SBI Life Pension Plans - SBI Life Retirement Plans
SBI Life Pension plans help you to save for your old age so, that you maintain the same life style even after you retire and live life tension free. SBI Life offers an annuity plan as a pension scheme to its customers for their post retirement needs
- SBI Life Annuity Plus: A non-participating immediate annuity retirement 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 in your golden years.
Retirement is a crucial phase and if planned out proactively, it can be the most celebrating time in one’s life. SBI recently launched a new pension plan named as SBI Life – Saral Pension, a traditional pension plan that promises steady guaranteed returns untouched by the turbulence of the market. It is a participating plan that lets the policyholder share the profit made by the life insurance company.
Saral Pension offers unique features and flexibilities to the pensioners:
- Guaranteed bonus on sum assured for first 5 years
- The option of deferring (postponing) the vested age up to a max of 70 years
- The flexibility of converting the entire proceeds to annuity or receiving 1/3rd of proceeds as a lump sum and converting 2/3rd to annuity
- Tax benefits under section 80CCC, of the Income Tax act 10(10D) & 10(10A) (iii) of the income tax act
SBI life has introduced a non-participating unit-linked pure pension plan- Retire Smart with minimum of 101% of all premiums paid when policy is in force on Maturity/Vesting. Therefore, the downside risk in this plan is protected to a great extent.
Retire Smart has come up with the following key features:
- By guaranteed additions of up to 210% of yearly premium, the fund value of pensioners is uplifted.
- 10% guaranteed additions of yearly premium are paid on a regular basis which starts from the end of the 15th policy year.
- At maturity or on earlier death, policyholders will get terminal additions of 1.5% of fund value.
- Minimum of 105% of all premiums are paid in case of earlier death.
You can compare and evaluate the SBI Life pension schemes with other pension plans and annuity rates to zero down on the best pension plan for you and lead a tension free old age.
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