SBI Life Pension Plans ensures you to continue celebrating your life even after retirement with the Family. Interested Users can check the various SBI Life Retirement Plans available and Features of SBI Life Insurance Pension Plans from below Sections.
SBI Life Pension Plans Review
Retirement is the Phase of your Life when you would like to Pursue New Hobbies and to do Things you always wanted to do. But with increasing Life Expectancy Rate, Rising Health Care costs, Absence of Social Security System in India Retirement Planning becomes Very Critical. To Help you to Continue your Life in a Joyful way with your Children, Grand Children, Colleagues, Friends, Relatives SBI Life Insurance Company has introduced the SBI Life Pension Plans.
SBI Life Insurance Company is Offering Various Retirement Plans like SBI Life-Saral Pension Plan, SBI Life-Retire Smart, and SBL Life-Annuity Plus Pension Plans to meet the Needs of an Indian Customers. Interested Users can Pick any one Plan according to their Need. SBI Life Pension Plans Offers you complete safety from market volatility, by providing a secure future and a joyous retirement.
SBI Life Retirement Plans
To meet the Post Retirement Needs SBI Life Insurance Company provides various Pension Plans for its Customers. The Various Pension Plans offered by SBI Life Insurance Company are
- SBI Life-Saral Pension Plan.
- SBI Life-Retire Smart.
- SBL Life-Annuity Plus Pension Plan.
SBI Life Pension Plans Benefits & Features
SBI Life Pension Plans offers you wide Range of Benefits such as Death Benefit & Maturity Benefit to accumulate enough Money for Life Time. Check Benefits of various Retirement Plans from below Sections.
SBI Life Saral Pension Plan
SBI Life Saral Pension Plan is a Participating, Non-linked, Traditional Plan. It Offers you a Secure Future and a Joyous Retirement from Market Volatility. By taking this plan you can enjoy your Post Retirement Life with Friends, Relatives, Children, and with your Grand Children without any Tensions.
Benefits of SBI Life Saral Pension Plan
Death Benefit: On Death of the Life Assured during the Policy Term the Company will pay the Higher of Total Premiums Paid accumulated at an Interest rate of 0.25% p.a. compounded annually + Vested Simple Reversionary Bonus + Terminal Bonus as Death Benefit to the Nominee.
Vesting (Maturity) Benefit: On Survival of the Life Assured till the Policy Term Sum Assured + Vested simple Reversionary Bonuses + Terminal Bonus will be payable as Vesting benefit.
SBI Life Saral Pension Plan Features
- On taking this Policy Policyholder will get Guaranteed Simple Reversionary Bonuses for the First Five years at the rate of 2.50% of the Sum Assured for first three years and 2.75% for the next two years.
- It Provides an Additional Life Cover through SBI Life – Preferred Term Rider (UIN: 111B014V02).
- On Vesting of your Policy, you can use that Money for buying Immediate annuity or you can use up to 1/3 of the Policy Proceeds and buy New Annuity with the Rest of Money.
- In this Plan, You have the Flexibility to Extend the Vesting Age Up to 70 years.
- You will get Lump-Sum Amount on Death and Maturity of the Policy.
- You can avail the Tax Benefits as per prevailing norms under the Income Tax Act, 1961.
SBI Life Saral Pension Plan Eligibility Criteria
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For Details About SBI Life Saral Pension Plan please refer Brochure attached below.
SBI Life Saral Pension Plan Brochure.
About SBI Life Retire Smart Plan
SBI Life Retire Smart is one of the Pension Plan Offered by the SBI Life Insurance Company. SBI Life-Retire Smart Pension Plan is a non-participating unit linked Insurance plan. It helps you to begin your new life. To make your retirement life colourful SBI Life Insurance Company has introduced the SBI Life Retire Smart pension Scheme.
Benefits of SBI Life Retire Smart Plan
Death Benefit: The Higher of Fund Value plus Terminal Addition or 105% of total premiums paid till the date of death will be Payable as Death Benefit to the Nominee On Death of the Life Assured during the Policy Term.
Vesting (Maturity) Benefit: On Survival of the Policyholder till the Policy term Policyholder the Higher of Fund Value Plus Terminal Addition or 101% total premiums paid as Maturity / Vesting Benefit.
SBI Life Retire Smart Features
- By taking the SBI Life Retire Smart Plan your Fund Value is boosted through Guaranteed Additions of up to 210% of Annual Premium.
- Starting from the end of the 15th Policy year and at the end of every year thereafter till the end of Policy Term Guaranteed Additions of 10% of Annual Premium are paid regularly.
- At maturity/vesting or on earlier death you will get Terminal Additions of 1.5% of Fund Value.
- This plan guarantees a minimum of 101% of all premiums paid at maturity/vesting through SBI Life through Advantage Plan.
