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(An Individual, Non- linked, Participating Life Insurance Savings Product with an option of Whole Life cover)

(UIN: 111N055V04)

SBI Life - Shubh Nivesh is an Individual, non- linked, participating Life Insurance savings product with an option of Whole Life coverage. The basic purpose is to provide multiple benefits of Insurance cover, Savings and regular Income to you and your family. Not only you can save regularly for your future but you also have the flexibility to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon your needs.

key attractions

Two Plan Options

Choice between Endowment Option and Endowment with Whole Life option as per your need

Additional Coverage

Through additional rider benefits at an affordable cost

Provides Additional Basic Sum assured

on death of the life assured post maturity, under the Endowment with whole life option

Eligibility

Age* at Entry

Min.: 18 years

Max.: Endowment Option:
Regular Premium - 55 years
Single Premium - 60 years
Endowment with Whole Life option - 50 years

(For both Single/Regular premium)

Maximum Age* at Maturity

65 years

Basic Sum Assured

Min: Rs.75,000 (x 1,000/-)

Max: No Limit, subject to Board approved underwriting policy

Policy Term

Min.:
Endowment Option
10 years (Regular Premium) / 5 years (Single Premium)
Endowment with Whole life option
15 years

(For both Single/Regular Premium)

Max.: 30 years (Endowment Term)

Premium

Min.

Max.

Single Premium: Rs. 43,000

No Limit, subject to Board approved underwriting policy

Yearly: Rs.6,000

Half yearly: Rs. 3,000

Quarterly: Rs. 1,500

Monthly#: Rs. 500

*All the references to age are age as on last birthday.

#For Monthly mode, upto 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card).

For Monthly Salary Saving Scheme (SSS), upto 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction.

Benefits

Maturity Benefit: Depending upon the plan option chosen:

  • Endowment Option-

    • After completion of endowment term, Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any will be paid, provided the policy is in-force.

    • Deferred Maturity Payment option is available: Can be selected at the end of the endowment term

  • Endowment with Whole Life Option-

    • After completion of endowment term, Basic Sum Assured + Vested Simple Reversionary Bonuses + Terminal bonus, if any will be paid, provided the policy is in-force​

      • On attainment of 100th years of age: Basic Sum Assured will be paid, provided the policy is in-force

      • Deferred Maturity Payment option is available: Can be selected at the end of the endowment term

 

Death Benefit: In the unfortunate death of the Life Assured, depending upon the plan option chosen

  • Endowment Option- Before the completion of endowment term provided the policy is in-force:

  • For Regular Premium: Higher of (A,B) is paid to the nominee/ beneficiary/legal heir, where:

A) Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal bonus, if any.
Where the Sum assured on death is Higher of Basic Sum Assured or 10 times of annualized premium$$
Where, $$annualized premium is the premium payable in a year, chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

B) 105% of the total premiums received@ up to the date of death.
@Total premiums received/ paid means total of all the premiums received, excluding any extra premium, rider premium and taxes.

  • For Single Premium: Sum Assured on death +Vested Simple Reversionary Bonuses + Terminal bonus, if any, is paid to the nominee/ beneficiary/ legal heir. Where the Sum assured on death is Higher of Basic Sum Assured or 1.25 times of single premium.
  • Endowment with Whole Life Option-

    • Before the completion of endowment term provided the policy is in-force: Death Benefit as defined under point 1 of Endowment option, will be paid to the nominee/beneficiary/legal heir

    • After completion of the endowment term and up to 100 years of age, provided the policy is in-force: Basic Sum Assured benefit will be paid to the nominee/beneficiary/legal heir

 

Deferred Maturity Payment Option:

At the end of the endowment term, you can either withdraw the full basic sum assured along with accumulated bonuses or you can withdraw only the bonus, leaving the basic sum assured to be drawn as income at regular intervals over a stipulated time period of 5, 10, 15 or 20 years. Income will be paid at a frequency (Yearly/Half-Yearly/Quarterly/Monthly) of your choice. The amount of regular income to be paid will be quoted based on the interest rates available at that time.

On death during this payment period, the remaining income payouts will continue to be paid to the nominee till the end of the stipulated period chosen by you. However, the nominee has an option to take the remaining installments in a lump sum which will be equal to the discounted value of the remaining installments. The discount rate will be based on the market rate available at that time.

This option is available at the time of maturity, subject to 3 months prior notice from the maturity date.

 

Tax Benefit:

You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details. Please consult your tax advisor for details.

