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Knowledge Base Life Insurance Guaranteed Plan SBI Life Shubh Nivesh Review
Wednesday, 19 October 2011 18:10

SBI Life Shubh Nivesh Review

Written by  Yashish Dahiya
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SBI Life Shubh Nivesh Review 


Plan Name: Shubh Nivesh

Insurer: SBI Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and returns on investment


Major USP of SBI Life Shubh Nivesh 


Whole Life Option Available

Riders can be opted

Large Sum Assured Rebate

Loan available


Eligibility of SBI Life Shubh Nivesh 


Minimum Entry Age: 18 Years

Maximum Entry Age: 60 Years

Maximum Age at Maturity: 70 Years

Policy Term: 5 to 30 Years

Premium Payment Term: Policy Term

Minimum Premium: Rs 6,000 per annum

Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly, Single Premium


What benefits does SBI Life Shubh Nivesh offer? 


Death benefit:

In case of unfortunate death of the life insured during the policy term, Sum Assured along with vested simple reversionary bonuses will be paid.

 

In case of unfortunate death of life insured during the policy term (Whole Life Option), Sum Assured with simple reversionary bonus will be paid.

In case of unfortunate death of life insured after the policy term (Whole Life Option), Sum Assured will be paid.

 

Maturity Benefit:

At the end of policy term, Sum Assured along with vested simple reversionary bonuses will be paid.

 

For whole life policies, there will be two payouts:

- At the end of policy term, Sum Assured along with vested simple reversionary bonuses will be paid.

- When life insured reaches age of 100, Sum Assured will be paid.

 

Riders:

You can opt for the following riders with the plan- preferred term rider, accidental death benefit and accidental total and permanent disability.

 

Loan:

You can apply for loan after the policy acquires surrender value.

 

Large Sum Assured Rebate:

For Sum Assured equal and above INR 1.5 lacs, discount on premium will be available.

 

Are there any tax benefits? 


Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.


What else should I know about SBI Life Shubh Nivesh?


Surrender Value: You can surrender the policy after the 3rd policy year. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.

 

Free Look Period: Shubh Nivesh plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

 

Compare Returns in Guaranteed Plans!!

How much will you get?

get_quote

 

 

86 comments
  • Comment Link SUNIT JAIPURIA Tuesday, 08 November 2011 19:53 posted by SUNIT JAIPURIA

    I WANT TO KNOW THE TERMS, CONDITIONS AND BENEFITS OF SHUBH NIVESH PLAN FOR 5 YEARS , 31 THOUSAND PER YEAR AS SAVINGS . MY AGE IS 43 YEARS

  • Comment Link Administrator Wednesday, 09 November 2011 10:24 posted by Administrator

    Hi Sunit
    If you opt for simple endowment policy with term of 5 years , then on maturity, you will get the Sum Assured opted during inception of the policy along with bonuses declared by SBI from time to time.

  • Comment Link Rahul Monday, 14 November 2011 20:40 posted by Rahul

    hi, SBI'agents are promising to give Rs 305000 after 5 years (endowment period) with yearly premium of Rs 30000.
    Is it true??

  • Comment Link Administrator Tuesday, 15 November 2011 17:51 posted by Administrator

    Hi Rahul
    It is very unlikely that you will get the amount mentioned by SBI agents. Endowment plans have low returns because of the low risk involved with them.

  • Comment Link lallan prasad Wednesday, 23 November 2011 14:15 posted by lallan prasad

    hi, SBI'agents are promising to give Rs 246000 after 5 years or monthly pension 3000/-& your principal value 246000 will be constant(endowment period) with yearly premium of Rs 26768.
    Is it true??

  • Comment Link Administrator Thursday, 24 November 2011 16:45 posted by Administrator

    Hi lallan prasad
    On maturity of Shubh Nivesh, a person gets Sum Assured along with bonuses. The Sum Assured is chosen at beginning of policy while the bonuses are not guaranteed. If anything happens to you during policy term of 5 years, Sum Assured is paid on demise of life insured.
    The annual premium amount for Sum Assured of Rs 246,000 for 30 year old person for policy term of 5 years is Rs 55,824.

  • Comment Link varun Saturday, 26 November 2011 23:30 posted by varun

    hi,SBI agent told me 4-6% of vested simple reversionary bonus. can u explane this bonus to me...how much i ll get after 5 years if premium is 30000/p.a

  • Comment Link prem Wednesday, 14 December 2011 22:12 posted by prem

    Hi,
    I got a call this evening from a SBI Life and the summary of what I discuused with the agent over half an hour is as below

    1)Shubh Nivesh offers 12% guaranteed interest (10% compound interest on the invested money and 2% bonus on the sum assured)
    2)Entire amount is tax free.
    3)Minimum lock in period is 5years.They have plans for 5,10,15,20 and 25 years.You can with draw even from a 25year plan after 5 years and get 12% with out any penalty.

