SBI Life Saral Pension Plan

SBI Life Saral Pension is a retirement plan where you invest a lump sum amount (single premium) to receive regular income for life. It's a simple, straightforward plan that doesn't invest in stocks or shares (non-linked) and doesn't share profits with policyholders (non-participating). Once you start receiving the pension, it continues for your entire life, and after your demise, the purchase amount is returned to your nominee.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is the SBI Life Saral Pension Plan?

SBI Life Saral Pension is a retirement plan designed to provide financial security in your golden years. This single premium, non-linked insurance policy offers a guaranteed regular income for life, along with a return of the purchase price. With Saral Pension, you can enjoy your retirement without worrying about financial constraints. The plan also provides flexibility with loan and surrender options for unexpected financial needs. By investing in a lump sum, you can secure a steady income stream and peace of mind.

Features of SBI Life Saral Pension Plan

Below are the features of SBI Saral Pension Plan:

  • Secure Your Retirement: Enjoy peace of mind with a guaranteed regular income post-retirement.

  • Flexible Options: Choose between Single Life or Joint Life Annuity to suit your needs and preferences.

  • Financial Support: Avail of a loan facility in case of unexpected financial requirements.

  • Critical Illness Cover: Protect yourself and your family with the option to surrender the plan upon diagnosis of a specified critical illness.

Eligibility Criteria for SBI Life Saral Pension Plan

Below is the eligibility criteria for SBI Saral Pension Plan:

Parameters Minimum  Maximum
Age at Entry 40 Years 80 Years
Premium Such that the minimum annuity installment can be paid as per the annuity payment mode No Limit
Minimum Annuity Payout Monthly: â‚ą1,000 | Half-Yearly: â‚ą6,000
Quarterly: â‚ą3,000 | Yearly: â‚ą12,000
No Limit
Premium Payment Term Single Premium
Annuity Payment Mode Monthly or Quarterly or Half-Yearly or Yearly

Benefits of SBI Life Saral Pension Plan

Below are the benefits of SBI Saral Pension Plan:

  • Guaranteed Regular Income: Enjoy a fixed income for life, helping you maintain your desired lifestyle post-retirement.

  • Return of Purchase Price: Your invested amount is returned to your nominees or legal heirs, providing financial security to your loved ones.

  • Flexible Annuity Options: Choose from two annuity options to suit your specific needs:

    • Life Annuity with Return of Purchase Price (ROP): Receive regular income for life, and on your demise, the purchase price is refunded to your nominees.

    • Joint Life Last Survivor Annuity with Return of Purchase Price (ROP): Ensure financial security for both you and your spouse. The annuity continues till the last surviving spouse, after which the purchase price is returned to your nominees.

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Invest â‚ą5K/Month YOU GET â‚ą75 THOUSAND* MONTHLY PENSION View Plans
standard T&C Apply *

Policy Details of SBI Life Saral Pension Plan

Below are the policy details of SBI Saral Pension Plan:

  1. Free Look Period:

    • Duration: The policyholder has the right to review the policy within a free look period of 15 days (or 30 days for electronic or distance mode policies) from the receipt of the policy document.

    • Cancellation: If the policyholder disagrees with the terms and conditions, they may return the policy for cancellation within this period, providing the reasons for objection. Upon cancellation, the policyholder is entitled to a refund of the premium paid after deducting stamp duty charges and any annuity paid. Taxes included in the premium will not be refunded.

    • Treatment of the Policy Upon Cancellation:

      • Standalone Immediate Annuity Policies: The proceeds from the cancellation will be refunded to the policyholder.

      • Policies Purchased from Other Deferred Pension Plans: If the policy was purchased using proceeds from a deferred pension plan of another insurer, the cancellation proceeds will be transferred back to that insurer.

      • Policies Purchased from SBI Life Deferred Pension Plans: If the policy was purchased using proceeds from an SBI Life deferred pension plan, the proceeds from the cancellation will be kept in deposit with SBI Life. These funds must be used to purchase an immediate pension policy from SBI Life or another insurance company. If the policyholder opts for another insurer, the proceeds will be transferred to the chosen insurer based on the policyholder’s written request.

  2. Maturity:

    • There is no maturity value provision under this plan.

