SBI Life Shubh Nivesh Policy

SBI Life Shubh Nivesh Policy Introduction

SBI Life Shubh Nivesh Policy is a traditional participating Endowment plan with bonus facilities. SBI Life Shubh Nivesh Policy provides two options one is Endowment option and other is Endowment with whole life coverage option. Endowment cover option provides Savings, Income and insurance cover to you and your family. Endowment with whole life coverage option provides long-term coverage for whole life under this SBI Life Shubh Nivesh Policy. In SBI Life Shubh Nivesh Policy the policyholder have a flexibility to choose either single or regular premium payment. SBI Life Shubh Nivesh Policy had the option to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon your needs. This SBI Life Shubh Nivesh Plan provides option of Deferred Maturity Benefit to receive the basic sum assured at regular intervals over a time period 5 or 10 or 15 or 20 years. SBI Life Shubh Nivesh Plan provides rebates on large sum assured and also provides additional rider benefits at an affordable cost.

Terms and Eligibility Conditions For SBI Life Shubh Nivesh Policy

Entry age	Minimum – 18 years Maximum – 58 years (For Regular premium) Maximum – 60 years (For Single premium) Maximum – 50 years (For Endowment with whole life option)
Maximum Maturity age	100 years (For Endowment with whole life option) 65 years (For all other options)
Sum Assured	Minimum – Rs. 75,000 (multiples of 1000) Maximum – No limit
Minimum Policy term	Endowment option – 7 years (For Regular Premium) Endowment option – 5 years (For Single Premium) Endowment with whole life option – 15 years (For Regular Premium) Endowment with whole life option – 15 years (For Single Premium)
Maximum Policy term	30 years (Endowment term)
Premium Frequency	Single Premium, Yearly, Half-yearly, Quarterly or Monthly modes
Premium paying term	Same as policy term
Premium Frequency loading	Half – Yearly: 52% of annual premium Quarterly: 26.5% of annual premium Monthly: 8.9% of annual premium
Minimum Premium	Single premium – Based on the minimum sum assured Yearly – Rs.6000 Half-Yearly – Rs.3000 Quarterly – Rs.1500 Monthly – Rs.500
Maximum Premium	No limit
Grace period	If the premium is not paid within the time then a delay of 30 days for Yearly, Half-yearly and Quarterly and 15 days for monthly mode is given to pay the premium which is called grace period.

SBI Life Shubh Nivesh Policy Rebates

SBI Life Shubh Nivesh Policy provides rebates on large sum assured based on basic premium. Following rebates are provided for different ranges of sum assured are tabulated below.

Sum Assured (Rs.)	Rebates on Regular premium per Rs. 1000 sum assured (p.a.)	Rebates on Single premium per Rs. 1000 sum assured
75,000 to less than 1,50,000	NIL	NIL
1,50,000 to less than 3 lakhs	Rs.2.25	Rs.4.50
3 lakhs to less than 6 lakhs	Rs.4.50	Rs.9.00
6 lakhs and above	Rs.6.00	Rs.12.00

Benefits of SBI Life Shubh Nivesh Policy

Maturity benefits: Depends on the option chosen by the policyholder

• For Endowment option: After completion of Endowment term, the basic sum assured + Vested simple reversionary bonus and terminal bonus (if any)  will be paid, provided the policy is in-force.
• Endowment for whole life option: After completion of Endowment term in SBI Life Shubh Nivesh whole life plan, the basic sum assured + Vested simple reversionary bonus and terminal bonus (if any)  will be paid, provided the policy is in-force.

Deferred Maturity Payment option is available – This option can be selected at the end of endowment term.

On attainment of 100th birthday – Basic sum assured will be paid.

Death Benefits: If in case of unfortunate death of life insured, then the death benefits are provided based on the option chosen by policyholder.

• For Endowment option: Death before the completion of endowment term provided the policy is in force.

For Regular Premium the death benefits paid to nominee are given below

• Sum assured on death + Vested simple reversionary bonus + terminal bonus(if any)
• 105% of all premiums paid.

