Everyone wants to lead a financially secure life when they turn old. A good financial planning is a must to spend your life after retirement with complete peace of mind. A good retirement or annuity plan from SBI Life Insurance can be the perfect solution to this.
Table of Contents:
Types of SBI Life Insurance Retirement Plans
SBI Life provides 3 types of retirement or annuity plans:
- SBI Life Saral Pension
- SBI Life Retire Smart
- SBI Life Annuity Plus
Eligibility Criteria
Mentioned below is the general eligibility criteria to avail retirement plans:
| Particulars | Details |
| Entry Age | 18-80 years |
| Minimum Premium | Rs. 2,500 per month |
Documents Required to Purchase Plans
Mentioned below are the lists of documents required to avail retirement plans:
- Age Proof (Birth Certificate, Driving License, Passport, etc.)
- Address Proof (Utility Bills, Ration Card, Aadhaar, Driving License, etc.)
- Photo Identity Proof (Driving License, Passport, Voter ID, PAN, etc.)
- Passport size photograph
- Medical Reports
- Income Proof (Form 16, Salary Slip)
- Proposal Form
SBI Life Insurance Retirement Plans
1. SBI Life Saral Pension: With this insurance plan, customers can avail regular bonuses and build corpus to meet retirement needs. The policy also offers life cover with optional riders.
|
Particulars |
Details |
|
Entry Age |
18-65 years |
|
Sum Assured |
Rs.1 lakh – No Limit |
|
Minimum Premium |
Rs. 7,500 per annum |
|
Features |
· Guaranteed Bonus · Maturity Benefit · Death Benefit · Life cover with rider benefit |
2. SBI Life Retire Smart: The plan offers the flexibility to choose the frequency of premium payment. According to your financial capability, you can opt for regular premium payment or pay the premiums for a limited period . It allows you to extend vesting age according to your requirements.
|
Particulars |
Details |
|
Entry Age |
30-70 years |
|
Minimum Premium |
Rs. 24,000 per annum |
|
Policy Term |
10 to 35 years |
|
Features |
l Terminal Additions l Flexibility to postpone your vesting age l Assured benefits of up to 210% of annual premium l Flexible premium option |
3. SBI Life Annuity Plus: This plan offers comprehensive range of annuity options to choose from this single premium payment plan. Through this scheme, customers can have a steady retirement income and fixed income throughout their life.
|
Particulars |
Details |
|
Entry Age |
0 year for product conversion 40 years for all other cases 55 years for all QROPS cases |
|
Minimum Premium |
Based on the minimum annuity installment that can be paid |
|
Features |
· Regular income for lifetime · Choice of adding family member · Rider benefit · Option of annuity payout frequency |
Claim Process
In case of any untoward incident striking the policyholder, the nominee can file a claim. Let’s look at the process.
- The nominee or legal heir should inform in writing to the company in case of the death of the policyholder quoting the policy number, cause of death and date of death
- The claim has to be filed within 90 days of the date of the claim event. If there is a delay in filing of the claim, the company will examine the circumstances that led to the delay in making the claim
- If they find that the circumstances to be beyond the control of the claimant, they will proceed with processing the claim
- If the company is satisfied that the claim and the documents submitted by the claimant are valid, the company will make the payment to the claimant
Documents Required for Claim Process
The company has to be provided the following documents to process the formalities of the claim.
- Original policy document
- Original death certificate from local authorities
- Claimants’ statement and claim form
- Post-mortem report or/and any other documents as required by the company
Policy Revival
In case for some reason you miss to pay the premium by the mentioned due date, SBI Life provides a grace period of 30 days for the payment. The notice period for payment is 30 days from the date of receipt of the notice period.
Riders
Riders or additional benefits can be enjoyed with SBI Life annuity plans on payment of extra cost. One can include Accidental Death Benefit Rider with SBI Life Retire Smart that offers a lump sum benefit to the nominee of 12 times the annualized premium amount in case of the policyholder’s death due to an accident.
Advantages SBI Life Insurance Retirement Plans
Mentioned below are some of the benefits of SBI Life Insurance Retirement Plans:
- Guaranteed Additions: Starting from the 16th year of the policy, provided the policy is still active, retirement plan will offer policyholder with guaranteed additions of 10% of the annual premium.
- Death Benefit: In case of the unfortunate event of the death of the insured while the policy is still active, the heir or the nominees will receive 105% of the total premiums paid till the time of the death
- Maturity Benefit: On completion of the vesting period of the policy and given that the policy is still active, the insured or the nominee will receive 101% of the total premiums paid, provided the policy is still active
- Tax Benefits: Premium paid for pension or annuity plans provide tax benefits under Section 80CCC of the Income Tax Act
Also Check: SBI Smart Money Planner- Secure, Reliable and Flexible
FAQs
Q1. Does the policy provide top-up facility?
Company doesn’t allow any top-up facility for this plan.
Q2. Are there any retirement plans available online?
Yes, customers can purchase SBI Life Annuity Plus insurance plan online by visiting the official website.
Q3. What will happen if I stop paying the premium?
The lock-in period is of 5 years in this policy. If due to some reason the insured can’t pay the premium within the first 5 years of the policy, the risk cover will cease and funds will be paid at the end of the lock-in period. If the premium is not paid after completion of 5 years of the policy, the policyholder has the option to convert the policy into a paid-up policy or he can request for a 2-year extension to revive the policy or ask for a time extension of up to 2 years to revive the policy. If the policyholder wants he can also withdraw the funds without any risk.
Q4. Does the policy allow partial withdrawals?
This policy doesn’t allow any partial withdrawals.
Q5. Is there any loan facility available under retirement policy?
The loan facility is not available in the retirement plan.
Q6. What are the premium paying modes that SBI Life offers to its customers?
Under online mode, you can pay your premiums through cash, cheque, ECS, debit and credit cards, net banking through online mode. On the other hand, offline mode requires cash payment by simply visiting the nearest branch office of SBI Life.