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IRDAI/I NTAII/BA/51/2018
CIN: U72900KA2018PTC110119

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Q. What is Shubh Nivesh? SBI Shubh Nivesh is a non-linked participating traditional endowment plan with the option of a whole life cover. This traditional endowment plan provides the triple benefits of income benefits with insurance cover and saving option. Additionally, to save regularly for future,Shubh Nivesh offers the choice to choose between a lump sum or as regular income to receive maturity benefits for a specific period based on personal needs. This specially designed plan enables one to build a corpus for important future requirements and also gives the option to significantly improve coverage through 3 optional riders. Q. Explain different types of benefits under Shubh Nivesh in detail. Maturity Benefit Endowment Option Basic Sum Assured + (Vested Simple Reversionary Bonuses + Terminal bonus (if any)) is paid after completion of the endowment term, provided Shubh Nivesh policy is still in force Shubh Nivesh provides Deferred Maturity Payment which can be chosen at the end of your endowment plan. Endowment with Whole Life Option Basic Sum Assured + (Vested Simple Reversionary Bonuses + Terminal bonus(if any)) is paid after the completion of the endowment term, provided Shubh Nivesh policy is still in force Shubh Nivesh provides Deferred Maturity Payment option which can be chosen at the end of endowment plan. Basic Assured Sum amount is paid on the persons 100th birthday Death Benefit Endowment Option In the case of the demise of the insured where the Shubh Nivesh plan is in its term but endowment plan has matured: Regular Premium: Higher of A or B is paid to the nominee, where: Where a, Sum Assured on Death + Vested Simple Reversionary Bonuses + Terminal Bonus (if any) Assured Sum on death is the higher of Basic Assured Sum or a multiple of annualised premium where the multiple is: And b, 105% of all the premiums paid Single Premium: Sum Assured on Death +Vested Reversionary Bonuses + Terminal bonus (if any), is paid to the nominee Assured sum on is higher of Basic Sum Assured or a multiple of single premium where the multiple is: Endowment with Whole Life Option When the policyholder during the endowment plan term, provided the SBI Shubh Nivesh is still active. In this case, the Death Benefit paid to the nominee is same as that defined under point 1 of the Endowment option. When the policyholder dies after the endowment term end or after 100 years of his age: Basic Sum Assured cover is paid to the beneficiaries Balance amount of Deferred Maturity Payment is paid. The beneficiaries can choose to avail the remaining benefits in lumpsum payouts which is equal to the remaining installments in discounted value. Other Benefits – Deferred Maturity Payment Option This endowment plan provides deferred maturity benefit under which the insured can withdraw complete assured sum with his accumulated bonus or only the bonus. In a case, where the insured chooses to withdraw only the bonus amount then he shall receive the entire sum assured to be drawn as his regular income at fixed period of time of 5 / 10 / 15 / 20 years. The frequency of the regular income shall be amongst – Monthly / Quarterly / Half-Yearly / Yearly. Q. Can one take a loan against Shubh Nivesh policy? Yes, there is an option which allows one to take a loan against the SBI Shubh Nivesh policy in times of emergency and need to meet expenses. One can borrow (take a loan) against the SBI Shubh Nivesh policy once the policy acquires a surrender value. The Shubh Nivesh policy loan is limited to a maximum of 90% of the Special Surrender Value (SSV). The company declares loan interest rate from time to time, and people can check these rates to get an idea of how much they need. Q. Explain the rider options available under Shubh Nivesh. Shubh Nivesh – Three Rider Options: Preferred Term Rider: In the unfortunate event of death, the assured sum amount under preferred term rider will be paid additionally with the basic sum assured of Shubh Nivesh. Accidental Death Benefit Rider: In the case of death by an accident, the sum assured under accidental death rider option shall be paid additionally with the basic sum assured amount of Shubh Nivesh plan. Accidental Total and Permanent Disability Benefit Rider: In the case of an unfortunate event of accidental total and permanent disability the sum assured under the rider shall be paid and other benefits will continue. Other riders and covers under Shubh Nivesh continue till the end of chosen endowment term upon payment of premiums. Q. Explain participation in profits under Shubh Nivesh. Shubh Nivesh policy is a traditional insurance policy with reversionary bonus. Simple reversionary bonuses are declared as a percentage on the sum assured amount in respect to the benefits under basic plan. Reversionary bonus is declared based on the companys long term view of investment returns, expenses, mortality and other experience. Once declared, the reversionary bonus one of the guaranteed benefits of the Shubh Nivesh plan. Future bonuses are not guaranteed and depend on future profits. A terminal bonus may also be paid at maturity, earlier death or surrender. The policy is participating during the endowment term only and not later.