    I could not understand this.If one can come out from a 25 year plan after 5 years with out any loss and penalty why should they have plans for 5,10 and 15 years....does that make any sense?

    I wonder if 12% INTEREST be true!!12% tax free is as good as some of the MFs when there is no risk.
    Hope he was not talking about his commision assured :-)

    Can you give me your openion on this.

    Many Thanks
    Regards
    Prem

  • Comment Link Mushtaq Thursday, 15 December 2011 11:49 posted by Mushtaq

    I have taken SBI Shubh Nivesh Whole life plan , with quarterly payment 15,000/-rs for over 20 years period, now can you please tell in brief what I will have at the end of 20 years as a estimated value. As my SBI agent is so much confused, when i enquired about it.

  • Comment Link Ram Mehar Sodhi Saturday, 24 December 2011 12:23 posted by Ram Mehar Sodhi

    Welcome to all of you. take a simple example to understand SBI Life Subh Nivesh Plan with whole life option If you at age 18. You opt for 500000 basic Sum Insured, 500000 Term rider and 500000 Accidental rider. In event of unfortunate death you will receive Rs. 15 Lacs + simple reversionary bonus. If you survive you will get after 15 years - Rs. 500000 guaranteed + Rs. 600000 Bonus@8%(this is an example)+ Rs. 500000 on unfortunate death at any age stage aftre 15 years. This is very wonderful USP of SBI Life. The premium only 37450 exclusive service tax. R M S Sodhi

  • Comment Link abhi Friday, 30 December 2011 11:53 posted by abhi

    @ Sodhi...thanks for this. But would you pls tell me whether it will be good it have it as for 5 yrs rather than 15 years? will i get good rturns?

  • Comment Link Musthaq Ahamed Thursday, 12 January 2012 12:54 posted by Musthaq Ahamed

    hi,
    i am planning to invest Rs 50000 per month for five years. i was told by SBI agent i wll get 395000 at the end of 5th year.is it true and i also would like to know why the 10% + 2% bonus is not mentioned any where.I have a doubt will it give me the above said returns

  • Comment Link sirisha Tuesday, 07 February 2012 14:29 posted by sirisha

    hi,
    i have been told by an agent that if i pay a monthly premium of 2100/ for 20 years in shubh nivesh i will get Rs 1500000 at the end of 20 years . is it true

  • Comment Link Administrator Tuesday, 07 February 2012 18:16 posted by Administrator

    Hi Sirisha
    SBI Shubh Nivesh is a traditional plan and as such returns are low. Assuming 10% annual return, a person aged 30 cannot get Rs 15 lacs with investment of Rs 2100 per month for 20 years.
    You can check the benefit illustration directly from SBI website which will tell you the guaranteed and non guaranteed returns.

    In your case, it seems agent is mistaken.

  • Comment Link ATUL SUMAN Monday, 20 February 2012 13:22 posted by ATUL SUMAN

    SBI SHUBH NIVESH AGENTS ARE CONVINCING TO GIVE ME 215000 AFTER 5 YEARS ON PAYMENT OF 25000 FOR FIVE YEARS ANNUALLY.IS IT AUTHENTIC

  • Comment Link Administrator Tuesday, 21 February 2012 18:39 posted by Administrator

    Hi Atul
    It seems unlikely that you will get Rs 215000 after 5 years with premium payment of Rs 25000.
    You can verify the same from SBI Life website calculator. The link is given below:
    http://www.sbilife.co.in/sbilife/images/contentimages/shubhnivesh_bi.htm

  • Comment Link Sanjay Wednesday, 22 February 2012 23:31 posted by Sanjay

    Shall a whole life optional plan withdrawl after 5 years what benefit i will get i am paying 20000 yearly

  • Comment Link Anshuman Sunday, 18 March 2012 00:39 posted by Anshuman

    Even I was convinced by the agents that Shubh Nivesh will yield 10% guaranteed return and hence I was lured into investing into it. I received the document today and the claim looks farce to me. However the only good thing is that I can return the policy within 15 days and I am going to do that, hoping it will be hassle free.

  • Comment Link Manvendra Chandola Friday, 06 April 2012 12:44 posted by Manvendra Chandola

    Hi An agent has called me , she said on investment of 30000 per year for 5 years, I will get 265000 after 5 years plus bonus. I asked her to send me mail , he deined same and ask me to check this our web site.
    Dont you think these are creating bad name of SBI in market ??

