A wise man once said, “Investing should be more like watching paint dry or grass grow. If you want excitement, take $800 and go to Las Vegas.”
SBI Life Insurance – Overview
SBI is one of the leading financial institutions in India. To cater to the needs of the clients, they come with various insurance plans.
State Bank of India or SBI is a highly popular and widely approached Indian multinational financial statutory body in the public sector. Owned by the Indian government, the headquarters of SBI is located in Mumbai, Maharashtra.
This banking and finance service body is a high-functioning government service body and as of the year 2017, SBI has ranked 216th on the Fortune Global 500’s list of the world’s biggest corporations.
The State Bank of India can be traced back to the Bank of Calcutta, founded in the year 1806 through the Imperial Bank of India. This is the record that SBI is the oldest commercial bank in India to operate to this day.
SBI Shubh Nivesh Plan
SBI Life Shubh Nivesh Plan is one of the most purchased traditional policies that comes with several benefits and flexibility in paying premiums. If you want a healthy and secure future then you should opt for the policy.
It is one of the many different plans that SBI has to offer to all of its customers and patrons.
The policy is an endowment plan with an added whole clef coverage. This is a sort of traditional plan that comes with additional bonus facilities for the public to avail.
In this blog, we are going to elaborate on the key objectives, eligibility criteria, features, and other terms of this policy. So, let’s get started.
Features of SBI Life Shubh Nivesh Plan
- This plan comes with three coverage options, simple reversionary bonuses, sum-assured to the survival, and death benefits.
- This plan comes with a whole-life option which means you get coverage up to 100 years. You can extend the tenure period after 15 years as well.
- This plan comes with deferred maturity payment options which means you can get the repayment after 5,10,15,20 years.
- This plan allows the policyholder to revive their policy within three months.
- This plan allows the policyholder to make nominations as per section 39 of the Insurance Act, of 1938.
Benefits of SBI Life Shubh Nivesh Plan
- The significant advantage of this policy is the hassle-free payment mode.
- You can buy this plan online as well as pay premium via net banking options.
- The policyholder can also get the tax benefits under the section C.
- Large sum assured rebate.
- This plan comes with deferred maturity payment options which means you can get the repayment after 5,10,15,20 years.
- The policyholder will get benefits like bonuses along with a sum assured at the time of the maturity period.
- The policyholder has a liability to surrender the policy after every year.
- The claiming procedure is straightforward.
Eligibility of SBI Life Shubh Nivesh Plan
- The entry age to avail of the request for this plan is 18 years and the maximum age is 65 years.
- The maximum maturity age is 70 years.
- Medical examination proof is required.
- Only residents of India can generate the request for this plan.
SBI Life Shubh Nivesh Plan: Exclusions
- In the event, that the policyholder commits suicide within 12 months of the commencement of the policy, then the insurer will not give any claim against it.
- If death and disability are caused by to overtake of drugs, alcohol, or psychotropic substances then the company will not give coverage against it.
- Self-inflicted injury is not covered in this plan.
- Nuclear contamination.
- War and civil unrest.
How Does SBI Life Shubh Nivesh Plan Work?
When a person opts for the SBI Shubh Nivesh, he or she is required to pay premiums. This premium can be paid in two ways. Firstly, the premium can be paid in lump sum amounts which are available under the single premium option for payment. The other way for payment of premium is in a series of smaller payments of premium throughout the SBI Life Shubh Nivesh Plan tenure. This option can be found under the option for Regular premium.
The SBI Shubh Nivesh can continue to function even after that for Deferred Maturity or whole life option.
As added benefits, this plan can also at times have Terminal Bonus affiliated by the end of the policy tenure.
Those who wish to take up this policy can choose between two options of this plan.
1. Endowment Assurance
Under the endowment assurance option, the policyholder is credited with the sum assured along with the reversionary bonus on survival till the end of the tenure of the policy as a maturity benefit. If the policyholder were to die within the tenure of the policy, then the sum would be paid to the nominee as a death benefit.
2. Whole Life Endowment
Here the life insurance policy is converted into an endowment cum whole life plan. As a result, among the options available under the SBI Shubh Nivesh Plan, the sum assured along with the accrued simple reversionary bonus would be paid the endowment tenure ends but the policy itself would continue to function.
Depending on which is easier, a basic sum additionally accrued is paid to the policyholder on his or her survival till the age of 100 years. Either that or the sum is paid to the nominee in the event of the death of the policyholder.
The SBI Life Shubh Nivesh has an attractive option for Deferred Maturity for its potential policyholders. Here potential policyholders can opt for 5 10 or even 20 years of Deferred Maturity after completion of maturity.
Also Read: Top 5 SBI Credit Cards in India
Should You Invest in SBI Life Shubh Nivesh?
SBI Shubh Nivesh is an investment option that one should scout if they wish to indulge in the investment market. SBI Life Shubh Nivesh Plan has numerous benefits that aim to make an investment that much easier for people who are looking for life insurance with a great scope of sum assured at the time of maturity.
Also, SBI Life Shubh Nivesh has added tax benefits that are received on the premiums that are paid under Section 80 C of the Income Tax Act. These tax benefits can also apply to the claims received under Section 10 (10 D) of the IT Act.
Those who wish to take advantage of riders can also have such options added to their policies. The SBI Shubh Nivesh Plan has three different rider benefits namely; accidental total and permanent disability benefit rider, accidental death rider, and SBI Life preferred term rider.
The premiums of the SBI Life Shubh Nivesh can be as low as 17 rupees per day and can generate a sum assured value of a crore. The flexibility of choosing the mode and option of premium payment rests solely on the policyholder making premium payments easier.
It should be kept in mind that the amount of sum assured depends on the amount of premium and also the term of the policy itself. Albeit, the minimum amount of S.A. is seventy-five thousand rupees.
Those who are looking for the best endowment policy that allows them to enjoy multiple benefits all under one single plan to have a secured future should most definitely invest in SBI Shubh Nivesh. This is an attractive way for wealth generation and especially for fulfilling long-term financial goals.
SBI Life Shubh Nivesh Plan Exclusions
SBI Life Shubh Nivesh does not have a lot of exclusions. The only such exclusion is in the case of suicide. If the policyholder were to commit suicide within the first 12 months of the initiation of the policy, then 80 % of the premium or the higher of acquired surrender value would be paid to the nominee mentioned in the policy deed.
Those who are interested in investing in SBI Shubh Nivesh can check out their maturity sum assured and formulate a plan for paying premiums and also decide on the term and tenure of the policy by using online calculators.
Potential policyholders who wish to invest in SBI Life Shubh Nivesh can do so by visiting the State Bank of India web page online or by visiting the nearest SBI branch.
Phone should always consult a financial advisor before investing in any investment plan to ensure that the investment yields the best results.
Even so, the SBI Shubh Nivesh Plan is an investment option that is worth investment for those who wish to generate wealth and create financial support for themselves and their family.
Conclusion
SBI Shubh Nivesh Plan is designed for individuals who want better financial security for the future. What if? When you are not around your family, how will they manage their finance? If you want to give a secure financial life to your family then you should opt for this plan.
You can also fill out the registration online at the official site of the SBI and also pay the payment via net banking. This insurance bank’s customer service is round the clock and available for their customers to resolve their queries. Feel free to contact them anytime regarding the insurance plan.
