I have recently bought SBI Subh Nivesh life insurance policy. The annual premium is around ₹1 lakh and the policy term is 15 years. I want to know how much money will I get on maturity?
- Mallikarjuna.Muppalla
SBI Shubh Nivesh is an endowment plan with an option to avail whole life insurance as an add on benefit. It is basically an insurance policy that offers bonuses as well. It seems, you have bought this policy as an investment tool. Endowment plans are insurance cum investment products that neither give guaranteed returns nor disclose expenses and charges under the policy. It is not possible to tell you how much money you will get after 15 years. We do not recommend such policies because they do not provide adequate insurance coverage nor provide decent returns. The policy will pay simple reversionary bonuses and a terminal bonus. The bonuses will be declared at discretion of the insurance company.
Keep your finances simple. Always buy a plain term insurance policy to secure a life insurance cover. Also, invest in well-rated mutual funds to meet your various financial goals.
This article was originally published on January 06, 2016.
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