  • Comment Link Administrator Tuesday, 10 April 2012 11:12 posted by Administrator

    Hi Manvendra
    There will always be a few agents who mislead people in order to sell policy and get commission. You took the right decision by asking for written proof. If he's an SBI agent, you can take pro active approach and send an email regarding the same to SBI Life insurance.

  • Comment Link Manoj Wednesday, 09 May 2012 12:55 posted by Manoj

    My age is 39 years. I bought this bogus policy last year. I was told bonus will be good. What I have learnt last two bonuses have been 2.85% and 2.60% or so.
    My monthly subscription amount is Rs.5000. After five years I would have invested Rs.3 lakh. Now I am told what I will get after five years sum assured of Rs.2,17,000 plus bonues. Bonuses at the given rates come to Rs.30000/- for the five years. I would have paid Rs.3,00,000/- and on maturity I will not even get my money back. I will get only 2,17,000/-. Whole time insurance is also quite low of as much as 2,17,000. After being one year invested, I feel it is time to quit this bogus scheme.

  • Comment Link Kumar Friday, 11 May 2012 12:20 posted by Kumar

    Hi,
    I got a call from SBI agent, she is saying if I pay 5L in 5yrs, I will get 6800/- per MONTH, thru out life. Is it authentic?

  • Comment Link Indra kumar jha Saturday, 12 May 2012 22:44 posted by Indra kumar jha

    I want my last installment details.

  • Comment Link Kamal Tuesday, 15 May 2012 15:54 posted by Kamal

    I got call regarding Subh nivesh policy... Saying that i have to invest 25k for 5 years and will get 185000 rs. after 5 years and double tax benefit. 80c on 25k and 10D on return. Is it true ???

  • Comment Link subodh Thursday, 17 May 2012 22:31 posted by subodh

    i have taken a sbilife flexi smart policy paying 15000 per year for 10 years what will be the maturity amount

  • Comment Link Manish Friday, 18 May 2012 01:05 posted by Manish

    Hi

    I have just recieved Shubh Nivesh Policy from SBI, but I doubt on its return now. Broker told me the following

    1. I am paying 48000 yearly till five years which wil be equal to 240000 (48000 x 5)
    2. Sum insured on my policy is 181000 Rs.

    Now my question is How much I will be getting after 5 years, what broker told me that I will be getting the following as I have opted to finish this policy after 5 years

    1. Premium paid 240000 + 4 to 6 % of return which will be equal to around 280000 and plus 181000 (sum insured) which makes total of Rs. 420000. is that true?

  • Comment Link Administrator Friday, 18 May 2012 17:51 posted by Administrator

    Hi Kumar
    The agent is misleading you. There is no such thing. Kindly be careful.

  • Comment Link Administrator Friday, 18 May 2012 17:52 posted by Administrator

    Hi Indra
    Please contact SBI branch for payment related details.

  • Comment Link Administrator Friday, 18 May 2012 17:54 posted by Administrator

    Hi Kamal
    The tax benefits are applicable on all life insurance plans and not on particular plan.
    About investing Rs 25k for 5 years and getting the amount mentioned by you it is very unlikely. Kindly visit SBI website where you can calculate returns directly.

  • Comment Link Administrator Friday, 18 May 2012 17:55 posted by Administrator

    Hi Subodh
    Plz contact SBI Life customer care for maturity amount.

  • Comment Link Administrator Friday, 18 May 2012 17:59 posted by Administrator

    Hi Manish
    Unfortunately, it seems agent has mislead you.
    The maturity benefit is Basic Sum Assured+ Vested Reversionary Bonus. You can verify the same from SBI Life website.

  • Comment Link atul Wednesday, 23 May 2012 14:08 posted by atul

    I got call regarding Subh nivesh policy... Saying that i have to invest 25k yearly for 5 years and will get Rs 205000, i.e. 10% compound Int & 3% bonus after 5 years and double tax benefit. 80c on 25k and 10D on return. Is it true ???

  • Comment Link Gouri Thursday, 07 June 2012 11:06 posted by Gouri

    Hi,

    I just now received the call from SBI life insyrance agent. She was saying that if i Pay 20,000 per annuam for 5 years i'll get back 1,89,000 rs + medical insurance for 4 family member + 25% cashback on 1st installment if i tool the policy till saturday (6/9/2012) and she was agree to send email to me. After finishing the conversation, i immediately got a call from the same no. but the person was different. And he was not ready to send a soft copy to me.
    Please advise me for the same as I am interested in this policy.

