Yesterday one of an executive from SBI-Life met us in my office informed about SBI Life-Shubh Nivesh. What he said is 30000/–to be invested on every year till 7 years.So that we will get 10000/–bonus on every year per each 30k premium.. Finally, after 7 Years will get 2.1Lac+70K bonus+loyalty bonus 34k..total a 3.13L around..and they provide accidental insurance till 99Yrs age of the person..will it performed well???I felt it was better than RD and FD in Banks..plz suggest
Sareddy-This is a typical endowment plan (exactly like LIC’s Jeevan Anand). How the yearly bonus of Rs.1,00,000 is calculated is known to GOD ONLY. Also, if they give you Rs.1,00,000 every year, then after 7 years why the maturity value is just Rs.3.13 lakh? It is purely a gimick used by an adviser to sell the endowment plan, where you can’t expect more than around 5% return in your case. I strictly suggest to stay away. If he once again insist for selling, then ask him to provide these in policy BOND, or written confirmation of all these returns from soneone at manager level of SBI. He will simply run away !!
Sir, Am ask u in question it was ten thousand not a one lac..plz suggest If it’s 10k
Sareddy-Oh…sorry…my err..Even if that is Rs.10,000, if you do the final calculation, the return will be around 5% to 6%. To be frank, when it comes to endowment plans, LIC bonus rates are at higher end.
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