SBI Life Annuity Plus Plan

SBI Life Annuity Plus Plan is an annuity plan that provides immediate and deferred annuity choices, along with joint life options, ensuring financial security for your family while ensuring a peaceful retirement for you.

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Best Pension Options
  • Invest ₹20k monthly & Get yearly pension of ₹4.2 Lacs for Life

  • Guaranteed Return For Life

  • Multiple Annuity Options

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

What are the Features and Benefits of the SBI Life Annuity Plus Plan?

Key features of the SBI Life Annuity Plus Plan are:

  • Flexible Annuity Options: Choose from a wide range of annuity options.

  • Flexible Payout Frequency: Choose from monthly, quarterly, half-yearly, or yearly payouts.

  • Guaranteed Lifelong Income: Enjoy a regular income for life.

  • Immediate or Deferred Annuity: Select the option that suits your needs.

  • Compound Increasing Rate: Benefit from an annuity with a compound increasing rate.

  • Higher Annuity Rates for Large Premiums: Enjoy enhanced rates for larger premiums.

  • Return of Purchase Price: Option available under specific annuity choices.

  • Tax Benefits: Tax benefits are in accordance with Income Tax Laws and may undergo changes periodically. Please consult financial advisors like Policybazaar for details.

  • Annuity Options Available:

  1. Single Life - Annuity Options:

    • Life Annuity

    • Life Annuity with Return of Purchase Price

    • Life Annuity with Return ofBalance Purchase Price 

    • Life Annuity with Annual Simple Increase of 3% or 5%

    • Life Annuity with Certain Period of 10 years or 20 years

    • Life Annuity with Annual Compound Increase of 3% or 5%

    • Deferred Life Annuity with Return of Purchase Price

  2. Joint Life - Annuity Options:

    • Life and Last Survivor100% Annuity

    • Life and Last Survivor100% Annuity with Return of Purchase Price

    • Deferred Life and Last Survivor Annuity with Return of Purchase price

    • NPS – FamilyIncome (This option is only available for National Pension System (NPS) subscribers)

What are the Eligibility Criteria for the SBI Life Annuity Plus Plan? 

Age on Entry
(as of last birthday) 
Minimum  Maximum 
0 years for product conversion,
30 years for all other cases,
45 years for deferred annuity options,
55 years for QROPS
75 years for deferred annuity options,
95 years for all other options.
Premium  Such that the minimum annuity instalment can be paid as per annuity payout mode. No Limit
Annuity Payout  Monthly: ₹1,000
Quarterly: ₹3,000
Half-yearly: ₹6,000
Yearly: ₹12,000
No Limit 
Deferred Period  1 to 10 years
Premium Payment Frequency  Single Premium 
Payout Mode  Monthly, Quarterly, Half-Yearly or Yearly

 

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How Does the SBI Life Annuity Plus Plan Work?

Step 1: Choose Payment Method: Decide on a lump sum payment or select the annuity instalment you want to receive.

Step 2: Select Annuity Option: Choose from immediate or deferred annuity options based on your preference.

Step 3: Pick Payout Frequency: Decide on the frequency of annuity payouts: monthly, quarterly, half-yearly, or yearly.

Step 4: Provide Personal Information: Furnish your and, if applicable, your partner's details, as required by the chosen option.

Step 5: Calculate Payouts or Premium: Determine the annuity payout based on your chosen premium or find out the premium required for your desired annuity payout.

Step 6: Commencement of Payouts: The annuitant receives payouts starting one month, quarter, half-year, or a year from the policy commencement date.

Step 7: Receive Payouts: Annuity payouts are directly credited to the bank account from the annuity start date.

Policy Details for SBI Life Annuity Plus Plan

    • Grace Period: Not Applicable

    • Loan: Not Available 

    • Surrender Benefit:

Surrender Value (SV) is available only under Deferred Annuity Options and Annuity Options with a Refund of the Full Purchase Price.

The Surrender value will be higher than Guaranteed Surrender Value (GSV) and Special SurrenderValue (SSV).

  • GSV= GSVFactor A x Purchase Price + GSV FactorB x Accrued Guaranteed Additions

  • SSV= SSVFactorAX (SSVFactorB* x YearlyAnnuity+ SSVFactorC* x Purchase Price). 

*SSVFactorB and SSVFactorC applicable will be basis the age of the policyholder immediately post-completion of the deferment period. 

Surrender Value for immediate annuity with Return of Purchase Price and for deferred annuity post deferment period: 

The Surrender value will be higher than the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV). 