    Regards,
    Gouri

  • Comment Link Administrator Wednesday, 13 June 2012 18:42 posted by Administrator

    Hi Gouri
    There are no such returns from SBI Life Shubh Nivesh. Medical insurance is not given with this plan. You did the right thing by asking for email. It so happens that in order to sell, many sales people mislead customers.

  • Comment Link Hema Thursday, 14 June 2012 12:09 posted by Hema

    Hi All,
    Good I came to this site. I just now got the call claiming from direct head office SBI Delhi.
    She explained me the same thing..Rs 50K yearly for 5 yrs and returns would be around 4.5 Lacs along with life cover, medical insurance for 4 members of family up to 5 lacs. Executive would be coming tomorrow to meet me and since 15th Jun is the last day for 25% cash back offer. she said I have to make it by tomorrow to avail this offer. I will get 12500 cash back in 2.5 month.
    Since it is from SBI I dont know whether to believe or not. She was claiming everything would be written in the bond including return amount after 5 yrs.

  • Comment Link Administrator Friday, 15 June 2012 10:53 posted by Administrator

    Hi Hema

    If you visit SBI Life website, you will see that in Shubh Nivesh, maturity benefits are equivalent to Basic Sum Assured+simple reversionary bonus. And if you use their calculator, you can see total benefits which you will receive.
    There is no cash back offer, medical insurance offers as such. If it was a genuine offer, it would have been advertised by SBI Life.
    However since they are making this offer, insist on written proof with all the benefits they are promising. And please share your experience here later.

  • Comment Link Rakesh Friday, 15 June 2012 22:46 posted by Rakesh

    SBI LIfe's Shubh Nivesh is totally a bogus policy and agents are fooling the people by showing false promises through their tele-representatives. However, the fact is that SBI Life Company knows this fact, even,then they are not taking any action against this fradusters who are playing with the people's hard earned money just for easy making commissions. The fact is that a person's even does not get his/her principal amount at the time of muturity of this policy because only sum assured, which is minimum than principal amount and bonues which are only 2-3 per cent of sum assured can not even more than 70 per cent of invested sum and again the only feature of refunding sum assured in case of accidental death, total disability or on completion of 100th year of once life is totally an illogical feature. I myself have wasted Rs. 75,000/- on this policy and in no more mood to further waste my money just to take sum assured at 100th year of my life.

  • Comment Link hemant Saturday, 16 June 2012 08:47 posted by hemant

    hi,
    i have invested 30k per annum (in SBI LIFE Shubh Nivesh Endowment plan) and committed to invest it for 10 years .. and the agents told me and even SBI Life department promised me that i will get Rs 665000 (guaranteed return) apart from other benefits at the end of 10th year (maturity of policy). when i read the policy document it does not mention this amount anywhere in the document. I still have 10 days left of my free look period so please advise me ASAP.
    Waiting for your answer.
    Thanks,
    Hemant

  • Comment Link Administrator Monday, 18 June 2012 10:56 posted by Administrator

    Hi Hemant
    In SBI Life Shibh Nivesh, on maturity you get Sum Assured and bonus. The Sum Assured is the guaranteed return part. You can check Sum Assured from your policy documents. For bonus, it is non-guaranteed and not very high.
    Rs 665,000 have not been mentioned in policy documents as it is a false statement. In endowment plans, such returns are very unlikely.

  • Comment Link Vishal Monday, 18 June 2012 14:07 posted by Vishal

    I got a call from SBI Life Insuarance Agent regaring investing in SBI Subh Nivesh Policy. Here is the calcualtion she shared with me.
    Annual Investment = 50,000/-
    Total Lock in period - 5 yrs
    Total Investment = 50,000*5 = 2,50,000/-
    Interest/year added-Flat 10% of the total investment=Flat 25K/yr
    Total amount insured after 5 yrs = 2,50,000 + (25K*5) = 3,75,000
    Can anybody suggest if it looks convincing??
    Invest 2,50,000/- (50K/yr) in 5 yrs and get 3,75,000/- in one shot guaranteed!!
    Need advise ASAP. Thanks!

  • Comment Link Administrator Tuesday, 19 June 2012 14:49 posted by Administrator

    Hi Vishal
    The statement about 10% flat returns is not true. Kindly ask them for written proof.

  • Comment Link Suhas Friday, 22 June 2012 11:11 posted by Suhas

    Hi
    Just i got a call, saying calling from IRDA, bangalore.

    The person who called has informed that, SBI Life-Shubh Nivesh plan is not performing good, please switch over to other companies namely HDFC, ICICI, Birla plan immediately before payment next premium instalment.

