SBI's Life home delivery of pension initiative to become national depending upon its response in Bengal.
Many pensioners above the age of 75 are going to welcome a change that would no longer require them to make a monthly visit to their bank and stand in the never ending queue to draw their pension. The State Bank Of India has made things convenient for all the over 75 years of age pensioners — by delivering their monthly earnings at their doorsteps.
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SBI Life, one of the country's leading banks, will begin this pilot project from April 1 in Kolkata. All other public sector banks would join in if SBI Life becomes successful. This would help so many other aged and afflicted pensioners all over the country to gain from this initiative.
Close to 32,000 pensioners in Kolkata who are above 75 years of age and hold a pension account with SBI Life would become eligible to opt for this service from April.
When the plan was in the conception stages it was found that there are quite many pensioners who stay alone. Which is why, it is really difficult for them to withdraw the pension. The scenario is becoming rampant in various parts of the country. The response from Kolkata is going to decide whether or not it will be initialized in rest of the country.
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There are over five lakh pensioners aged 75 years or more in India, for SBI Life alone. There are more than 36 lakh pensioners who are with SBI Life. The count of pensioners in Bengal who are SBI Life account holders is 2.39 lakh. Approximately, 14% of them are in the 75+ age bracket.
A helpline number 9674711102 would be published by SBI Life for enrolling into the scheme. Post the enrollment, the bank will issue two photo identity cards for the pensioners. One will be with the customer and the other with the branch. The identity cards will be exchanged on delivering the pension. It will act as a safety check for the whole process. The pension will be delivered by SBI Life own employees. The special service shall cost Rs.50 per transaction.
†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.
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^^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.
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