All About SBI Endowment Plan
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An endowment policy is a life insurance that is designed to pay a lump sum amount after a specific term on its maturity or on death. SBI has a range of endowment policies to offer to you. You can avail the benefits of the plan and if necessary you can also surrender the policy at any time you are in need of cash. The surrender value will be determined by the provider.
Endowment Policies Offered By SBI Life Insurance
Following are the endowment plans that have been offered by SBI:
SBI Life - Shubh Nivesh: SBI Life- Shubh Nivesh is a non-linked plan with profit endowment assurance product that has an option of Whole Life cover. You can save, earn income and get insurance cover on yourself and your family.
Features and Benefits:
- Minimum age at entry is 18 years.
- Minimum sum assured is Rs.75,000. There is no maximum limit.
- This is a savings plan and you can also avail whole life insurance as well.
- You can choose between Single and Regular premium payment mode.
- You can opt for additional riders at a nominal cost. You get the option to receive basic sum assured at regular intervals.
- The policy holder can avail tax benefits as per prevailing tax laws of India.
- You get maturity and death benefits based on the plan option chosen by you. Plan options available to you are endowment option and endowment with Whole Life.
- You can also use deferred maturity payment options to get income on regular intervals.
SBI Life - Smart Guaranteed Savings Plan: This is a traditional non-participating individual savings plan. It provides your savings a boost with guaranteed additions.
Features and Benefits:
- The minimum age at entry is set at 18 years and the maximum age at entry is set at 50 years.
- The sum assured depends on the premium that you have chosen.
- You get guaranteed additions at the end of each policy year.
- Premiums can be paid for a limited period of 7 years.
- For the in-force policies, you get death and maturity benefits.
- You will be eligible for Income Tax benefits and exemptions as per the prevailing tax laws of India.
SBI Life - Smart Money Planner: This is an individual non-linked plan with profit endowment assurance and an added guarantee feature.
Features and Benefits:
- Minimum age at entry is 18 years and the maximum age is 60 years.
- The minimum sum assured is Rs.1 lakh and the maximum sum assured is Rs.5 crore.
- You get regular income throughout the benefit payout period.
- Life cover option is available.
- Rebates are offered on large sum assured.
- Tax benefits are applicable as per the prevailing tax laws of India.
- Death, maturity and survival benefit is offered to the policyholder.
SBI Life - Smart Humsafar: This is a non-linked, joint life, participating endowment plan. You get the benefit of saving and insurance cover with this plan. This plan is a good option for both husband and wife.
Features and Benefits:
- The minimum age at entry is 18 years and the maximum age at entry is 46 years.
- The minimum sum assured is Rs.1 lakh and the maximum sum assured is Rs.5 crore.
- You get joint life advantage, dual protection, premium waiver and secured savings.
- You also get death benefit and maturity benefit with this plan.
Conclusion
SBI Life Insurance offers a wide range of insurance products and solutions to suit the variant needs of both retail and corporate customers. SBI Life Insurance has paid over INR 85,000 crore claims as on 31st December 2019. The company has over 923 branches across the country.
