SBI Life's Pension Plans: A Quick Comparison

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SBI Life, has three pension plans to suit your needs, and help you lead a comfortable life at a golden age. SBI is most preferred and largest bank in India, SBI LIfe is product of SBI.

SBI Life offers annuity plan named SBI Life Annuity Plus, SBI Saral Pension and SBI LIfe Retire Smart a non-participating unit-linked pure pension plan.

SBI Life's Pension Plans: A Quick Comparison

Many individuals underestimate to save for retirement. Retirement planning is thus necessary to accumulate corpus during earning years which can be utilized at the most need time.

SBI Life - Saral Pension

SBI Life - Saral Pension is an Individual, Participating, Non Linked, Traditional Pension Plan, which offers you complete safety from market volatility, by providing you a secure future and a joyous retirement.

Highlights of the scheme

Guaranteed Bonus: Guaranteed simple reversionary Bonuses for first 5 years; @ 2.50% for first three years and @2.75% for the next two years, of the Sum Assured. Guaranteed bonus will be applicable only to in-force policies.

Vesting (Maturity) benefit: Sum Assured plus vested simple reversionary bonuses plus terminal bonus, if any. The sum assured carries an implicit guaranteed interest rate of at least 0.25% p.a. compounding annually on the total premiums.

Death Benefit: Higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any or 105% of total premiums paid.

Life Cover: Option of additional life cover through SBI Life - Preferred Term Rider

On Vesting, you can buy immediate annuity from your entire proceeds or commute upto one-third of the policy proceeds and buy annuity with the rest.

Flexibility: You can defer the vesting date upto age of 70 years or extend the accumulation / deferment* period of your policy.

SBI Retire Smart:

SBI Life - Retire Smart, a non-participating unit linked pure pension plan, which guarantees you minimum of 101% of all premiums paid, when policy is in force, on Maturity/Vesting; thus the downside risk in the market is protected to a great extent.

Due to higher disposable incomes and breakthrough in medical sciences, longevity has increased to a great extent. We are all living longer after retirement.

Highlights of the scheme

Your Fund Value is boosted, through guaranteed additions of up-to 210%* of Annual Premium (Conditions Apply)

  • Guaranteed Additions of 10% of Annual Premium are paid regularly, starting from the end of 15th policy year and at the end of every year thereafter till the end of policy term.
  • Get Terminal Additions of 1.5% of Fund Value, at maturity/vesting or on earlier death.
  • No need to worry about your investments, as the same is managed on your behalf by SBI Life through ‘Advantage Plan'. This plan guarantees a minimum of 101% of all premiums paid at maturity/vesting. 
  • Get a Guarantee of minimum 105% of all premiums paid on earlier death.
  • Option to pay premiums regularly or for a limited period.
  • Flexibility to postpone your vesting age.

SBI Life - Annuity Plus

SBI Life - Annuity Plus, a traditional, non-participating immediate annuity plan, which offers a comprehensive range of annuity options along with inbuilt flexibilities. It provides an opportunity to you to maintain your standard of living.

Highlights of the scheme

  • Complete freedom to choose from a wide range of Annuity options
  • Enjoy a regular income ("annuity payout") from an early age of 40 years
  • You have an option to have Lifetime Annuity payout for you as well as a family member
  • Flexibility to choose frequency of annuity payouts as per your requirements - Monthly, Quarterly, Half-yearly or Yearly
  • Incentives of higher annuity rates for large premiums
  • Flexibility to advance your Annuity payouts
  • Return of premium or balance premium
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Read more about: sbi life, pension plans, retirement
Story first published: Wednesday, May 13, 2015, 11:54 [IST]
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