SBI Life Insurance, India's third major private life insurance company has announced the introduction of SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover for its customers.

The newly introduced savings plan (Shubh Nivesh) has been designed to meet the savings, protection and income needs of customers having a risk-averse profile.

Shubh Nivesh is available in two options. Under endowment assurance option, the accrued bonus and the sum assured amount is payable during an unfortunate event of death of policy holder during the endowment term or on survival at the end of term.

On the other hand, in whole life endowment option, an amount equivalent to sum assured is payable on an unfortunate event of death of policy holder even after the completion of endowment term or on survival till 100 years of age.

SBI Life Shubh Nivesh will be available for an investor who is atleast 18 years or at most 60 years of age. The maximum life coverage is for 65 years, which could be increased up to 100 years by opting for a whole life add-on rider.

The sources close to the company said that the product can be availed under both single and regular premium payment options at a sum assured starting at Rs 75,000 with no upper limit.

Catering to the income needs arising out changing life stages, Shubh Nivesh presents an attractive feature of deferred maturity payment options.