SBI Life-Saral Pension plan Introduction
SBI Life Insurance is a leading Insurance Company in India. It is a Joint venture between SBI and france based BNP Parbas. It offers differnt pension plans to make your retirement happy. SBI Life Saral insurance Policy is one of the SBI Life pension plans.
SBI Life-Saral Pension plan is a regular premium deferred annuity plan. SBI Life-Saral Pension scheme is an individual participating traditional pension plan with bonus facility. SBI Life-Saral pension scheme offers you a secure future and joyous retirement.
SBI Life – Saral pension Plan is designed to meet your requirements after retirement. You can design your life colorfully with your children and grand children after retirement by taking SBI life-Saral Pension policy.
By using SBI Life-Saral Pension plan you can accumulate enough money to provide sufficient income for a life time. In SBI Life Saral Pension plan premium needs to be paid for the entire policy period as chosen between 10 to 40 years.
SBI Life Saral Pension plan Eligibility Conditions
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SBI Life Saral Insurance Policy review and Features:
- It is a regular premium deferred annuity plan.
- An additional prefered Term rider is available in SBI Life Saral Pension plan.
- You can take the policy period between 10 to 40 years.
SBI Life Saral Pension Plan Benefits
Death Benefit:
It is payable on death before maturity. Incase the person dies within the policy period the nominee will receive total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually + Vested Simple Reversionary Bonus + Terminal Bonus as Death Benefit.
Vesting(Maturity) Benefit:
When the policy matures, sum Assured + vested simple reversionary bonuses + terminal bonus will be available as Vesting benefit.
On vesting the insured person has the following benefits:
- Withdraw 1/3rd of the Vesting Benefit as Tax Free under section 10(10)A and utilize the remaining to purchase annuity from SBI Life.
- Use the entire amount to purchase annuity from SBI Life.
- Utilize the entire amount to purchase a Single Premium Deferred Pension Plan from SBI Life.
- To extend the accumulation period or defer the vesting date, provided you are below age of 55 years on vesting. The maximum extended period will be up to age 70 years.
SBI Life Saral Pension Plan Riders
An additional premium term, rider is available in SBI Life Saral Pension plan. If an Unfortunate death occurs to the life insured person during rider term, SBi Life Saral Pension plan gives premium plus sum assured to the nominee.
SBI Life saral Pension plan Preferred Term rider brochure
SBI Life Saral pension plan Preferred Term Rider document
SBI Life Grameen Bima Policy Buying Procedure
Documents needed to apply SBI Life Grameen Bima Policy are given below
- Identity Proof
- Age Proof
- Income Proof
- Address Proof
- PAN Number
Claim Procedure of SBI Life Saral Pension Policy
List of documents to be submitted during claim procedure.
- Death certificate
- Duly filled claim form
- Policy document
Required claim procedure documents are attached below.
SBI Life Saral pension policy claim form
Additional information Available in SBI Life Saral Pension plan
Guaranteed Bonus:
Guaranteed simple reversionary bonuses will be given for first 5 years, at a rate of 2.50% for first three years and 2.75% for next two years. Guaranteed bonuses will be applicable only to in-force policies.
Income Tax benefit:
SBI Life Saral Pension Premium paid up to Rs.1,00,00 are allowed as deduction from the taxable income each year under Section 80C and 1/3 rd of the maturity proceeds are Tax free under Section 10(10D) subject to fulfillment of terms and conditions. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
Suicide exclusion:
- If the Life assured sane or insane commits suicide within 1 year, they will not pay the death benefit.
- They will calculate it from the date of commencement of risk or from the date of revival of policy.
- They will pay 80% of the rider premiums if the death happens within 1 year from the date of commencement of risk.
- If suicide happens within 1 year of revival they will pay the 80% of the rider premiums to the nominee, whichever is higher.
SBI Life Saral shield Premium Calculator
By using SBI Life Saral shield premium Calculator you can find minimum premium that has to be paid to get SBI Life Saral Pension scheme by giving below information.
- J&k Resident:
- proposers Name:
- Date of Birth.
- Age.
- Gender.
- Policy term.
- Premium frequency.
- Sum Assured.
- Term for SBI Life preferred Term Rider.
Contact details of SBI Life Saral Pension Plan:
Email.id: info@sbilife.co.in
Customer care number: 1800 22 9090
Telephone number: 022- 6191 0000
Corporate address:
SBI Life insurance co.ltd,
“Natraj”,
M V road & Express Highway Junction,
Andheri(east), Mumbai-400 069.
FAQ’s on SBI Life Saral Pension Plan:
1.What happens if I stop paying the premium?
Ans: The policy will terminate if you stop paying the premium.The policy will continue, if at least you have paid 3 years premium.
2.What are the different pension plans available in SBI Life insurance?
Ans: Three SBI Life pension plans are available.
- SBI Life Saral pension plan
- SBI Life Retire Smart.
- Sbi Life annuity plus.
- What if I want to surrender the policy?
Ans: If you have been paid the minimum of 3 years premium, you can get the guaranteed surrender value which is 30% of all premiums paid minus 1st year premium.
- what if I want a loan against your policy?
Ans: Loan facility is not available under this plan.
5. Are there any riders available in SBI Life Pension plan?
Ans: Yes, a Regular term premium term rider is available in this plan.
SBI Life Saral Pension Plan Documents and Forms:
SBI Life Saral Pension Plan brochure.
SBI Life Saral Pension Plan policy document.