Traditional Plan Insurance

Traditional Plans are long-term, risk-free, regular savings plan with in-built life coverage. This has multiple benefits with Riders.

1) How much guaranteed return interest in traditional plans?

5% guaranteed interest of Sum Assured calculated till the end of the term (Vested Bonus).

2) What are available Traditional plans ?

A) Shubh Nivesh (Endowment Whole Life Plan); B) Smart Money Back Gold.

3) Explain Shubh Nivesh Policy ?

Entry Age: Min 18 yrs to Max 50 yrs; Maximum Maturity Age: 65 years, which increases to 100 years if the Endowment with whole life option taken; 
Policy term = 15-30 years; Premium Frequency = Monthly/Quarterly/Half-yearly/Yearly; Premium Paying Term (PPT) = Policy term; Minimum Savings per Month = Rs. 1000. Maximum Savings Unlimited.

For E.g: if a person of Age 31 opt for Life Insurance coverage = Sum Assured (S.A) of Rs. 4,00,000 with policy term for 15 years (yrs), then the calculated Premium is Rs. 32,654/Year (or) Rs.2721/Month; Maturity Benefit = Rs. 4 Lacs + Rs. 3 Lacs (Vested Bonus for 15 yrs) = Rs. 7 Lacs (or) can take Pension of Rs. 4666/Month whole life. After death of Insured, his/her nominee can claim the pension.

4) What is Smart Money Back Gold Policy ?

Smart Money Back Gold is a savings with added advantage of life cover and cash inflow at regular intervals. Fixed cash inflows which meets your various financial obligations. Survival Benefit of 110% of Sum Assured paid till maturity.

Entry Age: 15 to 55 yrs;  Maturity Age: 27 to 70 yrs;  Policy terms = 12/15/20/25 years; Premium Frequency = Monthly/Quarterly/Half-yearly /Yearly; Money Returns on every 3rd/4th/5th years depends upon Policy Term; Premium Paying Term (PPT) = Policy Term; Minimum Premium = Rs. 500/Month; Maximum Premium Unlimited.

E.g: If a person would like to save Rs. 2000 per Month for 12 years, then his Insurance Coverage = Sum Assured (S.A) = Rs. 2 Lacs; he will receive Money of Rs. 40,000 (20% of S.A) in regular intervals on 3rd, 6th, 9th years and at the end of 12th year , he will get Rs. 2,20,000 extra (50% of S.A + Vested Bonus).

5) What are Riders available for Traditional Plans ?

i) SBI Life - Preferred Term Rider (UIN: 111B014V02) ;

ii) SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02) ;

iii) SBI Life - Accidental Total & Permanent Disability Benefit Rider (UIN: 111B016V02) ;

iv) SBI Life - Criti Care 13 Non-Linked Rider (UIN: 111B025V02) .