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SBI Life Group Retirement Solutions Plans

SBI Life’s group retirement plans are an ideal way for employers to provide for their employees’ future following their retirement by providing them with financial stability and security. The retirement plans provide gratuity, superannuation, and pension plans based on the employer’s obligations and purpose. Available in both unit-linked as well as traditional plans, the retirement solutions provide employers with a chance to build up a corpus to help cover costs related to employee superannuation, gratuity, annuity and leave encashment.

Benefits of SBI Life Group Retirement Solutions:

The benefits associated with SBI Life’s Group Retirement Solutions are manifold, with some of the key benefits listed below:

  • Fund management solutions that offer defined benefit as well as defined contribution schemes.
  • Customisable plans to cater to the unique needs of an organisation.
  • Single plans that cover multiple schemes, providing a complete solution without the need for multiple plans or policies.
  • Tax benefits to master policyholder.
  • Coverage for member as well as spouse (subject to policy regulations).

List of SBI Life Group Retirement Solutions:

The various group retirement plans offered by SBI Life Insurance are listed below:

Plan name Entry age Maturity age Premium
SBI Life Kalyan ULIP Plus Minimum- 18 years Maximum- 79 years 80 years Rs.50,000
SBI Life CapAssure Gold As per scheme rules As per scheme rules Rs.5,000
SBI Life Swarna Jeevan  
  Min Max
Member 35 years 85 years
Spouse 18 years 85 years
Dependent on the option annuity option selected  
SBI Life Gaurav Jeevan Minimum- 18 years Maximum- 85 years Dependent on the annuity option selected Rs.100

SBI Life Kalyan ULIP Plus:

This is a non-participating, unit-linked fund based group insurance policy that provides a defined benefit, defined contribution and combination of the two schemes to members. The policy stipulates a minimum group size of 10 members, with a minimum premium amount of Rs.50,000. The policy is renewable yearly and the policyholder can choose to invest in 6 funds as well as manage assets.

The Features and Benefits of the SBI Life Kalyan ULIP Plan are listed below:

  • Flexibility to choose fund profiles based on the risk appetite of the policyholder.
  • Loyalty benefits payable on the funds invested with SBI Life, which will accrue at the end of a year and would be credited after the end of 2 policy years.
  • A life cover of Rs.1,000 provided to all members under the leave encashment and gratuity schemes under the policy. Members are required to pay a token sum of Re.1 for life cover.
  • The superannuation scheme provides members who exit the scheme the higher of the unit fund value and the accumulated value of premiums.
  • Death benefit is payable to nominees in the event of the member’s demise during the policy term. Death benefit is Rs.1,000 along with benefits as per the scheme rules in case of leave encashment and gratuity schemes.
  • Unlimited number of online switches between funds and a maximum of 4 free offline switches in a policy year are allowed. A minimum of 5% of the amount switched is to be re-invested in each of the funds selected.
  • The funds that are available under the policy are as follows:
Fund name Risk profile
Group Growth Plus Fund II High
Group Debt Plus Fund II Low to medium
Group Balanced Plus Fund II Medium to high
Group Money Market Plus Fund Low
Group Short Term Plus Fund II Low
Group STO Plus Fund II Low

SBI Life CapAssure Gold Plan:

This is a variable, non-linked, non-participating fund based group insurance plan that provides a guaranteed return annually. The plan is a 1 year plan that is renewable on maturity and provides cover for a minimum of 10 members. The plan covers superannuation, leave encashment and gratuity. The minimum amount payable towards premium under the plan is Rs.5,000 at the policy’s inception.

The Features and Benefits of the SBI Life CapAssure Gold Plan are as follows:

  • Death benefit is payable in the event of the death of a member while the policy is in force. The benefit payable is the sum assured amount along with Rs.1,000 for gratuity and leave encashment schemes. However, there will be no death benefit payable for the superannuation scheme.
  • Based on the rules governing a particular scheme, benefits will be paid out on the retirement, resignation or withdrawal of a member. This would be payable subject to the availability of funds in the policy account.
  • Under the policy, each member and the master policyholder would have their own account, which will be credited with the premiums paid.
  • The interest payable through the policy would be paid as follows:
    • A minimum interest rate that is payable annually would be guaranteed for the duration of the policy.
    • A non-zero positive additional interest would also be declared each fiscal quarter which would apply on the daily balance in the account and would become part of the principal amount at the start of the following quarter.
  • For disability/withdrawal or maturity, the benefits payable would be the as per the scheme rules.
  • In the case of a superannuation scheme, the master policyholder can choose to purchase annuity from any insurer in a situation where funds are managed by more than one insurer.
  • In the case of the surrender of the policy, the following will come into effect:
    • The surrender value would be paid in a lump sum following the notice period. A fee may be levied in case of bulk exits.
    • An MVA (market value adjustment) would be applied to the ratio of the current account value of the fund and its current market value.
    • Additionally, a surrender penalty would be payable if the policy is surrendered before the 4th policy year. The surrender charge would be 0.05% of the policy account value.

