SBI Life Annuity Plus is a traditional immediate annuity plan with various annuity options to cater a hassle free retirement life.
Secure Your Retirement with
100% Guaranteed
Pension For Life
Invest 20k monthly & Get yearly pension of 4.2 Lacs for Life
Guaranteed Return For Life
Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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This is a non-participating immediate annuity or pension plan where the premium amounts have to be paid in one lump sum and the annuity payout begins immediately from the next month, quarter, 6 months or year.
Wide array of Annuity options
Annuity rates are higher for higher premium amounts
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The annuity payouts can be advanced provided to certain terms and conditions
Tax Benefits: All the premium amounts paid for the plan and the claims received under it are eligible for tax deductions under Income Tax Act as per Section 80CCC and Section 10(10A).
Minimum | Maximum | |
Entry Age (Last Birthday) | 40 years | 80 years |
Premium | Depends on the Entry age and the Annuity Amount chosen | |
Annuity Payout frequency | Annual, half-yearly, quarterly, monthly | |
Annuity Payout | Yearly – 2400 Half-yearly – 1200 Quarterly – 600 Monthly – 200 |
No limit |
Annual Premium in Rupees and benefit illustration for Lifetime Annuity option for single life
Age | 45 years | 55 years |
Premium paid | 250,000 | 250,000 |
Annual Annuity Payout | 18,075 | 20,395 |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Grace Period: This plan provides no grace period for premium payment failure since it is a Single Premium Pay plan.
Policy Termination or Surrender Benefit: The policy does not have surrender options.
Free Look Period: If the policyholder is not happy with the insurance coverage of the policy terms and conditions, then he has the option to cancel his plan within 15 days of receiving the policy documents, given no claims have been made.
Additional Features or Riders
The plan has the option of Accidental Death Benefit Rider with a maximum Sum Assured of 50 lakhs
The first Annuity option is Life Annuity for a Single Life where the annuity will be paid up to the insured’s death. This option has further annuity choices namely:
Lifetime Income
Lifetime Income with Capital Refund
Lifetime Income with Capital Refund in parts
Lifetime Income with Balance Capital Refund
Lifetime Income with Annual Increase of 3% or 5%
Lifetime Income with Certain Period of 5, 10, 15 or 20 years
The second Annuity Option is Life Annuity for two lives where the annuity is paid up to the death of both the annuitants. This option also has further choices namely:
Life and Last Survivor – 50% or 100% Income
Life and Last Survivor – 50% or 100% Income with Capital Refund
If a person is looking to be insured with this SBI Life Annuity Plus plan, then he has to submit a duly filled insurance application form or policy proposal form along with correct medical history report and other important KYC documents. Some might also have to submit their Income Proof, based on the sum assured amount chosen and the age of the person.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Lifetime Income (Single Life):
Lifetime Income with Capital Refund:
Lifetime Income with Capital Refund in parts:
Lifetime Income with Balance Capital Refund:
Lifetime Income with Annual Increase of 3% or 5%:
Lifetime Income with Certain Period of 5, 10, 15 and 20 years:
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:
Life and Last Survivor: 50% or 100% Income with Capital Refund: