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.