SBI Life Swarna Jeevan:

This is a non-linked, non-participating group annuity plan that provides annuity options for groups, specifically employer-employee groups. The liability associated is transferred by buying out the pension. The policy requires a minimum group size of 10 members. Under this policy, both the member as well as his/her spouse can benefit from the annuity cover.

Features and Benefits of the SBI Life Swarna Jeevan:

  • The options available under the plan are listed below. The master policyholder is required to pick one of the annuity options:
    • Life annuity: Under this option, the annuity is payable at a fixed rate throughout the annuitant’s lifetime. There is no death benefit payable.
    • Life annuity with refund of purchase price: Under this option, the annuity is payable at a fixed rate throughout the annuitant’s lifetime. Following the death of the annuitant, the difference between the annuity purchase price and the sum of annuities received by the annuitant is payable to the nominee in a lump sum.
    • Annuity certain for ‘n’ years and annuity for life thereafter: Under this option, the annuity is payable at a fixed rate for a certain number of years (the number of years can range from 5 to 35 years). Following this period, the annuity payment continues till the annuitant is alive. There is no death benefit payable under this option.
    • Annuity with refund of purchase price: Under this option, the annuity is payable at a fixed rate to the annuitant. On the death of the annuitant, the annuity purchase price is payable to the nominee.
    • Increasing life annuity at ‘x’% per annum: Under this option, the annuity amount payable increases by a set percentage after each 12 month period during the annuitant’s lifetime. The set percentage amount can range from 1% to 10%. There is no death benefit payable under this option.
    • Joint life (last survivor) annuity: Under this option, annuity is payable at a constant rate until the annuitant’s death, after which the annuitant’s spouse receives the annuity. The annuity received by the spouse would be either the full amount or 50% of the last annuity paid to the annuitant. There is no death benefit payable under this option.
    • Joint life (last survivor) annuity with refund of purchase price: Under this option, annuity is payable at a constant rate until the annuitant’s death, after which the spouse receives either 100% or 50% of the annuity amount. On the death of the last annuitant, the annuity purchase price would be payable to the nominee in a lump sum.

SBI Life Gaurav Jeevan:

This is a non-linked, non-participating group annuity plan that provides members with a variety of annuity term options and income protection on death. The policy is can be availed for a group with a minimum of 50 members and has a minimum annuity amount of Rs.100.

Features and Benefits of SBI Life Gaurav Jeevan:

  • The plan provides for two annuity options, which are mentioned below:
    • Level temporary annuity with income protection on death: Under this annuity option, the annuity is payable at a constant rate for a certain number of years (between 5 to 35 years) as long as the annuitant is alive. On the annuitant’s death during the selected years, the income protection benefit (level) would be payable to the nominee till the end of the set number of years.
    • Increasing temporary annuity with income protection till death: Under this annuity option, an increasing annuity is payable for a set number of years as long as the annuitant is alive. This annuity increases by a set percentage or a fixed amount for each complete year. In the event of the death of the annuitant during the set number of years, the nominee would receive the income protection benefits (increasing) till the end of the set number of years.
  • Annuity payments can be made by the master policyholder at a frequency of his/her choice and can be made through ECS or post-dated cheques.

Why one needs SBI Life Group Retirement Plans?

SBI Life group retirement plans offer employers the opportunity to safeguard and secure their employees’ financial future through annuity, superannuation and leave encashment schemes. All of these can be provided with ease through SBI’s group retirement plans, which offer benefits to both the employer as well as the employee.

In addition to the features and benefits enjoyed under the respective policies, given below are a list of additional benefits that can be enjoyed:

  • Tax benefits under Section 80C and 10 (10D), subject to tax laws.
  • Safeguards spouse and family in the event of the demise of the member, with benefits being paid to nominees as well.