SBI Life - Shubh Nivesh Plan

Death Benefit

Endowment Option:

In the event of unfortunate death of the life assured before completion of the endowment term, for regular premium, the death benefit payable is higher of Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid. Sum Assured on Death is higher of basic sum assured or multiple of annualized premium. Multiple of annualized premium is 5 times for the policy term less than 10 years. When policy term is 10 years or more, Multiple of annualized premium is 10 times when age at entry is less than 45 years and it is 7 times when age at entry is 45 years or more.

For single premium, the death benefit payable is Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus. Sum Assured on Death is higher of basic sum assured or multiple of single premium. Multiple of single premium is 1.25 times when age at entry is less than 45 years and it is 1.10 times when age at entry is 45 years or more.

For Endowment with Whole Life Option:

When death occurs prior completion of the endowment term, the death benefit payable is higher of Sum Assured on Death plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid.

When death occurs after completion of the endowment term up to 100 years of age, the basic sum assured is paid to the nominee. The balance amount of deferred maturity payment option is paid to the nominee. The nominee also has an option to receive the outstanding installments as a lump sum.

Maturity Benefit

Endowment Option:

On completion of the endowment term, Basic Sum Assured plus Vested Simple Reversionary Bonuses plus Terminal Bonus is payable, provided the policy is in-force. Deferred maturity payment option is available that can be opted at the end of the endowment term.

For Endowment with Whole Life Option, the basic sum assured is payable on attaining the 100^th birthday.

Bonus

Vested Simple Reversionary Bonuses is declared as a percentage of the sum assured. Once declared, Reversionary Bonus becomes part of guaranteed benefit of the plan. Future bonuses are non-guaranteed and it depends on future profits. Terminal Bonus is paid at maturity, surrender, or death, whichever is earlier.

Loan Benefit

The policy loan can be availed up to 90% of the Special Surrender Value.

Surrender Value

For regular premium policies, Surrender Value can be acquired on payment of at least 2 full policy years’ premiums for policy term less than 10 years and the premium payment for 3 full policy years is required to acquire the surrender value for policy term 10 years or more. For single premium policies, Surrender Value can be acquired on paying premiums of the first policy year. Surrender Value payable is higher of Guaranteed Surrender Value or Non-Guaranteed Special Surrender Value.

Tax Benefit

You can avail tax benefits under as applicable under the Income Tax Act, subject to change in tax laws.

Following riders can be opted under this plan, on payment of additional rider premium.

• SBI Life - Preferred Term Rider
• SBI Life - Accidental Death Benefit Rider
• SBI Life - Accidental Total and Permanent Disability Benefit Rider

Let’s understand the plan with the help of the below illustrated example.

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy SBI Life - Shubh Nivesh endowment option with the policy term of 7 years and basic sum assured of Rs 75,000.

Scenario A: Raman Survives through the Policy Term

On survival of Raman till the end of the policy term, Rs 75000 plus Vested Simple Reversionary Bonuses plus Terminal Bonus or 105% of the total premiums paid is payable. The maturity benefit payable helps build your wealth.

Scenario B: Raman dies during the Policy Term

On the death of Raman during the policy term, the death benefit payable is Rs 75000 plus Vested Simple Reversionary Bonuses plus Terminal Bonus. The death benefit provides a financial cover for the family, in the event of a mishap.