SBI Life Annuity Plus Plan

What is the SBI Life Annuity Plus Plan?

SBI Life Annuity Plus Plan is an annuity plan offered by SBI Life Insurance. It is a traditional, non-linked, non-participating, immediate annuity plan. This means that the returns are not linked to the market performance and are guaranteed by the insurer. This investment plan is specifically designed for subscribers of the National Pension System (NPS) upon exiting the scheme.

Features of the SBI Life Annuity Plus Plan

Key features of this best investment option offered by SBI Life Insurance are as follows:

• Guaranteed Lifetime Income: The SBI Life Annuity Plus Plan offers guaranteed income for life starting immediately after the purchase of the plan. This income is paid out as an annuity.

• Flexible Annuity Options: You can choose from a variety of annuity options, such as life annuity, life annuity with return of purchase price, and joint life annuity.

• Flexible Payout Frequency: You can choose to receive your annuity payouts monthly, quarterly, half-yearly, or yearly.

• Higher Annuity Rates for Large Premiums: The SBI Life Annuity Plus Plan offers higher annuity rates for larger premiums.

• Tax Benefits: Premiums paid towards the plan are eligible for tax deduction under Section 80CCC of the Income Tax Act. Annuity income received up to Rs. 10,000 per annum is also exempt from tax under Section 10A of the Income Tax Act.

Annuity Options Available with SBI Life Annuity Plus Plan

SBI Life Annuity Plus Plan offers a variety of annuity options to suit your individual needs.

1. Government Sector Annuity Options:

   Government Annuity Options
   Premature/ Early Ext/ Resignation/ VRS Withdrawal Type	Superannuation Withdrawal Type
   NPS – Family Income Annuity Plan	NPS – Family Income Annuity Plan
   	Lifetime Income Annuity Plan
   	Lifetime Income with Capital Refund Annuity Plan
   	Life & Last Survivor with 100% Income Annuity Plan
   	Life & Last Survivor with 100% Income and Capital Refund Annuity Plan

2. Other Annuity Options:

   • NPS – Family Income Annuity Plan: Provides income for your family after your death.

   • Lifetime Income Annuity Plan: Regular income for your lifetime.

   • Lifetime Income with Capital Refund Annuity Plan: Regular income for your lifetime with a return on your initial investment upon death.

   • Life & Last Survivor with 100% Income Annuity Plan: Income for your spouse after your death, then to the surviving spouse if applicable.

   • Life & Last Survivor with 100% Income and Capital Refund Annuity Plan: Income for your spouse after your death, then to the surviving spouse if applicable, with a return of your initial investment upon the last death.

Eligibility Criteria for the SBI Life Annuity Plus Plan

Benefits of the SBI Life Annuity Plus Plan

SBI Life Annuity Plus Plan is an immediate annuity plan that offers a number of benefits, including:

1. Life Annuity (Single Life):

   A pension plan designed to provide you with a guaranteed stream of payments for as long as you live.

   • Lifetime Income: Constant income for life, stops upon subscriber's death.

   • Lifetime Income with Capital Refund: Constant income for life ceases on the subscriber's death with a premium refund to the nominee.

2. Life Annuity (Joint Lives):

   An annuity plan that provides a guaranteed stream of payments for as long as at least one spouse is alive.

   • Life and Last Survivor 100% Income: Constant income till the primary annuitant's death, then 100% continues for the surviving annuitant.

   • Life and Last Survivor 100% Income with Capital Refund: Constant income till primary annuitant's death, then 100% continues for surviving annuitant with a premium refund to the nominee on their death.

3. NPS – Family Income:

   • Annuity benefits as per PFRDA regulations.

   • Benefits for subscriber and spouse as per "Life and Last Survivor – 100% Income with Capital Refund" option. If you have no spouse, benefits for the subscriber as per "Lifetime Income with Capital Refund."

   • If a subscriber dies before vesting, the spouse will receive benefits as per "Lifetime Income with Capital Refund."

   • On the annuitant(s) death, the annuity ceases, and a refund is used to purchase the annuity for dependent parents, with the revised amount based on prevailing rates.

Policy Details of SBI Life Annuity Plus Plan

• Monthly annuity payouts are compulsory for Government Sector subscribers, following PFRDA regulations.

• By default, NPS – Family Income is the annuity payout option, with subscribers having the choice to select other options.

• The annuity plan can only be bought using the corpus from the NPS account.

Steps to Start the Pension Income in SBI Life Annuity Plus Plan

• Step 1: Fill out the NPS withdrawal request form provided by the Central Record Keeping Agency (CRA), making sure to specify your Annuity Service Provider (ASP) and ASP Scheme.

• Step 2: Hand in the completed form to your ASP along with any required documents for the policy issuance process.

• Step 3: Once the funds are received from CRA, your annuity policy will be issued.

• Step 4: Expect your annuity payments to start one month after the issuance of your immediate annuity policy.

Documents Required to Buy SBI Life Annuity Plus Plan

• Completed Proposal Form for SBI Life Annuity Plus product

• Filled FATCA/CRS/C-KYC Declaration Form

• Photocopy of Aadhaar Card (Required for both annuitants if joint life option chosen)

• Self-attested copies of:

  • Age proof

  • Identity proof

  • Residence proof

  • PAN Card or Form 60

• Copy of PRAN Card (if available)

• Cancelled Cheque or self-attested Bank Passbook/Bank Account Statement (For the account where you want to receive the credit)

• Passport size photograph of the NPS subscriber