  3. Death Benefits:

    • In the event of the annuitant’s death, any annuity installments paid after the date of death and proportionate installments due between the date of death and the next annuity payment date will be recovered from the death benefit.

  4. Suicide Clause:

    • Not applicable under this plan.

  5. Grace Period:

    • Not applicable as there are no non-forfeiture provisions under this plan.

Exclusions Under SBI Life Saral Pension Plan

There are no exclusions applicable under this plan.

FAQs

  • How does SBI Life Saral Pension Plan work?

    You invest a one-time lump sum amount in the plan. In return, SBI Life provides you with a regular income (pension) for the rest of your life.

    The pension amount depends on your investment, age, and chosen pension option.

  • What are the benefits of SBI Life Saral Pension Plan?

    • Guaranteed income: Enjoy a fixed pension for life.

    • Simplicity: Easy to understand and manage.

    • Tax benefits: You can avail tax benefits on premiums paid and pension received under specific tax sections.

    • Death benefit: A lump sum amount is paid to your nominee upon your death.

  • Is there an SBI Life Saral Pension Plan calculator?

    Yes, SBI Life offers a retirement planner tool on its website. While not specifically called a 'Saral Pension Plan calculator', it can help you estimate your retirement needs and plan accordingly.
  • Can I calculate the maturity value of SBI Life Saral Pension Plan?

    Unlike traditional life insurance plans, SBI Life Saral Pension doesn't have a maturity value in the traditional sense. It's a pension plan, designed to provide regular income for life. However, you can use the retirement planner tool on the SBI Life website to get an estimate of the pension amount you can expect based on your investment.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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SBI Life Saral Pension Plan Reviews & Ratings

4.3 / 5 (Based on 26 Reviews)
(Showing Newest 10 reviews)
Jyoti
Kolkata, October 10, 2016
Retirement policy
Services of sbi life insurance company is fantastic and on time too. I took pension policy plan from them for me and my family. Investment requirement is less and the returns are much more. Premium are low and the policy coverage is high. Claiming process is simple which can be done by anybody. Online facilities reduces the paperwork and load of wasting time in queue.
Prabhjot
Garifa, July 26, 2016
Trustworthy Plan
SBI pension plan is the insurance i have in low investment. Good service facilitate by sbi life insurance company members and executives. Plan can be online renewed by using easy few steps at website which can be operated by anybody.
Tanmay
Saidabad, July 26, 2016
Pension Scheme
My national pension scheme sbi is the best in market. Service is quick and benefits are many. Policy coverage is ~89% and claims are normal which can be easily sanctioned by the staff members. Easy renewal using online portal which can be operate by anyone. Very good insurance policy sbi life.
Harshit
Kiratpur, July 12, 2016
Pension Policy
My pension plan is very nice which secure my future. Policy covers maximum expenditures spent in future. The policy premium is less too and the claiming section is easy due to quick service facilitate by the members of company staff.
David
Ajmer, June 29, 2016
Good
The pension plan i have is good and the premium is low. Policy coverage is high and the claims are good. Service provided is fantastic facilitate by the company members. The internet service is easy to operate and everyone can easily access it.
Naveen
Varanasi, April 21, 2016
Fantastic
I own the sbi life insurance pension plans. The investment is low and the returns is huge. Policy coverage is high 96% and claims are even better. The service is awesome with very calm behaviour of executives and team. Good future investment and it saves taxes also.
Lovish
Udyapur, April 21, 2016
Perfect Plan
I have a pension policy plan like every one does. The policy is great with high returns and low premiums. Policy coverage is also nice ~ 92% and service is fast. Really good job guys, you policy is best, sbi life pension plans. Nice future investment which save taxes also.
Prashant
Kota, April 21, 2016
Super Policy
I found the best pension plan for old age with sbi life insurance . The plan is for my mom and she like the policy very much. The policy coverage is 88% and return is ~Rs.39 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now.
Karan
Mussorie, April 21, 2016
Excellent Work
I got a very fine policy from sbi life insurance. Now, I'm tension free for future because of great pension policy plan. The coverage is good around 95%, service is great and fast too, even the claims are easily sanctioned because of the fine services provided by the executives and staff members. Great policy.
Raghav
Guwahati, April 21, 2016
Satisfactory
Recently took life insurance with sbi life insurance. Great retirement plans with low premiums and nice policy coverage ~93%. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
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