What Makes SBI Life Pension Plans Different?

SBI Life Insurance Pension Plans

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.

Why Do You Need a Pension plan?

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.

1. SBI Life Insurance Pension Plans

   The different pension schemes that SBI Life insurance offers are:

   • SBI Life – Saral Pension

   • SBI Life – Annuity Plus

   • SBI Life – Retire Smart

2. SBI Life – Saral Pension

   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)

3. SBI Life Retire Smart Plan Withdrawn

   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

4. SBI Life – Annuity Plus

   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

Insurance for a Better Old Age

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.