  • GSV= GSV FactorA x Total Premiums Paid – Annuity benefits already paid 

  • SSV= SSV FactorB x YearlyAnnuity+ SSV FactorC x Purchase Price.

  • Free Look Period:

    You have 15 days (30 days for policies sourced through distance marketing) to review the policy. If dissatisfied, you can cancel it by giving written notice. You will receive the non-allocated premium, cancellation charges, fund value, minus proportionate risk premium, medical exam costs, stamp duty, Goods and Services Tax, and cess.

    • Nomination: They will be in accordance with the modifications made to Section 39 of the Insurance Act 1938. Regarding the NPS - Family Income option, the nomination of dependents will follow the regulations set forth by PFRDA.

    • Exclusions: There are no exclusions for the base policy.

FAQ's

  • How are the service taxes applicable under the plan?

    All the service taxes shall be applicable under the current tax laws and are subject to change according to the amendments by the current ruling authority and the regulatory body.
  • What are the conditions for nomination under this plan?

    This plan allows nominations for its benefits under section 39 of the Insurance Act.
  • What are the conditions for assignment under this plan?

    The policyholder is not allowed to appoint an “Assignee” under the plan.
  • What are the details of the Annuity Options under the plan?

    Below are the Annuity Options under the plan: Life Annuity: The Annuity Payouts shall be continued at a guaranteed rate for the complete life of the ‘Annuitant’. The Annuitant has the option to choose from the Annuity options as below:

    Lifetime Income (Single Life):

    • The annuity is payable at a static rate for the complete life of the Annuitant
    • On the Annuitant’s death, all the future annuity payouts shall cease immediately and the premiums are payable to the beneficiaries.

    Lifetime Income with Capital Refund:

    • The annuities are payable at a static rate for the complete life of the annuitant.
    • On the annuitant’s death, all the future annuity payouts shall cease immediately and the total premiums are payable to the beneficiaries.

    Lifetime Income with Capital Refund in parts:

    • The annuities are payable at a static rate for the complete life of the annuitant
    • At the end of 7 years, 30% of the total premiums are paid to the annuitant on his survival.
    • On the annuitant’s death;
      • In the case of the annuitant’s demise after 7 years, 70% of the total premiums shall be paid to the beneficiaries.
      • In the case of the annuitant’s death within 7 years, 100% of the total premiums shall be paid to the beneficiaries.

    Lifetime Income with Balance Capital Refund:

    • The annuities are payable at a constant rate throughout the annuitant’s life.
    • In the case of the annuitant’s death, the balance capital equal to the premiums paid less the sum total of the annuities paid shall be paid to the beneficiaries. If the balance is negative, then no such death benefits are payable.

    Lifetime Income with Annual Increase of 3% or 5%:

    • The annuity payouts shall increase at a simple rate of 3% or 5% annually for every complete year as per the option and will be paid for the complete life of the annuitant.
    • In the case of the death of the annuitant, all the future annuity payouts will cease immediately.

    Lifetime Income with Certain Period of 5, 10, 15 and 20 years:

    • The annuities are payable at a static rate for a specific period of time of 5, 10, 15 and 20 years as per the option and further the annuities are payable for the complete life of the annuitant.
      • Case I: If the annuitant dies within the chosen time period of 5, 10, 15 and 20 years, then the annuity payouts shall still continue to be paid to the beneficiaries till the end of the time period, further the annuity payouts are subject to cease.
      • Case II: If the annuitant dies after the time period chosen, then the annuity payouts are subject to cease automatically after the death of the annuitant immediately. 

    Life Annuity (Two Lives): The annuity payouts shall continue at a guaranteed rate, for the complete life of the annuitant. The annuitant has the below options to choose from:

    Life and Last Survivor: 50% or 100% Income:

    • The annuities are payable at a static rate for the life of the main annuitant
    • In the case of the death of the main annuitant, 50% or 100% of the last payout of the annuity shall continue for the entire life of the second annuitant. In the case of the death of the second annuitant, the annuity payouts will cease immediately.
    • If the second annuitant dies before the main annuitant, then nothing shall be paid after the death of the main annuitant. 

    Life and Last Survivor: 50% or 100% Income with Capital Refund:

    • The annuities are payable at a static rate till the life of the main annuitant.
    • In the case of the demise of the main annuitant, 50% or 100% of the final annuity payment shall continue for the complete life of the second annuitant.
    • In the case of the death of the second annuitant, the premiums shall be refunded to the beneficiaries.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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