SBI Life Saral Pension Plan

SBI Life Saral Pension - Key Features

• It is a participating pension plan with regular premium payment option
• Guaranteed Bonus and Simple Reversionary Bonus increases the annuity value

SBI Life Saral Pension - Benefits

• On Maturity, the Sum Assured with accrued Simple Reversionary Bonus and terminal bonus is paid in the form of annuity either immediately or it can be deferred to purchase a Single Premium Deferred Annuity plan.
• At the time of purchasing the annuity, up to 1/3rd of the corpus can be commuted.
• The accumulation period can be extended if the policyholder’s age is below 55 years.
• The minimum Sum Assured is guaranteed as an accumulated value of total life insurance premiums paid growing at a compounded rate of 0.25% p.a.
• On death, higher of the minimum guaranteed SA plus vested bonus including terminal bonus or 105% of all premiums paid till date is payable to the nominees.
• The death benefit can be withdrawn in lump sum or used to buy an annuity plan from the company
• Guaranteed Bonus is given for first 5 years @ 2.50% of the SA for the first 3 years and 2.75% of SA for the next 2 years.
• Tax Benefits: Under Indian Income Tax Act, the policyholder enjoys tax benefits on all the premiums paid and claims received as per sections 80CCC and section 10(10A). 

SBI Life Saral Pension - Product Specification:

Details about Premium

Annual Premium in Rupees and benefit illustration for a term of 20 years

SBI Life Saral Pension - Policy Details

• Grace Period: Grace period of 15 days in monthly mode and 30 days in other modes is applicable for due premium payments.
• Policy Termination or Surrender Benefit: the policy can be surrendered if 3 full years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. The entire or acquired surrender value can be used to purchase an immediate or deferred annuity plan.
• Free Look Period: If the policyholder is not happy with his SBI life insurance coverage or the term and conditions applicable under the policy, then the policyholder is free to cancel his plan within 15 days of receiving his policy documents, provided no claims have been done yet.

Additional Features or Riders

SBI Life - Preferred Term Rider is available under the policy which increases the coverage.

Exclusions

As per the policy, if suicide is committed within the first 12 months of the policy inception, 80% of all the premiums paid are returned. If committed within the first 12 months of policy revival, higher of 80% of premiums paid or the acquired Surrender Value is offered to the nominee.

Documents Required

The policyholder has to submit a duly filled insurance application form/proposal form along with accurate address proof, Identity proof (Aadhaar Card, Passport & PAN Card) and detailed medical history report, as required. The policyholder might also be required to provide income proof based on the sum assured amount chosen and the age of the person.