 

Three Rider Options:

  • SBI Life - Preferred Term Rider (UIN:111B014V02): In the unfortunate event of death, the rider Sum Assured will be paid in addition to the death benefit under the base policy

  • SBI Life - Accidental Death Benefit Rider (UIN: 111B015V03): In case death due to an accident, the rider Sum Assured will be paid in addition to the death benefit under the base policy

  • SBI Life - Accidental Total & Permanent Disability Benefit Rider (111B016V03): Accidents are unpredictable. They may lead to total and permanent disability and this rider provides protection against such disabilities. In the unfortunate event of ATPD, the rider sum assured is paid but the policy and other benefits continue. On payment of premiums, base covers and rider cover continue till the end of the term as chosen by you

Payment Options

  • Premium Payment Term: Regular Premium and Single Premium

  • Payment Mode: Yearly / Half Yearly /Quarterly / Monthly

How Does It Work?

SBI Life - Shubh Nivesh has two plan options:

Endowment Option: This is the base plan option which is a traditional savings plan, offering death and maturity benefit.

Endowment with Whole Life Option: Under this option, you can extend your cover for the whole life (or 100 years of age), in addition to the benefits as mentioned under the endowment option.

 

 

 

 

 

 

 

 

Disclaimer

Yes Bank Limited is a Composite Corporate Insurance Agent of Max Life Insurance Company Limited (IRDAI Regd. No. 104), Reliance General Insurance Company Limited (IRDAI Regd. No. 103), HDFC Life Insurance Company Limited (IRDAI Registration No. 101), SBI Life Insurance Company Limited (IRDAI Registration. No. 111), SBI General Insurance Company Limited (IRDAI Registration Number 144) and ICICI Lombard General Insurance Company Limited, (IRDAI Registration No. 115). Yes Bank Corporate Agent license no. CA0125 issued by Insurance Regulatory & Development Authority of India (IRDAI), and does not underwrite the risk or acts as an insurer. Yes Bank Limited Registered Office: YES BANK LIMITED, YES BANK House, Off Western Express Highway, Santacruz East, Mumbai – 400055.CIN L65190MH2003PLC143249

The Life Insurance Products are offered and underwritten by SBI Life Insurance Company Limited having IRDAI Registration No. 111, CIN: L99999MH2000PLC129113 having its registered office at Natraj, M V Road & Western Express Highway Junction, Andheri (East), Mumbai-400069

Shubh Nivesh is an Individual, Non- linked, Participating Life Insurance Savings Product are obligations only of SBI Life Insurance Company Limited. They are not Bank deposits or obligations of or guaranteed by YES Bank Limited. All claims under the policy will be solely decided upon by SBI Life Insurance Company Limited. YES Bank holds no warranty and do not make any representation about the insurance, the quality of claims processing and shall not be responsible for claims, recovery of claims, or for processing of or clearing of claims, in any manner whatsoever.

The purchase of any insurance product by YES Bank Customers is purely voluntary and is not linked to availment of any other facility from YES Bank. For more details on risk factors, benefits, waiting period, exclusions, coverage, terms and conditions please read the sales brochure carefully before concluding the sale. For more details on riders, terms and conditions, please read rider brochure.

Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license.

Tax benefits on the Insurance Product are subject to the conditions and limits mentioned in the Income Tax Act 1961 as amended from time to time. Customer is advised to take an independent view from tax consultant.

All guaranteed benefits are payable only when all premiums are paid when due.

For any queries with respect to Insurance Policies bought through YES Bank, kindly contact us at our Toll Free No:18001200, Email ID _yestouch@yesbank.in_, Website: www.yesbank.in. SBI Life Toll Free Number: 1800 267 9090 (Between 9.00 am to 9.00 pm) I Website: www.sbilife.co.in I SMS: 'CELEBRATE' to 56161 Email: info@sbilife.co.in

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

For more details on YES Bank copyright & disclaimer and Privacy Policy, please visit our website www.yesbank.in

35.YES.ver.02-06-21 WEB ENG

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Documents Required

  • SBI Life Shubh Nivesh - Standard Disclaimer
  • Commission Disclosure
  • SBI Life Shubh Nivesh - Prospectus
  • SBI Life Shubh Nivesh - Premium Chart
  • SBI Life Shubh Nivesh - Preferred Term Rider Prospectus
  • SBI Life Shubh Nivesh - Accidental Death Benefit Rider
  • SBI Life Shubh Nivesh - Accidental Total & Permanent Disability Benefit Rider
  • SBI Life Shubh Nivesh - Single Pager