Dear Srikanth reddy,
I have taken SBI Subha nivesh policy yearly 1 lakh for 15 years, while taking time they told me after 15 years will get around 36-40 lakhs .I am doubting that amount. I want to close this policy and I want to invest this money in SIP .
Can you please sagest me is it correct decision or not.
Thanks & regards,
G Ramanjaneyulu.
3 Answers
Hi,
SBI Shubh Nivesh Plan is a traditional Endowment plan.
Generally the returns on maturity from these type of plans can be around 4 to 6% only. If your requirement is life cover, kindly buy a Term plan (if you do not have one). If your requirement is decent returns over longer period, you may invest in Equity oriented products as per your risk profile & time-frame.
When did you take this policy? Suggest you to discontinue this plan.
Kindly read:
http://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/
http://www.relakhs.com/traditional-life-insurance-plan/
http://www.relakhs.com/term-insurance-plan-a-waste-of-money/
http://www.relakhs.com/best-online-term-insurance-plans-india/
HI,
Thank you so much, for your valuable feedback, up to now I am in confusion state to continue or not .
You cleared my confusion.This subha nivesh I was taken mar-2015.I will discontinue this policy.
Thanks & regards,
G Ramanjaneyulu
G Ramanjaneyulu
Hi,
Let's continue Q&As related to this query in this thread only;
(Your reply :
Hi,
My shubh niveesh plan is hole life not endowment plan even though both plans written are more or less same .
I want close this but locking period is 3y up to now I was paid 50,000/- this money can I get back this money if I am planning to stop this.
Suggest me few good tax saveing funds in SIP,ELSS.
Thanks and Reards,
G Ramanjaneyulu ) Answer : Kindly note that SBI Shubh Nivesh is an Endowment with Whole-life cover feature. If you have paid minimum three premiums, you have the option of surrendering or making this policy a PAID-UP one. You may take a Term insurance plan (if you do not have one) and surrender this policy. I believe that you may get 30% of the total premiums you have paid as Guaranteed Surrender value. You may go through policy document, click here.. Kindly read: http://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/ ELSS : You may consider Franklin Taxshield / Axis LTE / Birla tax plan. Read: http://www.relakhs.com/best-mutual-fund-schemes-2017/
My shubh niveesh plan is hole life not endowment plan even though both plans written are more or less same .
I want close this but locking period is 3y up to now I was paid 50,000/- this money can I get back this money if I am planning to stop this.
Suggest me few good tax saveing funds in SIP,ELSS.
Thanks and Reards,
G Ramanjaneyulu ) Answer : Kindly note that SBI Shubh Nivesh is an Endowment with Whole-life cover feature. If you have paid minimum three premiums, you have the option of surrendering or making this policy a PAID-UP one. You may take a Term insurance plan (if you do not have one) and surrender this policy. I believe that you may get 30% of the total premiums you have paid as Guaranteed Surrender value. You may go through policy document, click here.. Kindly read: http://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/ ELSS : You may consider Franklin Taxshield / Axis LTE / Birla tax plan. Read: http://www.relakhs.com/best-mutual-fund-schemes-2017/
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