Launch Date | Product Code | UIN | Status |
22/6/2016 | 35 | 111N055V03 | Active |
Under this SBI Life Shubh Nivesh plan, an individual decides upon a simple endowment plan or an endowment with whole-life cover and can choose to pay a single premium or regular premium for a policy term selected between 5 to 30 years. After the policy term ends on maturity, he receives a lumpsum as maturity benefit which includes basic sum assured and accrued bonus.
The individual can opt to receive maturity benefit in the form of regular periodic payouts (deferred payout). This maturity benefit consist of accrued bonus which is paid at the end of the policy term and the sum assured is paid over the deferred payout period i.e. 5 or 10 or 15 or 20 years.
Endowment Options:
In-case on death of the individual during the policy term if he has paid regular premiums, his nominee receives Sum assured on death and accrued bonus. The sum assured on death is a higher value from
3. 105% of the annualized premium
If he has paid a single premium then on his death, nominee receives Sum assured on death and accrued bonus. The sum assured on death is a higher value from basic sum assured or a multiple (1.25 if age of insured is less than 45 years or 1.0 if the age of the insured is greater than 45 years) of single premium paid. Suppose if the individual dies during the payout term (deferred period) then the nominee receives the remaining instalments.
Endowment with Whole Life Option:
If an individual has taken a whole-life endowment plan and dies after the maturity has been paid, then the nominee receives basic sum assured. If policyholder survives till the age of 100 he would receive basic sum assured additionally.
Let us now understand with an illustration,
Consider
Person’s age: 37 years
Policy term: 15 years
Premium payment term: 15 years
Consider a 37 year old person, chooses a sum assured of Rs 1 lakh for a whole-life endowment plan and pays regular annual premium of Rs 9497 for a term of 15 years. On maturity, he will receive approximately Rs. 171051 maturity benefit which includes Sum assured and accrued bonus. On his survival for 100 years of age he gets additional maturity benefit of Rs 1 lakh.
If he dies during the 5th year of the policy term, his nominee receives Rs 1 lakh as death benefit and accrued bonus of approximately Rs. 20000. Suppose he survives the policy term and dies in the 18th year then his nominee gets only the sum assured of Rs 1 lakh as death benefit.
BonusYear | RevBonus | TerminalBonus | InterimBonus | MinPPT | MinPT | MaxPT | ||||
---|---|---|---|---|---|---|---|---|---|---|
2013-14 | 3% | 10.00% | 3.00% | Regular Pay | 5 | 9 | ||||
2013-14 | 3% | 3.00% | Regular Pay | 10 | 14 | |||||
2013-14 | 3% | 3.00% | Regular Pay | 15 | 19 | |||||
2013-14 | 3.10% | 3.10% | Regular Pay | 20 | 24 | |||||
2013-14 | 3.10% | 3.10% | Regular Pay | 25 | Above | |||||
2013-14 | 3.25% | 10.00% | 3.25% | Single Pay | 5 | 9 | ||||
2013-14 | 3.25% | 3.25% | Single Pay | 10 | 14 | |||||
2013-14 | 3.25% | 3.25% | Single Pay | 15 | 19 | |||||
2013-14 | 3.25% | 3.25% | Single Pay | 20 | 24 | |||||
2013-14 | 3.25% | 3.25% | Single Pay | 25 | Above | |||||
2013-14 | 2.75% | 2.75% | Regular Pay | 5 | 9 | |||||
2013-14 | 2.75% | 2.75% | Regular Pay | 10 | 14 | |||||
2013-14 | 2.75% | 2.75% | Regular Pay | 15 | 19 | |||||
2013-14 | 2.75% | 2.75% | Regular Pay | 20 | 24 | |||||
2013-14 | 2.75% | 2.75% | Regular Pay | 25 | Above | |||||
2013-14 | 2.75% | 2.75% | Single Pay | 5 | 9 | |||||
