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SBI Life Shubh Nivesh
SBI Life Shubh Nivesh

Shriram New Shri Raksha Plan
Shriram New Shri Raksha Plan



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SBI Life Shubh Nivesh
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Shriram New Shri Raksha Plan

Shubh Nivesh and Shri Raksha Benefits

1 Loan And Benefits
1.1 Loan
81% Endowment Plans Life insurance plans have it !
81% Endowment Plans Life insurance plans have it !
1.2 Surrender
90% Endowment Plans Life insurance plans have it !
90% Endowment Plans Life insurance plans have it !
1.2.1 Surrender Value
Sum assured will be paid
Not Available
1.3 Benefits
1.3.1 Tax
All Endowment Plans Life insurance plans have it !
All Endowment Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Applicable as per Tax Laws
Tax benefits under this plan are available as per the provisions of the Income tax Act.
1.3.3 Service Tax
Not Applicable
Applicable
1.3.4 Maturity
99% Endowment Plans Life insurance plans have it !
99% Endowment Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Sum Assured will be paid
In case of survival of the life assured up to the end of the policy term, reduced paid up sum assured plus accrued Reversionary Bonuses till the policy becomes paid up will be payable to the policy holder.
1.3.6 Death
99% Endowment Plans Life insurance plans have it !
99% Endowment Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Depends upon the type of plan chosen
Sum assured on death + Reversionary Bonuses + Terminal Bonus. However the death benefit will be at least 105% of all premiums paid till the date of death excluding any extra and rider premiums and taxes.
1.3.8 Annuity
No Endowment Plans Life insurance plans has it !
No Endowment Plans Life insurance plans has it !
1.4 Bonus
Reversionary Bonus, Terminal Bonus
Not Applicable

Availability of Loan

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for SBI Life Shubh Nivesh and Shriram New Shri Raksha Plan. For an insurance policy, loan option may or may not be provided. For first policy, a person can apply for loan and second policy provides loan facility.Loan is a facility that is provided by the insurance companies so that in case of emergencies, you can borrow money against your life insurance policy. If loan is provided by an insurance company, its value is usually deducted from your fund value i.e. the amounts of premiums that you've paid up to the time of money borrow. Also some companies specify the period of time when the loan has to repaid.

Benefits Under Shubh Nivesh and Shri Raksha

Benefits Under Shubh Nivesh and Shri Raksha can an important point of comparison between the two plans.

For SBI Life Shubh Nivesh:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

For Shriram New Shri Raksha Plan:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

Tax benefit implies that a part of one's fund value and the premium that one pays against his insurance plan are eligible for deduction on tax returns. Maturity benefit can be availed at the end of the policy term of your plan. It is paid along with the sum assured. Death benefit is an amount of money paid to the family of the life insured in event of his demise before the end of the policy term. Annuity benefit offers you an opportunity to convert your funds at end of policy term to annuity. Annuity is a type of plan where you pay a lump sum amount at once and reap its benefits after your retirement.

Surrender Value of Shubh Nivesh and Shri Raksha

Surrender value of Shubh Nivesh and Shri Raksha is the amount of money that will be provided by the insurance company in case you want to surrender the policy before maturity. Surrender may not be allowed for all types of insurance policies. SBI Life Shubh Nivesh allows surrender of policies before end of policy term. This means that you'll get the assured surrender value i.e. returns on the premiums paid till date. Shriram New Shri Raksha Plan allows surrender of policy.

Bonuses Available for These Plans

Bonuses available for these plans include terminal bonus, reversionary bonus, interim bonus etc. Bonus is an important part of Shubh Nivesh and Shri Raksha benefits. Terminal bonus is provided by the insurance company to reflect the overall performance of your chosen policy. Reversionary bonus is an amount of money added to your returns on maturity. Terminal bonus is usually announced twice a year. If your policy matures at a date between these two bonus days, you may get an interim bonus.

  • Bonus provided under SBI Life Shubh Nivesh: Reversionary Bonus and Terminal Bonus
  • Bonus provided under Shriram New Shri Raksha Plan: Not Applicable

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