SBI Life Shubh Nivesh Plan

Here is the list of the features and benefits of SBI Life Shubh Nivesh Plan. 

1. Grace Period

For the SBI Life Shubh Nivesh plan, the grace period is 15 days for monthly premium payments and 30 days for alternative payment methods. The insurance will expire if the policyholder does not pay the premiums during the grace period.

2. Maturity Benefit

Endowment Option

• The SBI Life Shubh Nivesh plan will pay the Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus, if any will be paid, while the policy is in force, after the endowment period.
• After the endowment period expires, participants in the plan have the option of selecting a deferred maturity payment.

Endowment With Whole Life Option

• During the period that the policy is in effect, the plan will pay the Basic Sum Assured plus any vested Simple Reversionary Bonuses and Terminal Bonuses after the endowment term.
• The policyholder will receive the basic sum assured benefit if they reach 100 years old.
• After the endowment period expires, participants in the plan have the option of selecting a deferred maturity payment.

3. Death Benefit

Endowment Option

Before the endowment period expires, if the life insured passes away:

• For regular premium insurance, a higher sum assured plus vested terminal bonuses and simple reversionary bonuses, or 105% of all premiums paid up until death, is offered.
• The sum assured on death, vested Simple Reversionary Bonuses, and the terminal bonus are paid in the event of single premium policies.

Endowment With Whole Life Option

• If the policyholder passes away before the conclusion of the endowment term, the beneficiary will receive the sum promised plus any additional incentives announced by the company.
• The beneficiary of the policy will receive the benefit of the basic sum promised upon death following the endowment term’s completion and up until age 100.

4. Income Tax Benefit

Another biggest benefit of choosing the SBI Life Shubh Nivesh Plan is that the Section 80C permits the deduction of up to Rs. 1,000,000 in annual life insurance premiums from taxable income, while Section 10(10)D permits the tax-free distribution of maturity proceeds upon the satisfaction of certain requirements.

5. Surrender Value

By surrendering the insurance for a surrender value during the endowment term, you can cancel the paid-up policy before it matures. The higher the Non-Guaranteed Special Surrender Value (SSV) and the GSV would be the Surrender Value upon surrender (including the surrender value of vested bonuses). In the case of regular premium insurance, the Guaranteed Surrender Value (GSV) will be determined by multiplying the GSV factors by the total premiums paid.