SBI Life Annuity Plus Pension Plan Introduction
SBI Life Annuity Plus Pension Plan is introduced by the SBI Life Insurance Company of India. SBI Life Insurance Understand your needs and introduced SBI Life Annuity Plus Pension plan to meet your needs. SBI Life Annuity Plus Pension Plan is a traditional, non-participating, immediate pension plan.
SBI Life Annuity Plus Pension plan offers you different range of annuity options along with its in-built flexibilities. SBI Life Annuity Plus Pension Plan provides you an opportunity to maintain standard of living. It also gives you complete freedom to enjoy life’s necessities without any compromises.
SBI Life Annuity Plus Pension Plan Eligibility Criteria
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SBI Life Annuity Plus Pension Plan Key Features
- SBI Life Annuity Plus Pension Plan is an Immediate annuity plan without bonus facility.
- You have different annuity plan options available under this plan.
- You can get higher annuity rates for large premium.
- SBI Life Annuity Plus Pension Plan Provides you an additional rider benefit at affordable cost.
- Return of premium or balance of premium.
- You have the option to choose different frequency of annuity payouts-monthly / quarterly / half-yearly / yearly.
- You can enjoy regular income from as early as 40 years.
- You have an option chose annuity pay out till your or your partners life period-your partners could be spouse,children,siblings and parents.
- Flexibility to advance your payouts.
- Return of premium or balance of premium facility is available in SBI Life Annuity Retire Smart Pension Plan.
SBI Life Annuity Plus Pension Plan Benefits
Death Benefit:
Single Life Annuity: The Annuity will be paid continuously throughout the lifetime of the Annuitant at a guaranteed rate.You may choose any of the following annuitant options.
Lifetime Income:
- Annuity is payable throughout the lifetime of the annuitant.
- On death of the Annuitant, all future Annuity Payouts cease immediately and nothing is payable to the nominee.
Lifetime Income with Capital Refund:
- Annuity is payable throughout the lifetime of the annuitant.
- On death of the Annuitant, all future Annuity Payouts cease immediately and the premium is refunded to the Nominee.
Lifetime Income with Capital Refund in parts:
- At the end of 7 years 30% of the premium will be paid to the annuitant.
- On death of the Annuitant: Death beyond seven years: They will return 70% of the premium to the nominee.
- Death within seven years: They will return 100% of the premium to the Nominee.
Lifetime Income with Balance Capital Refund:
- Annuity is payable throughout the lifetime of the annuitant.
- On death of the Annuitant, the balance capital which will be equal to the premium paid less sum total of Annuities paid to the nominee.
Lifetime income with Annual Increase of 3% or 5%:
- Annuity payout increases at a rate of 3% or 5% per annum, and will be paid to the annuitant throughout the life time.
- On death of the Annuitant, all future Annuity Payouts cease immediately and nothing is payable to the nominee.
Lifetime Income with Certain Period of 5, 10, 15 or 20 years:
- Annuity is payable at a constant rate for fixed period of 5,10,15 or 20 years and there will be paid to the annuitant throughout the life time.
- On death of the Annuitant, all future Annuity Payouts cease immediately and nothing is payable to the nominee
Life Annuity (Two lives)
Life and Last Survivor :
- Annuity will be paid at a constant rate till the primary annuitant is alive.
- 50% or 100% Income: On death of the primary Annuitant, 50% or 100% of the last Annuity Payment will continue throughout the life of the surviving second Annuitant.
- On death of the last survivor, Annuity Payouts will cease immediately
Life and Last Survivor :
- Annuity will be paid at a constant rate till the primary annuitant is alive.
- 50% or 100% Income with Capital Refund:On death of the primary Annuitant, 50% or 100% of the last Annuity Payment will continue throughout the life of the surviving second Annuitant. On the death of last survivor, the Premium paid is refunded to the nominee as Death Benefit.
Maturity Benefit :
Being a pure Immediate Annuity Plan, no Maturity Benefit is available in SBI Life Annuity Plus plan.
Income Tax Benefit :
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under Section 80C and 1/3rd of the Maturity Proceeds are tax-free under Section 10(10D) subject to fulfilment of terms and conditions. For more information regarding Tax Benefits, visit www.taxqueries.in.
SBI Life Annuity Plus Pension Plan Buying procedure
Documents needed to apply SBI Life Smart Pension Policy are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
SBI Life Annuity Plus Pension Policy Claim Procedure
List of documents to be submitted during claim settlement.
- Death certificate
- Duly filled claim form
- Policy document
Required claim documents are attached below.
SBI Life Annuity Plus Pension Plan Claim Form
Additional benefits available in SBI Life Annuity Plus Pension Plan
Incentive for higher premium: For higher premiums SBI Life Annuity Plus Pension Plan offers better rates. The Additional annuity rates per Rs.1000 premium is tabled below:
| Premium(excluding Service tax and rider premium) | Rs.150,000 to less than 300,000 | Rs.300,000 to less than Rs.500,000 | Rs.500,000 and above |
| Incentive on the annualised modal annuity | Rs.2.50 | Rs.3.50 | Rs.4.25 |
Free look period:
- You can review the terms and conditions of your policy, within 15 days from the date of the receipt of the policy document.
- You can change annuity option during free look period.
Riders Available in SBI Life Annuity Plus Pension Plan
You have an additional accidental death benefit rider is available in SBI Life Annuity Plus Pension plan.
If an accidental death happens to the annuitant during policy period a lump sum amount will be paid to the nominee.
This benefit is 12 times the initial annualised annuity amount.
In case joint Life annuity the rider may be opted by primary annuitant or by both the annuitants.
Both the annuitants opting for rider eligible for a death benefit equal to the 12 times the initial annualised annuity. The rider premium has to be paid separately for both the annuitants.
The rider limits are as follows:
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SBI Life Annuity Plus pension plan rider
SBI Life Annuity Plus Pension Plan rider document
SBI Life Annuity Plus Pension Plan Premium and Maturity Calculator
By using SBI Life Annuity Plus Pension Plan Premium calculator you can find the minimum premium has to be paid to buy SBI Life Retire smart pension plan by giving below required information.
Annuitant Details
- First Annuitant Name
- Date Of Birth.
- Age.
- Gender.
- Vesting Amount
- Annuity Amount
- Proposal Date
- Channel Details
- Mode of Annuity payout
- Annuity option.
Contact details of SBI Life Annuity Plus Pension plan
- Call center number:1800 22 9090.
- Email id: info@sbilife.co.in
- Contact address:
- SBI Life Insurance company Ltd,
- Registered & corporate office:Natraj,
- M.V Road & western express highway junction,
- Andheri(east),mumbai-400 069.
FAQ on SBI Life Annuity Maturity and Premium Calculator
1.What happens if I stop paying the Premium?
Ans: As it is a single premium plan, there is no further requirement of premium payment.
2.What happens if I wants to Surrender my Policy?
Ans: No Surrender benefits are available in this policy.
3.What happens if I want a loan against your policy?
Ans: No Loan facility is available in this plan.
4.What are the different pension plans provided by SBI Life Insurance?
- SBI Life Saral Pension Plan.
- SBI Life Retire Smart Pension Plan.
- SBI Life Annuity Plus Pension Plan.
Additional Documents and Forms Available in SBI Life Annuity Plus Pension Plan
SBI Annuity Plus Pension Plan Brochure
SBI Life Annuity Plus Pension Plan Policy Document