2013-14 | 2.75% | 2.75% | Single Pay | 10 | 14 | |||||
2013-14 | 2.75% | 2.75% | Single Pay | 15 | 19 | |||||
2013-14 | 2.75% | 2.75% | Single Pay | 20 | 24 | |||||
2013-14 | 2.75% | 2.75% | Single Pay | 25 | Above | |||||
2014-15 | 3% | 12.00% | 3.00% | Regular Pay | 5 | 9 | ||||
2014-15 | 3% | 3.00% | Regular Pay | 10 | 14 | |||||
2014-15 | 3% | 3.00% | Regular Pay | 15 | 19 | |||||
2014-15 | 3.10% | 3.10% | Regular Pay | 20 | 24 | |||||
2014-15 | 3.10% | 3.10% | Regular Pay | 25 | Above | |||||
2014-15 | 3.25% | 12.00% | 3.25% | Single Pay | 5 | 9 | ||||
2014-15 | 3.25% | 3.25% | Single Pay | 10 | 14 | |||||
2014-15 | 3.25% | 3.25% | Single Pay | 15 | 19 | |||||
2014-15 | 3.25% | 3.25% | Single Pay | 20 | 24 | |||||
2014-15 | 3.25% | 3.25% | Single Pay | 25 | Above | |||||
2014-15 | 2.75% | 2.75% | Regular Pay | 7 | 9 | |||||
2014-15 | 2.75% | 2.75% | Regular Pay | 10 | 14 | |||||
2014-15 | 2.75% | 2.75% | Regular Pay | 15 | 19 | |||||
2014-15 | 2.75% | 2.75% | Regular Pay | 20 | 24 | |||||
2014-15 | 2.75% | 2.75% | Regular Pay | 25 | Above | |||||
2014-15 | 2.75% | 2.75% | Single Pay | 5 | 9 | |||||
2014-15 | 2.75% | 2.75% | Single Pay | 10 | 14 | |||||
2014-15 | 2.75% | 2.75% | Single Pay | 15 | 19 | |||||
2014-15 | 2.75% | 2.75% | Single Pay | 20 | 24 | |||||
2014-15 | 2.75% | 2.75% | Single Pay | 25 | Above | |||||
2015-16 | 3% | 45% | 3.00% | Regular Pay | 5 | 9 | ||||
2015-16 | 3% | 3.00% | Regular Pay | 10 | 14 | |||||
2015-16 | 3% | 3.00% | Regular Pay | 15 | 19 | |||||
2015-16 | 3.10% | 3.10% | Regular Pay | 20 | 24 | |||||
2015-16 | 3.10% | 3.10% | Regular Pay | 25 | ||||||
2015-16 | 3.25% | 25% | 3.25% | Single Pay | 5 | 9 | ||||
2015-16 | 3.25% | 3.25% | Single Pay | 10 | 14 | |||||
2015-16 | 3.25% | 3.25% | Single Pay | 15 | 19 | |||||
2015-16 | 3.25% | 3.25% | Single Pay | 20 | 24 | |||||
2015-16 | 3.25% | 3.25% | Single Pay | 25 | ||||||
2015-16 | 3.25% | 40% | 3.25% | Regular Pay | 5 | 9 | ||||
2015-16 | 3.25% | 3.25% | Regular Pay | 10 | 14 | |||||
2015-16 | 3.25% | 3.25% | Regular Pay | 15 | 19 | |||||
2015-16 | 3.25% | 3.25% | Regular Pay | 20 | 24 | |||||
2015-16 | 3.25% | 3.25% | Regular Pay | 25 | ||||||
2015-16 | 3.25% | 35% | 3.25% | Single Pay | 5 | 9 | ||||
2015-16 | 3.25% | 3.25% | Single Pay | 10 | 14 | |||||
2015-16 | 3.25% | 3.25% | Single Pay | 15 | 19 | |||||
2015-16 | 3.25% | 3.25% | Single Pay | 20 | 24 | |||||
2015-16 | 3.25% | 3.25% | Single Pay | 25 | ||||||
2015-16 | 2.85% | 2.85% | Regular Pay | 7 | 9 | |||||
2015-16 | 2.85% | 2.85% | Regular Pay | 10 | 14 | |||||
2015-16 | 2.85% | 2.85% | Regular Pay | 15 | 19 | |||||
2015-16 | 2.85% | 2.85% | Regular Pay | 20 | 24 | |||||
2015-16 | 2.85% | 2.85% | Regular Pay | 25 | ||||||
2015-16 | 2.75% | 2.75% | Single Pay | 5 | 9 | |||||
2015-16 | 2.75% | 2.75% | Single Pay | 10 | 14 | |||||
2015-16 | 2.75% | 2.75% | Single Pay | 15 | 19 | |||||
2015-16 | 2.75% | 2.75% | Single Pay | 20 | 24 | |||||
2015-16 | 2.75% | 2.75% | Single Pay | 25 | ||||||
2015-16 | 2.85% | 2.85% | Regular Pay | 15 | 19 | |||||
2015-16 | 2.85% | 2.85% | Regular Pay | 20 | 24 | |||||
2015-16 | 2.85% | 2.85% | Regular Pay | 25 | ||||||
2015-16 | 2.85% | 2.85% | Single Pay | 15 | 19 | |||||
2015-16 | 2.85% | 2.85% | Single Pay | 20 | 24 | |||||
2015-16 | 2.85% | 2.85% | Single Pay | 25 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. The company offers a wide range of life insurance and pension products at economical prices.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.