    Need your advice immediately. Thanks

  • Comment Link pankaj G Wednesday, 27 June 2012 19:52 posted by pankaj G

    HI,

    AN agent told me if I invest 30000 per year till 5 years. I will get sum of 2,40,000 after 5 years. Is it true?

  • Comment Link Administrator Thursday, 28 June 2012 11:11 posted by Administrator

    Hi Pankaj
    There are many instances of agents misleading in case of SBI Life Shubh Nivesh as you can read from comments of other people.

    Your agent is also misleading you, kindly ask for written documentation from him for his promised returns.

  • Comment Link Administrator Thursday, 28 June 2012 11:28 posted by Administrator

    Hi Suhas

    IRDA does not make any such calls. The person who called you is trying to mislead you into buying his plan so he can get commission.

  • Comment Link Ch Sridhar Monday, 02 July 2012 18:39 posted by Ch Sridhar

    I am paying in SBI subh nivesh whole life plan . The term is 5 years. Per year i am paying 50,000 rupees. At the end of 5 years how much i can get the maturity amount

  • Comment Link Richa Thursday, 05 July 2012 14:07 posted by Richa

    Hye
    I want to buy this policy ..but one of my frnd has received the bond and nowhere they have mentioned sum assured, only they have mentioned is that for 10 unit you will get @ of 14 . Kindly explain me this.

  • Comment Link v kumar Thursday, 05 July 2012 21:35 posted by v kumar

    hi i also have got caught up in fraudulant claims by sbi agent and when i complained about it by email to link provided at sbi life insurance site ,i got calls from irda agent to switch to some other insurance companies.
    So may i know how to complain about the fraudulant agent and is there a way to get out of this policy

  • Comment Link prabhat singh Saturday, 07 July 2012 14:03 posted by prabhat singh

    Hi,

    I just now received the call from SBI life insyrance agent. He was saying that if i Pay 30,000 per annuam for 5 years i'll get back 1,80,000 rs + Life insurance.Life insurance with two option 0ne is whole life coverage and and other with settalment option on maturity.If you chose second option company will give settalament amount 120000rs.I means to say that after 5 years i will get 300000rs. Please advise me In sbi shubh nivesh is this option is available or adviser giving wrong commitment?

    Regards,
    prabhat singh

  • Comment Link Priya Friday, 03 August 2012 16:19 posted by Priya

    This is a bogus policy, please do not buy it. There is chain of fake agents fooling people. This policy will not even return the money invested, all benefits goes to agents and brokers involved. SBI should take action against them as they are mis-leading people and giving policy of SBI life and making bad name of SBI.

  • Comment Link Ashish Saturday, 04 August 2012 13:08 posted by Ashish

    There is no gurantee I also got the call now and they told 10% guarantee then I asked what is the proof then they told sir we are saying that. The IRR ( CAGR ) return comes out to be 14%, which the logic is simple SBI is giving HL and other loans at 10-11%. Are they fool to get funds at higher interest ie 14% and give it to people for 11%..that too after spending so much on adv, agents, brokers...

  • Comment Link Prashanth Thursday, 23 August 2012 15:24 posted by Prashanth

    Hi all of u .
    all the policy from all the companys will be good , without any customers profit IRDA will not give permission to sell any plans.
    none of the plan is guaranteed . insurance is an assurance of returns , i have done single time investment 20lac in shubh nivesh on my wife name for 15yrs . and according to my calculation even 5yrs plan is much profitable than other private companys.
    believe the company and invest , not the agents . and plz check the ID card of the person who will come to collect ur docs. they will be the right person to advise u .

  • Comment Link krishna Saturday, 25 August 2012 16:52 posted by krishna

    Hi all of you ..... just to add for what everyone has said.... if you are looking for a guaranteed returns kind of plan.... then check aviva family income builder...... the product is quite interesting with tax benefits as well...

  • Comment Link srini Tuesday, 28 August 2012 14:38 posted by srini

    Hi,

    I have taken the SBI Shub nivesh policy , and before taking the policy , he has given the same calcualtion as vishal.
    Annual Investment = 50,000/-
    Total Lock in period - 5 yrs
    Total Investment = 50,000*5 = 2,50,000/-
    Interest/year added-Flat 10% of the total investment=Flat 25K/yr
    Total amount insured after 5 yrs = 2,50,000 + (25K*5) = 3,75,000
    Can anybody suggest if it looks convincing??
    Invest 2,50,000/- (50K/yr) in 5 yrs and get 3,75,000/- in one shot guaranteed!!

    And he has promised, I will be gettnig 2 gold coins and 1 wrist watch after 10 days of receiving the policy document. But till now I did not get anything. And he has told me for any death the insurance will be covered. But in the policy document, No riders are activated. Now I cannot cancel my policy also. Please suggest me what to do now.

