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The SBI Life Swarna Jeevan Plan is a group immediate annuity plan designed for corporates. This plan is suitable for employer-employee groups and similar group administrators. It is a non-linked non-participating group annuity plan. With this plan, employers can purchase annuity in order to fulfill their annuity liabilities either in total or partially through SBI Life. The plan has various annuity options so that customers have a choice and can find a plan that is most suitable to their needs and budget. There are 5 life annuity options and 3 joint annuity options.
This plan is available only for employer-employee groups. SBI Life has certain requirements that need to be fulfilled in order to be able to avail this plan. A group of at least 10 members is required to take an approved group superannuation scheme. To be eligible for the SBI Life Swarna Jeevan Plan, customers have to meet the following criteria:
|Maturity Age||Retirement age|
|Policy Term||Not specified|
|Types of Groups||Employer-employee groups
*Ages mentioned refer to the age last birthday
The annuity offered under this scheme is flexible and can be customised to suit the needs of your group. Given below are the details pertaining to the requirements of this plan:
|Minimum Annuity||Rs.1,200 p.a. minimum|
|Annuity Periodicity||Annual, Half yearly, Quarterly, and Monthly|
|Annuity Payment Modes||
*Premiums vary based on age, location, plan term and other factors
The Swarna Jeevan Plan Plan provides flexible protection options. Depending on the rules of the scheme, the benefits can be payable upon resignation, retirement, withdrawal, death or any other type of exit of the member. This plan covers gratuity, leave encashment and superannuation. The benefits are payable from the master policyholder’s account or the member’s account as per the scheme, provided there is sufficient funds in the policy account.
With this plan, you have a number of annuity options to choose from:
|Life annuity||Payable at a constant rate through the lifetime of the annuitant. Death benefits are not applicable.|
|Life annuity with refund of purchase price:||Payable at a constant rate through the lifetime of the annuitant. The nominee will receive a lump sum equal to the annuity purchase price upon the death of the annuitant.|
|Life annuity with refund of balance purchase price||Payable at a constant rate through the lifetime of the annuitant. The nominee will receive a lump sum equal to the balance purchase price upon the death of the annuitant, if the amount is positive.|
|Annuity certain for ‘N’ years and annuity for Life thereafter||Payable at a constant rate for a specific number of years. If the annuitant dies during this period, the nominee will receive the annuity. If the annuitant survives this period, the annuity is paid till they are alive. No death benefits are payable. The specific periods available range from 5 years to 35 years.|
|Increasing Life annuity @ ‘X’% per annum (simple increasing)||Annuity is payable at an increasing rate applied every 12 months. The annuity will be paid as long as the annuitant is alive. The range of increasing interest offered is 1% to 10%.|
|Joint Life (last survivor) annuity||Payable at a constant rate through the lifetime of the annuitant. If the spouse survives the annuitant, then they are entitled to receive 50% or 100% of the last annuity paid. No death benefits are payable upon the demise of the last annuitant.|
|Joint Life (last survivor) annuity with refund of purchase price||Payable at a constant rate through the lifetime of the annuitant. If the spouse survives the annuitant, then they are entitled to receive 50% or 100% of the last annuity paid. The nominee will receive a lump sum upon the death of the annuitant|
|Joint Life annuity certain for ‘N’ years and joint life (last survivor) annuity thereafter:||Payable at a constant rate for a specific number of years. If the annuitant dies during this period, the spouse will receive the annuity. If both die, the annuity is payable to the nominee. If the annuitant or spouse survives this period, the annuity is paid till they are alive. If the spouse survives the annuitant, then they are entitled to receive 50% or 100% of the last annuity paid. The nominee will receive a lump sum upon the death of the annuitant. Death benefits are not applicable.|
There are no riders available with this plan.
Under this policy, there are no exclusions applicable.
Some of the key features of this plan have been listed out below:
|Irrevocable Annuity||Once the annuity option is exercised, it cannot be reversed|
|Add-on benefits||Extended to clients who provide pension benefits through their own pension arrangements|
|Nomination||Allowed as per Section 39 of the Insurance Act, 1938|
|Existence Intimation||Every 12 months, 30 days before the policy anniversary date, the annuitant must submit an existence certificate. If the certificate is not submitted, the annuity will cease till it is provided|
|Death Intimation||In case the annuitant dies, the information must be intimated to SBI Life. Any annuity paid after the date of death will be recovered|
|Service Tax||Service tax, GST and education cess are charged as per the applicable rates declared by the Government|
As per the prevailing tax laws, tax benefits and exemptions can be availed. You are advised to seek consultation with a tax professional or advisor as tax laws are subject to revisions and amendments from time to time.
Purchasing the Swarna Jeevan Plan from SBI Life carries other benefits as well.
SBI Life is one of the most trusted companies in the country. The insurer offers plans for individuals and groups. Through a joint venture with BNP Paribas in 2001, SBI offers a range of life insurance products in India. The insurer provides its customers with a wide range of services that enables them to track the policy account, pay premiums online, and generate premium receipts online. This plan is most suitable for employers who wish to provide their employees with retirement benefits. Ensure your employees have a dignified retirement by providing them with a smart solution that ensures an annuity for not only the annuitant, but also the spouse and nominee.
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