SBI Life Insurance has launched SBI Life Shubh Nivesh, a traditional savings plan with an option of whole life cover.

Shubh Nivesh has been designed to meet the savings, protection and income needs of customers having a risk-averse profile.

"Strengthening our product suite, the introduction of Shubh Nivesh is a step towards presenting customers a range of solutions which enables them to choose one that best suits their risk profile and financial
needs," SBI Life Insurance, Managing Director and Chief Executive Officer, M N Rao, said in a press release today.

The product is available in two options. In endowment assurance option, the accrued bonus and the sum assured amount is payable during an unfortunate event of death during the endowment term or on survival at the end of term, the release said.

In addition to these benefits, in whole life endowment option, an amount equivalent to sum assured is payable on an unfortunate event of death even after the completion of endowment term or on survival till 100 years of age.

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