SBI Life Annuity Plus Plan

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.