  • Comment Link R J Wednesday, 29 August 2012 16:27 posted by R J

    THIS IS A BOGUS POLICY.
    I would advice to everyone that beware of investing your money onto this policy because you won't be even getting your invested money, post maturity of policy.
    Irrespective of what had been promised to you by the faggot agent, it will dfinietly gonna let you down.
    You will feel cheated and even if you drag them to consumer court, SBI will simply produce a document which states "INVEST YOUR MONEY AT YOUR OWN RISK".

    If an agent assures you or take gurantee of paying you double of your invested amount by SBI, ask him for a written document and that shall be stamped atleast by a SBI PO. SBI doesn't take any responsibility or accountability of the promises been made by the agent(s), once it's invested.

    Donate your money or burn it if you don't want to donate it; but don't invest on this policy...

  • Comment Link kavita Thursday, 27 September 2012 15:10 posted by kavita

    Hi, I am 30 years old and have taken this shubh nivesh traditional plan with 30,000 p.a. premium. SBI agent told me that I will get INR2,65,000/- after 5 years. Is it true. If not, how much I will receive. I have taken this policy in Dec, 2011.

  • Comment Link Administrator Monday, 01 October 2012 15:04 posted by Administrator

    Hi Kavita
    Apparently, like many people above, the agent has misled you. The maturity amount will be equal to Sum Assured which will be mentioned in the policy documents provided to you. You may also get some bonuses which are not guaranteed.

  • Comment Link Rahul Wednesday, 10 October 2012 16:38 posted by Rahul

    Hey,
    I also got cal from SBi agent regarding the Shubh Nivesh Policy,
    He asked me to invest Rs 30000/ p.a for 5 years.
    Then after 5 year I will get Rs 150000+Rs 30000(6% Compound interest) + Rs 120000 (Premium * 4) Sum Assured.

    Is this true that my amount will be double after 5 years, or is it fraud in name of SBI....
    Please provide your experienced reply, as I want to buy this policy soon..

  • Comment Link Administrator Friday, 12 October 2012 18:46 posted by Administrator

    Hi Rahul
    The amount will not double in 5 years. The amount you will get after 5 years will be total of
    1. Sum Assured
    2. Bonus

    And bonus amount is not guaranteed. It will depend on performance of company.

    Like the other people above who had faced similar doubts, it is quite possible that agent is misleading you.

  • Comment Link Sarvesh Rana Monday, 15 October 2012 14:15 posted by Sarvesh Rana

    I have two policies of SBI Subh Nivesh Life Plan Insvestment purchased in 2011 of Premium Rs.29886/- and Rs. 39952/-pa respectively for five year plan. Last week I got a phone call regarding declaration of some bonous in these policies. Kindly let me know the actual position and how this bonous will be received to me?

  • Comment Link Administrator Thursday, 18 October 2012 17:02 posted by Administrator

    Hi Sarvesh
    The bonus amount is added to your policy and it is paid along with maturity amount at the end of policy term.
    For specific information related to your policy, you should contact customer care of SBI Life or visit any of their branch office.

  • Comment Link John Tuesday, 23 October 2012 02:09 posted by John

    All Life insurance investment plans are just to play safe in case anything happens to the invester during policy term, best investment is the Fixed deposit with around 8.5% to 9.5% p.a. interest rate.

  • Comment Link mukesh  Gupta Sunday, 04 November 2012 18:54 posted by mukesh Gupta

    i have taken shubh nivesh policy from SBI Life agent @ 2000/ p.m. for 5 years he told me that iwould gaet back rs 170000.00 after 5 years & told that it is an R/D pl tell that is true

  • Comment Link PRASAN Monday, 05 November 2012 17:48 posted by PRASAN

    THY R NOT GIVING 12% , AS PROMISED BY AGENTS
    10% + 2% ON INTEREST WHAT U EARNED FOR THESE 3 YEARS

  • Comment Link raj Tuesday, 06 November 2012 01:53 posted by raj

    Thanks for guiding us. Even I received a call regarding shubh nivesh of 30,000. Per year
    For 5 year. And get 237248 after 5 year. Which is not
    Written any place only agent say. I'll definitely say him
    A big no .
    And thanx to all of u to share your experience.

  • Comment Link Abhishek Rathi Thursday, 08 November 2012 18:49 posted by Abhishek Rathi

    Dear Administrator,

    One of the agents called me to tell that under Shubh Nivesh Policy, if we pay Rs 1 L for 5 years, we would get Rs 8.5 L at the end of 5 years + 2% bonus.

