Things you can do

Things you can read

Reviews Just In

Press Release

Home > Press Release

SBI Life Insurance launches Shubh Nivesh, an endowment plan with whole-life cover option

Hot

<<prev

next>>

SBI Life Insurance launches Shubh Nivesh, an endowment plan with whole-life cover option

Chennai, September 14, 2009: In context of prevailing market fluctuations, SBI Life Insurance, the leading private life insurer, 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 risk-averse profile.

Mr. M. N Rao, MD & CEO, SBI Life Insurance said, "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."

Offering flexibility to customers, the product is available in two options. In Endowment Assurance option, the accrued bonus and the sum assured amount is payable during an unfortunate event of death during the endowment term or on survival at the end of term. 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 age 100 years.

Catering to the income needs arising out changing life stages, Shubh Nivesh presents an attractive feature of "Deferred Maturity Payment Options". This option enables customer to withdraw the sum assured component as 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 of an investor who is atleast 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 product is available under both single and regular premium payment options at a Sum Assured starting at Rs. 75,000/- with no upper limit. Premiums can be paid yearly, half yearly, quarterly or monthly depending on customer's convenience. Also, at nominal cost, Preferred Term, Accidental Death Benefit and Accidental Total and Permanent Disability Benefit riders are available with the plan.
Customers can also 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's Key Highlights during FY 10:

- Globally topped the prestigious international body Million Dolllar Round Table (MDRT) 08 rankings.

- Ranks 1st amongst private life insurance companies, in terms of new business premium collection for FY 10, as per the latest IRDA report, covering industry data upto July 09.

- Launched online premium payment facility

- Posted a net profit of Rs.38.6 Cr. during the first financial quarter, ending June 09.

About SBI Life Insurance Co. Ltd:

SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. SBI Life Insurance has an authorized capital of Rs. 2,000 crore and a paid up capital of Rs 1,000 crores. State Bank of India enjoys the largest banking franchise in India.

Along with its 6 Associate Banks, State Bank Group has the unrivalled strength of over 16,000 branches across the country, arguably the largest in the world. BNP Paribas is the 1st largest French company and ranks 5th in the banking industry worldwide, 1st bank in Euro Zone as per Global 2000 Forbesâ 2008. It is 6th most valuable international banking brand as per Brand Finance 2008.

BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zoneâs leading Bank. BNP Paribas, part of the worlds top 10 groups of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in France, and a worldwide leader in Creditor insurance products offering protection to over 50 million clients. BNP Paribas Assurance operates in 41 countries mainly through the bancassurance and partnership model.

SBI Life Insurance's mission is to emerge as the leading company offering a comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer service and world class operating efficiency.

SBI Life has a unique multi-distribution model encompassing vibrant Bancassurance, Retail Agency, Institutional Alliances and Corporate Solutions distribution channels.

SBI Life extensively leverages the State Bank Group relationship as a platform for cross-selling insurance products along with its numerous banking product packages such as housing loans and personal loans. SBIâs access to over 100 million accounts across the country provides a vibrant base for insurance penetration across every region and economic strata in the country, thus ensuring true financial inclusion. Agency Channel, comprising of the most productive force of over 68,000 Insurance Advisors, offers door to door insurance solutions to customers.

For further details please contact:-
Chandramohan Mehra/ Revathi Pandit
Corporate Communications
SBI Life Insurance Co. Ltd.
Mumbai
Tel - 022 66392036 / 2014.
Email: chandramohan.mehra@sbilife.co.in, revathi.pandit@sbilife.co.in

Sampark Public Relations,
Murugan.G / Sundari .TR
9841278904 /9710127445