Insurance Plans Reviews and Articles

VISSS of IRDA and Subh Nivesh of SBI Life Insurance

Posted in insurance by kishosingh on September 22, 2009

There is the biggest news in insurance department of India related to VISSS and Subh Nivesh. VISSS is Vehicle Insurance Status SMS System and Subh Nivesh is a type of life insurance plan of SBI.

Currently, IRDA is working on VISSS project to create a large database about motor policy information by all insurance companies. This is a type of technology which will enable simple SMS query to ascertain whether a vehicle is insured or not. VISSS would provide an additional facility to police authority to verify insurance status of the vehicle.

So, VISSS will be an SMS technological system of IRDA where all vehicle information will be available from all insurance companies whether a motor insured or not.

There is other the most popular news about SBI Subh Nivesh policy which has been recently introduced. Subh Nivesh of SBI is a traditional life insurance plan. Subh Nivesh plan has been designed to savings, protection and income needs of customers which will cover risk-averse profile.

M N Rao who is the Managing Director and Chief Executive Officer of SBI Life Insurance, said in press release,

“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. 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.”

So, the Subh Nivesh policy of SBI is not just very new, it is similar to JEEVAN ANAND policy of LIC. Subh Nivesh policy with endowment option will give a sum assured amount on an unfortunate event of death even after the completion of 100 years of age.

There is some very good attractive option with maturity payment options of Subh Nivesh of SBI life insurance.