Sum Assured on death is higher of basic sum assured, or a multiple of annualized premium, where multiple is:

Policy term	Age at entry of life assured less than 45 years	Age at entry of life assured 45 years or more
Less than 10 years	5	5
10 years or more	10	7

For Single premium Sum assured on death + Vested simple reversionary bonus + terminal bonus(if any)

Sum Assured on death is higher of basic sum assured, or a multiple of single premium, where multiple is:

Age at entry of life assured less than 45 years	Age at entry of life assured 45 years or more
1.25	1.10

• Endowment for whole life option:   
  • Death before the completion of endowment term provided the policy is in force: Death Benefit as defined under point 1 of Endowment option, will be paid to the nominee.
  • Death after the completion of endowment term and up to 100 years of age:
    • Basic Sum Assured benefit will be paid to the nominee.
    • Balance amount of Deferred Maturity Payment Option (if availed and if any) will be paid to the nominee. However, the nominee has an option to take the remaining installments in lump sum which will be equal to the discounted value of the remaining installments.

Rider Benefits: Three types of riders are available under this SBI Life Shubh Nivesh policy. More than one option can be selected under this plan. The rider sum assured cannot be more than the Basic sum assured.

• Preferred term rider: In an unfortunate death of policyholder, the rider sum assured will be paid to nominee in addition to basic sum assured.
• Accidental Death benefit rider: In case of death of policyholder due to an accident, the rider sum assured will be paid to nominee in addition to basic sum assured.
• Accidental total and permanent disability rider: This type of riders provides protection against such disabilities.

SBI Life Shubh Nivesh Policy Eligibility conditions for riders

Type of rider	Minimum Sum Assured (Rs.)	Maximum Sum Assured(Rs.)
Preferred term rider	25,000	50 lakhs
Accidental Death benefit rider	25,000	50 lakhs
Accidental total and permanent disability rider	25,000	50 lakhs

Riders related documents and forms are attached below

SBI Life Accidental Death Benefit Rider

SBI Life Accidental Death Benefit Rider Policy Document Form 58

SBI Life Accidental Total Permanent Disability Benefit Rider

SBI Life Accidental Total and Permanent Disability Benefit Rider UIN-111B016V02

SBI Life Preferred Term Rider UIN-111B014V02

SBI Life Preferred Term rider

SBI Life Shubh Nivesh policy Buying procedure

Documents needed to apply for an SBI Life Shubh Nivesh plan are given below

• Identity Proof
• Age Proof
• Income Proof
• Address Proof
• PAN Number

Policy documents of SBI Life Shubh Nivesh Policy are attached below

SBI Life Shubh Nivesh Policy Document Form 54

Claim Procedure of SBI Life Shubh Nivesh Policy

List of documents to be submitted during claim settlement.

• Duly filled claim form
• Original policy document
• Original death certificates

In detail, documents to be submitted for claim are attached below

SBI Life Shubh Nivesh Policy Claim form

SBI Life Shubh Nivesh Policy Customer care

If any doubts regarding this SBI Life Shubh Nivesh policy, call toll-free number 1800-22-9090 or 1800-425-9010 or SMS ‘CELEBRATE’ to 56161 or E-mail to info@sbilife.co.in.

SBI Life Shubh Nivesh Policy Premium Calculator

Details required for calculating premium under SBI Life Shubh Nivesh Policy are

Age:

Plan: Endowment option/ Endowment with whole life option

Policy term:

Premium frequency:

Sum assured:

Type of rider:

SBI Life Shubh Nivesh Policy Example

Rajesh decided to take SBI Life Shubh Nivesh Policy. His following details for calculating premium are given below

Age: 30 years

Policy term: 20 years

Premium frequency: Single

Sum assured: Rs.10 lakhs

Type of rider

• Preferred term rider – term 5 years and sum assured is Rs. 1,00,000
• Accidental death benefit – term – 15 years and sum assured is Rs. 2,00,000
• Accidental total and Permanent disability rider – term 15 years and sum assured is Rs. 3,00,000

Case 1: If Rajesh had taken Endowment option, the premium he has to pay is tabulated below.

