Shubh Nivesh is insurance cum savings plan of SBI Life. SBI Shubh Nivesh Plan gives three benefits of savings, income, and protection of investment through a single plan. Basically, Shubh Nivesh is an endowment product which gives its investors an option of whole life coverage.
SBI has pinned too much hope on this plan. In fact, if one considers the initial reactions by investors and advisers then this plan is on the way to become a hugely successful plan. The one important aspect of this plan which led to its success is the flexibility of withdrawal that it gives to its investors. Investors can choose the whole amount in a lump sum manner after the maturity or even go for regular income mode according to their needs. Good savings coupled with security of money and regular income has made this plan a success.
Salient Features of Shubh Nivesh Plan
- The benefits of savings, income, and protection of investment combined in a single financial product
- The flexibility of withdrawal after maturity
- Options of both single and premium payment
- Spectacular terms of risk coverage by making provision for triple riders risk coverage that is, Preferred Term Rider, Accidental Death Benefit Rider, Accidental Total and Permanent Disability Rider
- Tax benefits
Options for Investors with this Plan
Investors will get two options with Shubh Nivesh
- Endowment Assurance: This is nothing but the basic option of this plan. It works in the traditional endowment mode. Till the end of the endowment term the investors will be credited with simple reversionary bonuses. The whole sum will be paid to the investor on death or on maturity.
- Whole Life Endowment: It is the policyholders who have to declare about their choice for the whole life endowment at the commencement of the policy. The sum assured and the bonus accrued will be paid to the policyholders at appropriate time.