Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your golden years
As per a survey performed by The Economic Times in 2013, SBI Life has been chosen as "The Most Trusted Private Life Insurance" brand in India.
It should be noted that there are approximately 57 insurance providers in India, among which 24 of these companies deal in life insurance schemes & plans and rest of the 33 insurance companies deal in non-life insurance schemes. These insurance companies further offer hundreds of insurance plans for the buyers. Hence, acquiring the best brand’s position amongst such as vast country is recognition in its own.
SBI Life Insurance offers an extensive range of insurance plans catering to the individuals’ needs which include child plans, protection plans, wealth creation plans, online plans and last but not the least, pension plans.
If you are not planning to retirement plans India, it means that you are sure and confident about being able to cover your monetary needs in your sunset years.
What if you have to spend all the money you have set aside. Or, you have certain liabilities or responsibilities to fulfill that will cost a significant portion of your savings. Anything may trigger a situation that will hamper the financial plan that you’ve mapped for your old age.
I’m sure you’ve heard stories of millionaires going penniless in their old age due to an unfortunate accident, or a disease, or some boardroom politics. It’s always a good decision to keep some amount separated from all you have, for your sunset years.
You may also like to read: Annuity Formula | Annuity Meaning
All you need is a pension or retirement plan. Get it, live happily and sleep soundly.
The different pension schemes that SBI Life insurance offers are:
SBI Life – Saral Pension
SBI Life – Annuity Plus
SBI Life – Retire Smart
This is a traditional pension plan. SBI Life Saral Plan offers benefits on policy surrender, maturity and on annuities, as well. These payments follow taxation rules. Here is a chart for SBI Life Saral Plan:
| Minimum | Maximum | |
| Starting Age | 18 yrs | 60 yrs (for Regular Pay) 65 yrs (for Single Pay) |
| Vesting Age | 40 yrs | 70 yrs |
| Policy Length in Year | 10 yrs (Regular Pay) 5 yrs (Single Pay) |
70 yrs |
| Assured Sum in Lakh | Rs 1 Lakh | No Limit |
| Premium Amount to Pay Per year | Rs. 7000 | No Limit |
| Payment Schedule | Pay Monthly, Quarterly, Half-yearly, or once in a year. | Same |
| Benefits | |
| Vesting | Sum Assured, plus Simple Reversionary Bonuses, plus Guaranteed Bonuses |
| Annuity | 2/3 of the vested amount will pay annuity, 1/3 will be tax free Or, pay a single premium and enjoy annuity for the full fund. |
| Vesting | Can be postponed at the age 55 or below, or finally in 70 years. |
| Death Benefit | 105% of all premiums is payable to the nominee till his/her death Or, can be taken out as a lump sum |
| Preferred Term Rider | Can be added |
| 5 years guaranteed bonus | 2.50% for first 3 years, and 2.75% for the last 2 years (of the Sum Assured amount) |
For this plan, you have to start investing from Rs 24,000 onwards. Minimum age for policy holders is 30 years. You receive a “safeguard against market volatility” enforced by an Advantage Plan. Policy holders also get a Minimum Time Span for Maturity Amount.
| Minimum | Maximum | |
| Starting Age | 30 yrs | 70 yrs |
| Vesting Age | 40 yrs | 80 yrs |
| Policy Length in Year | 10 yrs | 35 yrs |
| Assured Sum in Lakh | Rs. 1 Lakh | No Limit |
| Premium Amount to Pay Per year | Rs. 24,000 (Regular pay) Rs. 40,000 (Single pay) |
No Limit |
| Payment Schedule | Pay Monthly, or Quarterly, or Half-yearly, or once in a year. | Same |
| Benefits | |
| Guaranteed Additions | On 10% of the annual premium starting from 15th year till end |
| Vesting withdrawal | 1/3 of the corpus can be withdrawn |
| Death Benefit | 105% of all premiums is payable to nominee till his/her death or can be withdrawn as a lump sum |
| Funding | 3 Fund Options are available under this plan |
Just pay a single premium amount and you get a range of annuity options for the rest of your life. You can add your family members to share your annuity and can get it on a regular basis.
| Minimum | Maximum | |
| Starting Age | 40 yrs | 80 yrs |
| Vesting Age | Not applicable | Not applicable |
| Policy Length | 5 years minimum | Till Death |
| Annuity received | 2400 | No Limit |
| Premium Amount to pay | Depends upon the annuity you are expecting and the age of investment | Same |
| Payment Schedule | Pay Monthly, or Quarterly, or Half-yearly or once in a year. | Same |
| Benefits | |
| Duration | 5 year to life time |
| Partner | 1 or joint |
| Annuity Increased by | 3-5% every year |
| Last Survivor gets | 50-100% Refund on policies |
There is no guaranteed way to avoid the issues associated with old age. However, investing in these SBI Life pension plans can assure you that you have the resources to tackle any unforeseen financial eventuality and live your life to the fullest.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
23 Oct 2024
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