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  • SBI Life - Swarna Jeevan Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the SBI Life Swarna Jeevan Plan for?

    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:

    Parameters Details
    Entry Age Member
    • Minimum: 35 years
    • Maximum: 85 years
    Spouse
    • Minimum: 18 years
    • Maximum: 85 years
    Maturity Age Retirement age
    Policy Term Not specified
    Group size
    • 50 members
    • 10 members minimum for approved group superannuation schemes
    Types of Groups Employer-employee groups
    • Employers
    • Trustees
    • State Government
    • Central Government
    • PSUs
    • Group administrators

    *Ages mentioned refer to the age last birthday

    Sum Assured and Premium Range - What you get and what it costs?

    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:

    Parameters Details
    Minimum Annuity Rs.1,200 p.a. minimum
    Annuity Periodicity Annual, Half yearly, Quarterly, and Monthly
    Annuity Payment Modes
    • Post Dated Cheques
    • ECS Annuity Cards

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the SBI Life Swarna Jeevan Plan covers?

    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:

    Single Annuity

    • Life Annuity
    • Life annuity with refund of purchase price
    • Life annuity with refund of balance purchase price
    • Annuity certain for 5 to 35 years and annuity for life thereafter
    • Increasing Life annuity (Simple increasing)

    Joint Annuity

    • Joint life (last survivor) annuity
    • Joint life (last survivor) annuity with refund of purchase price
    • Joint life annuity certain for 5 to 35 years and joint life (last survivor) annuity thereafter
    Annuity Options Details
    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.

    Riders / Add-On Plans – Additional coverage under the SBI Life Swarna Jeevan Plan

    There are no riders available with this plan.

    Exclusions - What the SBI Life Swarna Jeevan Plan doesn’t cover?

    Under this policy, there are no exclusions applicable.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Some of the key features of this plan have been listed out below:

    Features Details
    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

    Tax Benefits – How you can save with the SBI Life Swarna Jeevan Plan?

    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.

    Other Benefits – How you can save with the SBI Life Swarna Jeevan Plan?

    Purchasing the Swarna Jeevan Plan from SBI Life carries other benefits as well.

    • Tailor the plan to suit your needs
    • Multiple annuity options to choose from
    • Provide a smart retirement solution for employees or group members
    • Insurance advisors are available to get a suitable plan

    Why you should buy the Swarna Jeevan Plan from SBI Life?

    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.