    8.5L = 5L (Sum deposited) + 3.5 L (Interest)

    Is the policy tax free from the point of view of when we get our money returned? They are also providing us a discount of 20% on the premium.

    Please advice if the policy holds true.

  • Comment Link nitesh rathi Wednesday, 14 November 2012 11:09 posted by nitesh rathi

    sbilife nangal rai office has advised me to invest rs 100000/- per annum for 5 years under subh nivesh policy and the return after 5 years will be 8.5 lakh. please advice if it holds true

  • Comment Link Administrator Thursday, 15 November 2012 18:27 posted by Administrator

    Hi Abhishek
    As with many of our readers, you are also being mislead unfortunately. The returns mentioned to you are wrong. You can check them directly from SBI Life website.
    Please ask for written proof from sales executives when they mention such returns.

  • Comment Link Administrator Thursday, 15 November 2012 18:28 posted by Administrator

    Hi Nitesh
    It's not true. The returns have been amplified wrongly to make sales.

  • Comment Link Praveen Friday, 16 November 2012 22:44 posted by Praveen

    Hi All,
    I have also been lured into such a Shibh Nivesh Whole life plan.
    Pay Rs.50000/- for 5 years and get Rs.3,68,000/-.

    Sum Assured was 1,91,000/-
    And the agent kept on saying all thru the Freelook period that according to IRDA we do not reflect Maturity amount on the actual Policy bond paper.

    Now, my freelook period is also gone. What shud i do. Please help.

  • Comment Link Dr kapil Goyal Thursday, 29 November 2012 13:09 posted by Dr kapil Goyal

    Hi can u just tell me that I got the policy last year with a premium of rs 50000 per year.. With the whole life plan.... And how much approximate garunted amount I will get after 5 year
    Plz if possible please let me know in form of figure only

  • Comment Link madhuri Friday, 30 November 2012 17:29 posted by madhuri

    HI
    I Invest 30000 Per year in Shubhnivesh sbilife from last 2 year.
    I got a call from IRDA Mr. Aditya was there. told me to create a Agent Code. for this u have to make a F.D. of same amount with Reliance. after 45 days ur money will be return. ur agent had lock/hide your profile. your agent hadn't declare your bonus from last two years. If don't create a Agent code u didnot get any benefit. I was asking him why i should invest in F.D. what is the relation between Sbi life and Reliance. when i purchse sbi life agent was not clear me this thing. i am not intrested in F.D.with Reliance. I also ask him how agent should hide my profile. Am I a custmer of Sbi life Or agent. agent is not important for me. Mr. Aditya told me u r wrong u r a custmet of agent not sbi life if agent is not there how u know about the policy. U must have to create a agent code for getting the benefit. is this true Pl.advise me what i should do

  • Comment Link Administrator Friday, 30 November 2012 18:11 posted by Administrator

    Hi Praveen
    You can still take steps if you have been mislead by agent. Here's what you can do:
    1. You can approach grievance cell of SBI Life stating your case and request for cancellation of policy.
    2. You can approach insurance ombudsman too,
    3. You can also register your complaint with IRDA grievance cell. You can email them at this address: complaints@irda.gov.in

    Do follow up. And for further queries, drop a message here.

  • Comment Link Administrator Friday, 30 November 2012 18:20 posted by Administrator

    Hi Madhuri
    IRDA does not give random calls to customers and will never push you for buying any products. It seems Mr. Aditya is an impostor.
    Also you are correct. By buying insurance policy, you enter into relationship with insurance company (SBI Life in this case), an agent is just a go-between.
    You need not take any FD. If Mr. Aditya contacts you again, ask him to provide you with so called details in writing.

    These are just steps being taken by certain fraudulent persons to make sales.

    Feel free to get in touch with us for any more queries.

  • Comment Link manisha Friday, 07 December 2012 17:17 posted by manisha

    HI,

    I happend to come across this page accidentally. You have been very pateintly responding to all the mails. I really appreciate your efforts. I too have some queries. Can you help me understand the same as mentioned below?

    I took SBI Shubh Nivesh policy for Rs. 40,000.00 P/A for the term of 15 years.
    a) I am not able to understand actually how much will I get at the end of 15 years
    b) What is the rate of Interest and how will it be added?
    c) I'm a 40 yr old single women, with no dependents, is this policy correct for me?

    Please guide.

    Thanks,

    Manisha

  • Comment Link Administrator Friday, 07 December 2012 18:45 posted by Administrator

    Hi Manisha

    Thank you for your kind words.

