-30 years
Premium Payment Options
- Single Premium
- Regular Premium (Yearly, Half-Yearly, Quarterly, Monthly)
Premium Details
- Single Premium: ₹43,000-No Limit
- Yearly Premium: ₹6,000-No Limit
- Half-Yearly Premium: ₹3,000-No Limit
- Quarterly Premium: ₹1,500-No Limit
- Monthly Premium: ₹500-No Limit
- No Maximum Limit on the premium amount
Grace Period & Policy Lapse
- 15 days grace period for monthly premiums.
- 30 days grace period for other payment modes.
- If the premium is not paid within the grace period, the policy may lapse.
Exclusions
- In case of suicide within 12 months from the commencement or revival of the policy, the nominee will receive 80% of the total premiums paid or surrender value, whichever is higher.
- After this benefit is paid, the contract is terminated.
Why Choose SBI Life Shubh Nivesh Plan?
This traditional investment plan is an excellent choice for those looking to achieve long-term financial security. It offers:
- Life insurance protection
- Savings and wealth transfer
- Stable income stream
- Flexibility with multiple coverage options