Compare SBI Pension Plans

SBI-Life-Insurance-Company

SBI Life Insurance Company

SBI Life Insurance company is a joint venture between one of the largest banks in the country, State Bank of India and BNP Paribas Cardif. While SBI holds 70.1% stake, BNP Paribas Cardif’s share is 26%. The remaining share is divided between Value Line Pte. Ltd. And MacRitchie Investments Pte. Ltd. equally at 1.95% each. This joint venture has excelled in providing insurance and investment solutions all across the country and presents multiple products in categories such as life insurance, pension, child plans, investments and savings. The sheer variety at disposal combined with extensive reach of SBI makes the company a formidable force in the insurance market.

SBI Life Insurance - Pension Plans

The company offers various pension plans, each one designed to offer you regular income post retirement with options of wealth enhancement. There are traditional, unit-linked and immediate annuity plans in the offering with various other features to provide a complete insurance package.

List of Different Pension Plans Offered By Tata AIA Life Insurance Company, With Features, Benefits And Eligibility

SBI Life- Saral Pension

Features:

  • Traditional pension plan
  • Applicable bonuses offered
  • Multiple maturity benefits
  • Income Tax benefits are available

Benefits:

  • The plan offers guaranteed revisionary bonuses for the first 5 policy years: @ 2.5% in the first three years and @ 2.75% for the last two years, of the sum assured
  • Maturity Benefit: At the time of maturity of the policy, the policyholder shall receive sum assured plus simple reversionary bonuses plus terminal bonus, if any. The sum assured carries a guaranteed interest rate of 0.25% p.a. compounding annually on total premiums. At this stage, the policyholder is given following options to choose from when it comes to receiving the vesting benefit:
    1. The policyholder can buy an immediate annuity from the company using the entire proceeds, or
    2. The policyholder can withdraw 1/3rd of the proceeds as cash, which is tax-free and the balance amount shall pay annuities, or
    3. The entire proceeds can be utilised to buy a single premium deferred pension product from the company
    4. There is also an option to extend the accumulation period or defer the vexing date, provided the policyholder is below the age of 55 years. The maximum extended period is allowed till 70 years of age
  • Death Benefit: If the policyholder dies during the policy term, the nominee shall receive the death benefits that’ll be the higher of total premium paid accumulated at an interest rate of 0.25% p.a. compounded annually plus reversionary bonuses plus terminal bonus, if any, OR 105% of all premiums paid till the date of death. The nominee will be given the following options:
    1. The nominee can receive the entire death proceeds at one go, or
    2. The nominee can use the entire proceeds of the policy or part thereof for buying annuity at the then prevailing rate
  • Income tax benefits are available under section 80C and section 10 (10) D

Eligibility:

Entry Age Min: 18 years | Max: Regular Pay- 60 years; Single Pay- 65 years
Vesting Age Min: 40 years | Max: 70 years
Policy Term Min: Regular Pay- 10 years; Single Pay- 5 years | Max: 40 years
Sum Assured Min: Rs. 1 lakh | Max: No limit
Annual Premium Amount Min: Rs. 7500 | Max: No limit
Premium Paying Term Equal to Policy Term or Single Pay
Premium Paying Frequency Single, or Yearly, half-yearly, quarterly or monthly
Premium Payment Frequency Yearly, half-yearly, or monthly

Riders:

SBI Life Preferred Term Rider can be added to the policy for wholesome coverage

SBI Life- Retire Smart

Features:

  • Unit-linked insurance plan
  • Guaranteed Additions offered by the policy
  • Multiple maturity benefits available
  • Income tax benefits shall be applicable

Benefits:

  • Guaranteed additions accrue @10% of the annual premium from the 15th policy year and then every year thereafter till the end of policy term
  • Additionally, a terminal addition @1.5% of the fund value shall be payable on the vesting date or on earlier date
  • Maturity Benefits: At the time of maturity of the policy, the policyholder shall receive the higher of the fund value including guaranteed additions and terminal additions or 101% of the total premiums paid. The policyholder will have the option to:
    1. To purchase immediate annuity from the company, or
    2. Withdraw 1/3rd of the proceeds that are tax free and the remaining amount can be used to pay pension, or
    3. Use the entire proceeds to buy a single premium deferred annuity plan from the company
  • There is also an option to postpone the vesting age if the policyholder is below 55 years of age. The maximum extended age period is allowed till 70 years of age
  • Death Benefits: If the policyholder dies during the policy term, the nominee shall be paid the higher of available fund value including terminal additions or 105% of the total premiums paid till the date of the death. The benefits can be withdrawn at one go or be used to buy an annuity plan from the company
  • The entire investment is managed under the Advantage Plan feature that regularly reduces the risk exposure to ensure minimal risk to investment with maximum possible returns. The three fund options under the Advantage Plan are:
  • Equity Pension Fund II
    Bold Pension Fund II
    Money Market Pension Fund II

Eligibility:

Min-Max Entry Age 30-70 years
Min-Max Vesting Age 40-80 years
Min-Max Policy Term 10 years-35 years
Sum Assured Min: Rs. 1 lakh | Max: No Limit
Annual Premium Amount Min: Limited Pay- Rs. 24,000; Single Pay- Rs. 40,000 | Max: No limit
Premium Paying Term Equal to Policy Term or Limited Pay for 10-15 years
Premium Paying Frequency Yearly, half-yearly, quarterly or monthly

SBI Life- Annuity Plus

Features:

  • Multiple annuity options available
  • Higher annuity rates are offered on paying higher premiums
  • Single premium policy to initiate payment of annuity

Benefits:

  • The policyholder starts receiving annuity immediately after the single premium is paid
  • Annuity options are further divided under two options:
  • Life Annuity (Single Life): Under this option the annuity will be paid at a constant rate throughout the life and the policyholder can select from the following options:

    1. Lifetime Income
    2. Lifetime income with Capital (Premium) Refund
    3. Lifetime income with Capital (Premium) Refunds in parts
    4. Lifetime income with Balance Capital refund: In this case Balance capital is equal to premium amount minus the annuity paid till date
    5. Lifetime income with yearly increase of 3% or 5%: In this option, the annuity pay-out increase at a simple rate of 3% or 5% for each complete policy year and is paid throughout the life of the annuitant
    6. Life income with certain period of 5, 10, 15 or 20 years: Here, annuity is payable at a constant rate for a minimum fixed period of 5, 10, 15 or 20 years and for life thereafter

    Life Annuity (Two Lives): Here the annuity is provided for two people and following options are available to receive annuity, which will be paid at a constant rate throughout the life of the annuitants:

    1. Life and Last Survivor: 50% or 100% income
    2. Life and Last Survivor: 50% or 100% income with Capital (premium) refund
  • Meeting certain terms and conditions, the plan allows the policyholder to avail advance annuity payments
  • Income tax benefits are available under section 80C and section 10 (10) D

Eligibility:

Entry Age Min: 40 years | Max: 80 years
Purchase Price Depends on annuity pay out and annuitant’s age
Annuity Pay-out Annuity Pay-out
Annuity Pay-out Frequency Yearly, half-yearly, quarterly or monthly

Riders:

• SBI Life Accidental Death Benefit Rider

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