Comparison of the plans can be based on details of Shubh Nivesh and Shri Raksha like eligibility criteria, policy term, returns etc. for these two plans. Both these policies are of the type Endowment Plans. First policy is provided by SBI Life Insurance (Claim settlement ratio is 89.00%) and second policy is provided by Shriram Life Insurance Company (Claim settlement ratio is 67.00%). Claim settlement ratio provides a percentage of ratio of claims payed by the company to the number of claims received by the company. SBI Life Shubh Nivesh cannot be bought online and Shriram New Shri Raksha Plan cannot be bought online. Plans that can be bought online have an added advantage as it saves one from the hassle of going to the agent and then buying insurance policies.
Eligibility criteria for Shubh Nivesh and Shri Raksha define the minimum/maximum entry age and minimum/maximum vesting age for these two plans. Eligibility and vesting age are main aspects of Shubh Nivesh and Shri Raksha details. Vesting age is also known as maturity age i.e. the age when your policy matures and you can acquire its benefits. For the former insurance plan, minimum entry age is 18 years and maximum entry age is 60 years. Also,minimum vesting age is 65 years whereas maximum vesting age is 65 years. Similarly for the later insurance plan, minimum entry age is 18 years and maximum entry age is 55 years. Also for the second plan, minimum vesting age is not available whereas maximum vesting age is 75 years.
Policy term details for SBI Life Shubh Nivesh and Shriram New Shri Raksha Plan include the minimum and maximum policy terms for the said insurance plans. Policy term is a time period during which an insurance policy is valid. After completion of policy term, one can renew the policy or get sum assured by terminating the policy. For SBI Life Shubh Nivesh, minimum policy term is 7 years and maximum policy term is 30 years. Similarly for Shriram New Shri Raksha Plan, minimum policy term is 10 years and maximum policy term is 25 years.
Sum assured is a part of returns from Shubh Nivesh and Shri Raksha. Sum assured is the amount of money you receive along with applicable bonus at the end of the policy term. In event of your untimely demise before the end of the policy term, your family will receive this money. Depending on the type of plan, returns may or may not be fixed. Variable returns can be in terms of SBI Life Shubh Nivesh and Shriram New Shri Raksha Plan Benefits. For the former plan, minimum sum assured is ₹ 75000 and maximum sum assured is not provided in the plan.Similarly, for the later plan, minimum sum assured is ₹ 150000 and maximum sum assured is not mentioned in the plan. Sometimes, a fixed sum assured is not available but a variable sum assured depending upon the policy term you choose, the amount of money you pay as premium, etc. is provided by the insurer. Benefits of group plans maybe somewhat different. Some plans require medical examination before you buy the policy.
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