    1. The maturity amount is equivalent to Sum Assured and bonuses. Refer to your policy documents, Sum Assured will be written there. That is the guaranteed amount you will get after 15 years. The bonus is non guaranteed amount and will depend on performance of SBI Life.
    2. The rate of interest is never known in insurance plans. Though interest rate in bonus is declared every year and it changes every year too. The bonus is added to your policy directly.
    3. SBI Life Shubh Nivesh is a traditional endowment plan. These type of plans offer guaranteed returns (Sum Assured). However they have very low returns and are not very transparent and flexible. For instance, if you cancel them mid way, you will lose substantial amount.
    Whether this policy is correct for you or not depends on your investment objective. Traditional plans by nature do not make very good investment options. But they do offer guaranteed amount on maturity so they are preferred by many people.

  • Comment Link Ravindra Wednesday, 12 December 2012 19:05 posted by Ravindra

    Hi,

    I am receiving a call from an SBI agent since 3-4days. She is saying if I invest 30k per annum for 5yrs, at the end of 5yrs I will get 2.25Lakhs assured + tax benefit under 80C + 1.5Lakh life coverage till 100yrs. I doubt the credibility of these statements be her. The plan looks interesting but when I asked if she can write that in a mail to me, she said they do not have Email service!!! I could not believe that! Please suggest if I should go ahead and invest with her or not !

    I really appreciate your efforts in replying to all queries. Thanks in advance!

  • Comment Link MANISH Friday, 14 December 2012 22:41 posted by MANISH

    PEOPLE DONT TAKE THIS POLICY..IT IS BOGUS BOGUS BOGUS

  • Comment Link Naveen Bhardwaj Tuesday, 18 December 2012 16:48 posted by Naveen Bhardwaj

    Hi SBI Staff,

    I have been told by sbi agent that If I pay 300000 Rs. per year for 5 years. After completion I will get 1500000+900000 and after that also life cover will be there and in case of death bank will pay 3000000 Rs.
    and another thing he told me that after paying 1st premium I will be eligible for a loan amount of 3000000 Rs on 7% interest rate.
    I am 32 years old... if there is any truth in that Please suggest me.

  • Comment Link Administrator Friday, 21 December 2012 18:31 posted by Administrator

    Hi Ravindra
    Every life insurance plan has tax benefits. As per current tax laws, the Sum Assured needs to 10 times the premium amount for tax benefits.
    If you take whole life option:
    At the end of 5 years, you will get Sum Assured plus bonus amount.
    When you reach age 100, you will get Sum Assured

  • Comment Link Administrator Friday, 21 December 2012 18:33 posted by Administrator

    Hi Naveen
    You are being mislead by agent. The returns quoted to you are completely wrong. Also offer on loan interest rate is just a way to lure you into buying policy.
    Kindly ask for written proof in such cases.
    A genuine agent will easily share with you all written documentation regarding the policy.

  • Comment Link Vishal Thursday, 27 December 2012 17:46 posted by Vishal

    Hi,

    please advice.

    I got a call from SBI Agent. According to him, 30000 PA premium will return me 2,42,000 after 5 years (Premium paid = 1,50,000). Is it true?

  • Comment Link g prasad Friday, 28 December 2012 21:06 posted by g prasad

    hi
    I was told by agent that by taking shub nivesh policy for 15 years with a premium of one lac per year. I will be benefited by monthly income of 19064/-per month for a period of my life or 100 years, post 15 years and there will a whole life coverage. Secondly he says the plan is going to get stopped by this month end that is 31st december


    Regards
    Prasad

  • Comment Link bharat Tuesday, 08 January 2013 10:25 posted by bharat

    I have three policies of SBI Subh Nivesh Life Plan Insvestment purchased in 2011 of Premium Rs.30000/ for each for five year plan. Last week I got a phone call regarding declaration of some bonous in Lakhs in these policies. The caller asked me to deposit 40,000 as securit amount in ICICI prudential policy which will be refunded with bonus. Is this fact true? The agents also get the commission from bonus amount? How one comes to know that the call is from company or some one else? Also what is code number?

  • Comment Link Mallikarjuna Wednesday, 06 February 2013 09:29 posted by Mallikarjuna

    Hi All,

    Shubh Nivesh is a traditional plan, usually in policy maturity amount will be clearly mentioned (may be some additional bonus). If agents are suggesting/promising any thing, demand for the written proof, otherwise the agents are fooling us for the commission amount.

    If we are investing in traditional plan, it should be tension free and we should know the maturity amount, otherwise why should invest in traditional plan

  • Comment Link abhishikth Monday, 25 February 2013 16:02 posted by abhishikth

    hey hi i have taken today the subh nivesh plan and teh premium is 1,00,000PA and can i know how much will i get after 3 years if i break the policy ater 5years

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