Accurately filled SBI Shubh Nivesh registration form. KYC documents Accurate address proof Medical Examination Proofs Endowment Plans An endowment plan is a combination of insurance and investment and it promises the investor twin benefits of protection and good returns. Critically, it differs from a term plans in terms of maturity benefits. Endowment plans pay sum assured along with bonuses (if any) at the time of death or maturity (survival). In case of the death, endowment plan pays the beneficiaries of the insured the entire assured sum amount. Also, in a case where the insured manages to survive the entire plan term then the complete assured coverage is paid to him. This is achieved by charging higher fees as compared to term plans and whole life policies, which is reflected in the premiums. Endowment plans generally invest in high-quality debt instruments and / or government securities. The profits are a subject to the premiums amount invested in asset markets – equities and debt. The key benefits of an endowment policy include financial protection of loved ones, goal-based savings, tax benefits and the option to take a loan against the endowment policy. Endowment plans fulfill the dual need of life cover and savings through a single life insurance plan. To sum up, an endowment policy is essentially a life insurance policy, which in addition to covering the life of the insured, also helps him or her save regularly over a specific period of time so that he or she receives a lump sum amount at maturity in the event of him / her surviving the policy term. The maturity amount helps take care of important financial objectives like paying for childrens education and marriage, buying a house, saving for retirement, etc. There are basically two types of endowment plans – with profit and without profit. Endowment Plans without Bonus Benefits: These are typically low-cost policies as they do not have any bonus benefits and provide only the assured sum amount to the nominees in the case of the insureds death. On maturity, i.e. surviving the throughout the plan term, the insured receives the assured the sum amount or a calculated percentage of the assured sum based on company terms and conditions. Endowment Plans with Bonus Benefits: Such endowment plans additionally have bonus benefits with the assured sum amount. In the case of insured persons death, his nominees shall receive the assured sum with bonus benefits throughout the plan term. On survival throughout the plan term, what is also known as maturity, the insured is paid the assured sum along with the plan bonus. Such endowment plans are the most preferred policies whose maturity coincides with their retirement. Further, the maturity benefits can be used as income after retirement to meet the living expenses. Endowment Plans – Benefits Offer dual benefit of insurance and savings-investment Endowment plans covers risk for a specific plan term They are liquid in nature In case the policyholder survives the policy term, accumulated bonus is paid additionally with the assured sum amount. In case of the demise of the insured during the plan term, death benefit payable to the nominee includes vested bonus in addition to full sum assured A free paid-up plan for lesser assured sum amount can be secured, if payment of premium ceases after a certain minimum number of years, terms and conditions applied. Additional Rider Benefits. Tax benefits on annual premium and death benefits Under Section 80C and 10(10D) of Income Tax Act. Whole Life Insurance Plans A whole life insurance policy covers a policyholder over his life, i.e. this kind of life insurance policy provides insurance until the demise of the insured. Since the validity plan is not defined, the insured enjoys life cover throughout his or her life. Such a policy only expires in case of an eventuality resulting in death. The policyholder pays regular premiums until death, after which the corpus is paid to the nominees or beneficiaries. The premium for a whole life plan is paid for a longer duration of time since plan term. The insured however has the option of choose the premium paying term based on his needs. Also, the interest or bonus (cash value) earned on the premium is generally higher as compared to a with profit endowment policy. A whole life policy normally does not offer survival benefit as the policy term is not defined. The nominee receives sum assured plus bonus (if any) upon death of the policyholder. The policyholder gets the benefit to make withdrawals or take loan against the cash value of the plan. Whole life policies are suitable for people of all ages who wish to protect their families from a financial crisis due to premature death of the policyholder. You may like to know more :SBI Life Investment Plans

Endowment option of SBI Shubh Nivesh, the sum assured additionally with the accrued bonus is paid on death or maturity Endowment with Whole Life Option of Shubh Nivesh, the plan can be extended as a Whole life plan where the assured sum is paid on maturity and again on death after maturity and before age 100 years. If the insured is alive at 100 years, the assured sum is paid. Deferred Maturity Payment option of Shubh Nivesh, regular payout can be received after maturity over a period of 5, 10, 15 or 20 years In the case of death, the remaining payouts are compensated at a discounted value to the nominees. Tax benefits are received on the on the premiums paid Under Section 80C and on the claims received Under Section 10(10D) of Income Tax Act.

Shubh Nivesh Plan is a participatingtraditional endowment policywhich gives various benefits under a single plan for a secured and wealthy future. Being an endowment plan that provides whole life cover, lets understand first these terms and then focus on the features and benefits of Shubh Nivesh. Key Features of Shubh Nivesh Shubh Nivesh is a participating plan with regular or single premium payment option. Shubh Nivesh plan has 3 coverage options: Endowment Option: SBI Shubh Nivesh with endowment options is a traditional participating plan which gives simple reversionary bonuses. The sum assured and all the bonuses are paid either to the insured on his or her survival at the endowment term end or to the nominees of the insured in case of his or her death. Endowment with Whole Life Option: Shubh Nivesh also has the option of extending the insurance cover for whole life or up to 100 years of age, if one opts for a policy term of 15 years or more. This plan choice provides endowment + whole life option benefits in which the endowment benefits is equal basic assured sum in case the insured survives till 100 years of age or on demise before in the extension period. Deferred Maturity Payment option: This cover option forms a part of the earlier two SBI Shubh Nivesh options