SBI Life Annuity Plus is a traditional immediate annuity plan with various annuity options to cater a hassle free retirement life.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
|
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.
Read Also: What is Annuity | Types of Annuity Plan
Additional Features or Riders
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.
You may also like to read: SBI Life Pension Plans
*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: