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SBI Life Pension Plans

Retirement insurance plans are those especially designed to facilitate better returns for retirees. These plans provides for the future of the policyholders post retirement in the form of pensions.

Benefits of SBI Life Retirement/Pension Plans:

SBI Life Retirement/Pension plans offer a host of benefits to the policyholders. A single premium can buy the protection of a policyholder’s entire family. Various riders ensure that the policyholder is covered no matter what the circumstances. Some of the benefits are detailed below:

  • SBI Life Insurance Retirement/Pension Plans offer a variety of insurance plans from traditional insurance plans, to investment plans to annuity.
  • These Retirement/Pension Plans are guaranteed protection from market movements, thus ensuring that the insured’s retirement nest egg stays secure.
  • All SBI Life Retirement Plans afford a death benefit to the policyholder’s family. Thus, a policyholder can enjoy peace of mind knowing that his/her family will be financially secure even in their absence.
  • Retirement/Pension Plans also offer maturity/vesting benefit to the policyholders. Thus the money can be enjoyed by both the policyholder in their lifetime and/or their loved ones after their death.
  • Some Retirement/Pension Plans have in-built special benefits in cases of accidental death or disability, thus, providing for additional security.
  • Retirement/Pension Plans allow policyholders to claim tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961 on the premium paid for purchasing the insurance plan and on the maturity benefit.

List of Retirement/Pension Plans Provided By SBI Life:

SBI Life - Saral Pension:

This is a traditional, participating, individual pension plan that provides life cover and death benefit along with guaranteed bonuses during the first 5 years. Plus a maturity benefit at the rate 0.25% p.a. compounded yearly. Since the returns are guaranteed, the policy is completely secure from the ups and downs of the market.

Benefits and Features of SBI Life - Saral Pension Plan:

  • Guaranteed Bonus: Saral Life plan comes with the benefit of a guaranteed bonus. For the first 3 years the bonus is paid at the rate of 2.50% and for another 2 years the bonus is at the rate of 2.75% of the Sum Assured.
  • Maturity/Vesting benefit: This plan comes with a maturity benefit which is equal to the sum of vested reversionary bonuses, Sum Assured and terminal bonus, if applicable. The sum assured comes with a guaranteed bonus calculated at the rate of 0.25% compounded yearly on total premiums.
  • Death Benefit is either the higher amount of the sum of total premiums compounded annually at the rate of 0.25%, vested reversionary bonus and terminal bonus, or 105% of all premiums paid.
  • This policy comes with the rider SBI Life - Preferred Term which offers additional life coverage.
  • On Vesting, policyholders can purchase annuity from the entire proceeds or reduce one-third of the proceeds and purchase annuity with the remaining amount.
  • Policyholders can defer vesting upto the age of 70 years.
Plan Name Entry Age Maturity Age Premium
SBI Life - Saral Pension Minimum: 18 years Maximum:
  • For Single premium: 65 years.
  • For Regular premium: 60 years.
  • Minimum: 40 years
  • Maximum: 70 years
  • Minimum: Rs.7,500 p.a.
  • Maximum: No Limit.

SBI Life - Retire Smart:

Retire Smart plan is for a more matured populace, in terms of both age and financial stature. The policy guarantees a 101% return on the total premium paid, thus mitigating the market risk to a great extent.

Benefits and Features of SBI Life - Retire Smart Plan:

  • This plans comes with guaranteed additions which can increase the fund value up to 210% of the Annual Premium.
  • Beginning from the end of 15th year of the policy, additions amounting to 10% of the Annual Premium is paid yearly to the policyholder till the end of the term of the policy.
  • Policyholders also get Terminal Additions amounting to 1.5% of the Fund Value, at maturity and/or vesting or on death.
  • All investments of the policyholder are managed by SBI Life using their ‘Advantage Plan’. The Advantage plan assures a return of 101% of the total premiums paid at the time of vesting/maturity.
  • You can get a minimum 105% of all premiums paid on earlier death.
  • You can pay premiums for either the entire policy tenure or for a limited period.
  • You also get the option to postpone your vesting age.
  • The various benefits associated with this plan are:
    • Maturity or Vesting Benefit: The policyholder receives either 101% of all the premiums combined or the sum of Fund Value and Terminal Addition, whichever higher, on successfully completing the policy term.
    • Death Benefit: In event of the unfortunate demise of the policyholder, their nominee gets either 105% of all the premiums paid up until that event, or the total of Fund Value and Terminal Addition, whichever higher.
Plan Name Entry Age Maturity Age Premium
SBI Life - Retire Smart
  • Minimum: 30 years
  • Maximum: 70 years
  • Minimum: 40 years
  • Maximum: 80 years
Premium Frequency Regular premium Limited Premium Yearly Rs. 24,000 Rs. 40,000 Half yearly Rs. 15,000 Rs. 20,000 Quarterly Rs. 7,500 Rs. 10,000 Monthly Rs. 2,500 Rs. 5,000 Maximum: no limit

SBI Life - Annuity Plus:

This is an online non-participating traditional annuity plan that provides for regular income from the age of 40 years to a policyholder. A wide range of annuity options ensures a source of supplementary income for a lifetime. The plan also provides for Accidental Death Benefit Rider as an option.

Benefits and Features of SBI Life - Annuity Plus Plan:

  • A number of different annuity options to choose from, such as:
    • Lifetime income with
      • Balance Capital Refund.
      • Annual growth of 3% or 5%.
      • Defined period of 5, 10, 15, 20 years and whole life thereafter.
    • Life Annuity (for a Single Life).
    • Life Annuity (for Two lives).
    • NPS - Family Option.
  • Policyholders can get a regular income in the form of annuity payout from as early as 40 years of age for all cases except product conversion.
  • Policyholders get the option of a Lifetime Annuity payout for themselves as well as a family member.
  • They can choose the frequency of payouts from yearly, half-yearly, quarterly or monthly as per their convenience.
  • This plan offers incentives for larger premiums.
  • Annuity Plus plan also offers the advantage of getting annuity payouts in advance.
  • The plan comes with the optional rider: SBI Life - Accidental Death Benefit Rider.
  • The various benefits associated with this plan are:
    • Annuity Benefit: Policyholders get annuity payouts as per the option they chose.
    • Rider Benefits (optional).
Plan Name Entry Age Maturity Age Premium
SBI Life - Annuity Plus
  • Minimum: 0 years for product conversion; 40 years for all other cases
  • Maximum: 80 years
  • Maximum difference in age of Annuitants in case of Joint Life options: 30 years
Not applicable Minimum. : Such that the minimum annuity installment can be paid Maximum.: No Limit

Why do you need SBI Life Retirement/Pension Plans?

Traditional life insurance products are usually bleak prospects for people as it forces them to face their mortality. But a comfortable life after retirement is what everyone dreams about and should plan towards.

SBI Life Retirement plans are the products that provide both - life coverage and a post retirement income to look forward to.

Retirement plans are just the insurance products for anybody who wants to get their life insured and also plan for the future. These plans help people get their future secured, as well as that of their family members.