SBI Life Insurance, launched SBI Life - Shubh Nivesh, a traditional savings plan with an option of whole life cover. Shubh Nivesh has been designed to meet the savings, protection and income needs of customers having risk-averse profile.
M N Rao, MD & CEO, SBI Life Insurance said, “Strengthening our product suite, the introduction of Shubh Nivesh is a step towards presenting customers a range of solutions which enables them to choose one that best suits their risk profile and financial needs.”
The product is available in two options. In Endowment Assurance option, the accrued bonus and the sum assured amount is payable during an unfortunate event of death during the endowment term or on survival at the end of term. In addition to these benefits, in Whole Life Endowment option, an amount equivalent to Sum Assured is payable on an unfortunate event of death even after the completion of endowment term or on survival till age 100 years.
SBI Life Shubh Nivesh can be availed of an investor who is atleast 18 years or at most 60 years of age. The maximum life coverage is for 65 years, which could be increased up to 100 years by opting for a whole life add-on rider. The product is available under both single and regular premium payment options at a sum assured starting at Rs 75,000 with no upper limit.
Premiums can be paid yearly, half yearly, quarterly or monthly depending on customer’s convenience. Also, at additional cost, preferred term, accidental death benefit and accidental total and permanent disability benefit riders are available with the plan.
Customers can also avail of Tax Benefits u/s 80 C and 10(10 D) of the Income Tax Act on the premiums and maturity or death proceeds.