SBI Life Insurance has 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 a risk-averse profile.
"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," SBI Life Insurance, managing director and chief executive officer, M N Rao, said in a release on Monday.
The product is available in two options. In the endowment assurance option, the accrued bonus and the sum assured amount is payable during the unfortunate event of death during the endowment term or on survival at the end of term, the release said.
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 100 years of age.
Catering to the income needs arising out of changing life stages, Shubh Nivesh presents an attractive feature of deferred maturity payment options. This option enables customers to withdraw the sum assured component as the income at the end of endowment term, during regular intervals over a period of 5, 10, 15, or 20-years.
SBI Life Shubh Nivesh can be availed by an investor who is at least 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 release said.
The product is available in both single and regular premium payment options at a sum assured starting at Rs 75,000 with no upper limit. Customers can 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.
SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Assurance. SBI owns 74 per cent of the total capital and BNP Paribas Assurance the remaining 26 per cent.