Premium for basic cover

Plan proposed	Term	Premium payment	Sum assured	Single Premium
Endowment option	20 years	Single	Rs.10 lakhs	Rs.576890

Premiums for riders

Type of rider	Term	Sum assured	Single Premium
Preferred term rider	5 years	Rs. 1,00,000	Rs.701
Accidental death benefit	15 years	Rs. 2,00,000	Rs.916
Accidental total and Permanent disability rider	15 years	Rs. 3,00,000	Rs.1101

Rajesh has to pay total premium without tax is  Rs. 579608

Total premium with tax is Rs.597518

Case 2: If Rajesh had taken Endowment with whole life option, the premium he has to pay is tabulated below.

Premium for basic cover

Plan proposed	Term	Premium payment	Sum assured	Single Premium
Endowment option	20 years	Single	Rs.10 lakhs	Rs.658770

Premiums for riders

Type of rider	Term	Sum assured	Single Premium
Preferred term rider	5 years	Rs. 1,00,000	Rs.701
Accidental death benefit	15 years	Rs. 2,00,000	Rs.916
Accidental total and Permanent disability rider	15 years	Rs. 3,00,000	Rs.1101

Rajesh has to pay total premium without tax is  Rs. 661488.

Total premium with tax is Rs.681928

Additional Information of SBI Life Shubh Nivesh Policy

Policy Revival: You may reinstate your lapsed policy within 2 years from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.

Free look period:  If you are not satisfied with this policy, you can return the policy  within 15 days of receiving the policy contract. Your premiums will be refunded by deducting some charges of stamp duty and  medical examination(if any).

Tax Benefits: Tax deduction under Section 80C is available. However, in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt. For more information regarding Tax Benefits, visit www.taxqueries.in.

Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then the policy will become null and void and no claim will be paid. However, 80% of premium for what the policyholder had paid will returned to his/her assignees or nominees.

Policy loans: Loans will be available after policy acquires surrender value. The policy loan will be limited to a maximum of 90% of surrender value.

Paid up value: The policy will acquire a paid up value only if the premiums have been paid for at least 2 full years for less than 10 years policy term and at least 3 full years for more than 10 years policy term.

Surrender value: Surrender Benefit is available after 3 years for Regular Premium and 1 year for Single Premium.

• Guaranteed Surrender Value for Regular Premium=30% of all premiums paid – 1st year’s premium
• Guaranteed Surrender Value for Single Premium= 80% of Single Premium in 2nd and 3rd year and 90% thereafter.

For monthly mode, 3 months premium must be paid in advance and Renewal premium payment through ECS (Electronic clearing system) or by standing instructions.

For Monthly Salary saving scheme(SSS) 2 month premium to be paid in advance and renewal premium payment is allowed only through salary deduction.

FAQ’s of SBI Life Shubh Nivesh Policy

What happens if you stop paying the premium?

If the policyholder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years premiums have been paid, then the policy gets converted to a Paid Up Policy and continues with reduced coverage.

Is any loan facilities are available under this policy?

Loan facility is available in this plan after the policy acquires Surrender Value.

Can you provide benefit Illustration for the Endowment option?

Consider a person aged 30 years had taken 25 years policy term and sum assured by him is Rs. 25 lakhs and his benefits and details are tabulated below.

Plan Option	Sum assured	Policy term	Premium Frequency	Regular Premium with Service tax	Maturity Benefit @4%	Maturity Benefit @8%
Endowment option	Rs.25 lakhs	25 years	yearly mode	Rs.95,230	Rs.38,65,625	Rs.46,56,250

SBI Life Shubh Nivesh Policy Forms and Documents

TS Shubh Nivesh Brochure 19 09 14

Shubh Nivesh Single Pager v09

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