- There is no need to worry about your Investments because the Company will manage the same on your behalf.
- Minimum 105% of Total Premiums will be Paid on Earlier Death.
SBI Life Retire Smart Pension Plan Eligibility Criteria
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For More Details About SBI Life Retire Smart Plan please refer Brochure attached below.
Official SBI Life Retire Smart Plan Brochure.
SBI Life Annuity Plus Pension Plan
SBI Life Annuity Plus Pension Plan is a Traditional, Non-participating immediate annuity plan. It offers a comprehensive range of annuity options along with in-built flexibilities. It also provides an opportunity to maintain your standard of living.
Benefits of SBI life Annuity Plan
Death Benefit: Death Benefit is Payable as per the Annuity Option Chosen. The Annuity Options are
- Life Annuity (Single Life)
- Lifetime income with Balance Capital Refund.
- The Lifetime income with Annual Increase of 3% or 5%.
- Lifetime income with the certain period of 5, 10, 15 or 20 years and life thereafter.
- Life Annuity (Two lives).
Maturity Benefit: No Maturity Benefit is available under this Plan.
Tax Benefit: Tax Benefits are applicable as per the income tax Laws in India. These Laws are Subjected to change from time to time.
SBI Life Annuity Pension Plan Features
- In this Plan, you have the Option to choose the wide range of Annuity options.
- You can Enjoy Regular Income (Annuity Payouts) from an early Age of 40 years.
- A Special Rider Namely Accidental Death Benefit Rider (UIN: 111B015V02) is available under this Plan.
- You have the Flexibility to choose Premium Payment Frequency as per your Requirements.
- You will get higher Annuity Rates for Higher Premiums.
- In this Plan, you have the option to choose Lifetime Annuity payout for you as well as a family member.
SBI Life Annuity Plan Eligibility Criteria
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For More Details About SBI Life Annuity Plus Plan please refer Brochure attached below.
Official SBI Life Annuity Plus Pension Plan Brochure.
SBI Life Pension Plan Premium Calculator
You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the SBI Life Pension Plan Premium Calculator. The Amount of Premium Paid will depend on the Sum Assured, Policy Term, Premium Payment Modes and Age of the Life Assured. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, Policy Term, and Minimum Sum Assured to calculate the Premium Value.
SBI Life Pension Plans Buying Process
You can Buy the SBI Life Pension Plan from the Nearest SBI Life Insurance Branch Office or, from the Agent of SBI Life Insurance Company. You can also Download the Proposal Form from the SBI Life Official website. And Some SBI Life Pension Plans can also be bought through online at SBI life Official Site. The Documents required for buying Retirement Plans of SBI are listed below.
- Application form / Proposal form along with the photo.
- Address Proof.
- Age Proof.
- Medical Reports (if required).
Claim Process for SBI Life Pension Plan
The Policyholder / Nominee can apply for the Claim in the case of Death or Disability Occurred due to the Sudden Accident of the Policyholder within the Policy Term or if your Policy Maturity Period completed. You can apply your Claim through online at the official website or through alternate channels such as at Branch Office, through Helpline Number, Mail Id. The Documents required in SBI Life Claim Process are
- Original Policy Document.
- Death Certificate Original from Municipal / Local Authorities.
- Claimant’s Statement and Claim Forms.
- Hospital Records including Discharge Summary.
- NEFT Form.
- Date of Birth Proof.
- Address Proof of Nominee.
- A copy of Pass Book.
- Additional documents, in the case of death, occurred due to unnatural or accidental death.
Additional Details about SBI Life Pension Plans
Policy Loan: There is No Policy Loan Facility available under this Plan.
Surrender Value:
The Policyholder can Surrender his SBI Life Pension Plan at any time during the Policy Term after Paying Premium for Three Succesful years.
Free Look (Cooling Off) Period:
If the Policy Holder does not satisfied with the Terms and Conditions of the Policy, Policyholder can return the SBI Life Pension Plan within 15 Days from the date of receipt of the Policy Document.
Grace Period: The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment. Grace Period is a Term when you can Pay the Due Premiums to Continue your Policy.
Riders: A Special Accidental Death Benefit Rider is available for Pension Plans.
Policy Revival: The SBI Life Pension Plans can be Revived within Two years from the Date of First Unpaid Premium.
Exclusions:
- Suicidal Exclusion:
- If the Life Assured commits suicide at any time within one year The Company will not pay any Death Benefits.
- If the Life Assured commits suicide at any time Within one year from the Date of Commencement of Risk or from the Date of Revival of Policy the Company will pay 80% of the Reider Premiums Paid.
Taxes: As per the Current Laws, Income Tax Benefits are available under Section 80C and Section 10(10D) of Income Tax Act for this Plan.