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  • SBI Life – Shubh Nivesh

    SBI Life

    Overview

    The SBI Life Shubh Nivesh is a non linked profit endowment assurance plan with full life coverage option. This is a savings cum income and insurance cover plan that allows you to save regularly for the future while also receiving maturity benefits as lump sum or regular payouts. This plan is available in two varieties – Endowment option and Endowment with Whole Life option.

    Eligibility Conditions of SBI Life – Shubh Nivesh

    Entry Age

    Minimum – 18 years

    Maximum (Endowment Option)

    • Regular Premium (RP) = 58 years

    • Single Premium (SP) = 60 years

    Maximum (Endowment with Whole Life option) = 50 years

    Maturity Age

    • Maximum 65 years

    • Maximum 100 years for Endowment with Whole Life option

    Sum Assured

    • Minimum – Rs.75,000 (x 1,000)

    • Maximum – No Limits

    Key Features of SBI Life – Shubh Nivesh

    Type

    Non Linked Endowment Assurance plan

    Coverage

    Participation Bonus – The policy is eligible for a share of profits coming out of ‘participating life insurance business’ as Terminal Bonus and Regular Simple Reversionary Bonus.

    Death Benefit – In the unfortunate event of death of life insured during policy term, respective beneficiaries will receive the higher of:

    Endowment option:

    • Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any. OR
    • Annualized premium multiplied by a factor of 5 (if policy term is less than 10 years), 7 (if life assured is 45 years or more and policy tenure is 10 years or more) or 10 (if life assured is less than 45 years and policy tenure is 10 years or more) + Vested Simple Reversionary Bonuses + Terminal bonus, if any. OR
    • 105% of all premiums paid.

    Single premium:

    • Basic Sum Assured + Vested Simple Reversionary Bonus + Terminal bonus, if any. OR
    • Annualized premium multiplied by a factor of 1.25 (if life assured is less than 45 years when policy was purchased) or 1.10 (if life assured was 45 years or more when policy was purchased) + Vested Simple Reversionary Bonuses + Terminal bonus, if any.

    Endowment with Whole Life option:

    • If death occurs before the endowment term is completed, then Death Benefit will be paid out as per the Endowment Option and Single Premium option as discussed above according to the premium payment frequency chosen.
    • If death occurs after the end of endowment term but before the life assured turns 100 years, then Basic Sum Assured will be paid.

    Maturity Benefit

    Endowment option:

    • If the life assured survives the policy term, he/she will be eligible for Basic Sum Assured + Vested Simple Reversionary Bonus + Terminal Bonus, if any.

    Endowment with Whole Life option:

    • If the life assured survives the policy term, he/she will be eligible for Basic Sum Assured + Vested Simple Reversionary Bonus + Terminal Bonus, if any.
    • An additional amount will be paid if the life assured completes 100 years of age.

    Deferred Maturity Payment option:

    • This option can be chosen at the end of Endowment maturity wherein Basic Sum Assured is taken as income spread over specified period.
    • Instalment payments to be made at applicable interest rates at the time of endowment maturity date.

    Basis

    Individual

    Policy term

    Endowment option –

    • Minimum: 7 years (regular premium), 5 years (single premium)

    • Maximum: 30 years

    Endowment with Whole Life option –

    • Minimum: 15 years (regular premium, single premium)

    • Maximum: Extended life cover up to 100 years

    Premium paying term

    Same as policy term

    Premium payment frequency

    Yearly, half yearly, quarterly and monthly

    Surrender Value

    Regular premium policies:

    Policy year

    Policy term <10 years

    Policy term >=10 years

    1

    0% of basic premium paid

    0% of basic premium paid

    2

    30%

    0%

    3

    30%

    30%

    4-7

    50%

    50%

    8-9

    55%

    55%

    10

    NA

    55%

    11-15

    NA

    60%

    16-20

    NA

    65%

    21 and more

    NA

    70%

    Single premium policies:

    • Guaranteed Surrender Value of 70% of Single premium paid in case the policy is surrendered within 3 years.
    • Guaranteed Surrender Value of 90% of Single premium paid in case the policy is surrender in the 4th policy year or later.

    Renewability

    Relapsed policies may be reinstated to full coverage within 2 years from due date of first unpaid premium by paying all outstanding premiums as well as extra premium, rider premiums and a written request along with Good Health Declaration.

    Loans

    Loans are available from the time the policy acquires surrender value. Policy loan amount is limited to 90% of the Special Surrender Value.

    Grace period

    • 30 days for yearly, half yearly and quarterly premium payment plans
    • 15 days for monthly premium plans

    Free Look Period

    15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. 30 days free look period is offered if the policy has been purchased through distance marketing channels. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

    Advantages of SBI Life – Shubh Nivesh

    Tax Benefits

    Tax benefits are available as per relevant sections under the Income Tax Act, 1961. You should consult your tax advisor for more details.

    Riders

    Ability to add riders as per individual preferences

    • Accidental Death Benefit Rider
    • Accidental Death & Permanent Disability Benefit Rider
    • Preferred Term Rider

    Benefits of SBI Life Smart Money Back Gold Plan

    • Savings plan with the option to add Whole Life cover.
    • Insurance cover, wealth creation and regular income inflow.
    • Single or regular premium plan available for SBI life insurance.
    • Basic Sum Assured can be requested at regular intervals over a specified time period of 5/10/15/20 years.
    • Option to add riders to get more value out of the base plan.

    Premium terms

    Premium loading frequency:

    Half-yearly

    52% of annual premium

    Quarterly

    26.5% of annual premium

    Monthly

    8.90% of annual premium

    Premium amounts:

    Minimum

    Maximum

    Single premium (based on minimum Sum Assured)

    No limit

    Yearly: Rs.6,000

    No limit

    Half-yearly: Rs.3,000

    No limit

    Quarterly: Rs.1,500

    No limit

    Monthly: Rs.500

    No limit

    Riders

    • SBI Life – Accidental Death Benefit Rider: The rider offers additional coverage in the event of the life insured’s untimely demise due to accident within 120 days of the accident taking place. The total cover for all individual life insurance policies combined is limited to Rs.50 lakhs.
    • SBI Life – Accidental Total & Permanent Disability Benefit Rider: Additional coverage can be availed which will be paid out in case of the insured’s total and permanent disability due to an accident during the rider policy term.
    • SBI Life – Preferred Term Rider: This rider provides additional coverage in case of the insured’s untimely demise during the policy term.
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