SBI Life - Saral Pension: Reviews & Features - SBI Pension Plan

SBI Life – Saral Pension is a traditional pension plan that safeguards your money from the ups and downs of market and offers steady guaranteed returns as a lump sum or as annuities.

  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
+91
Secure
We don’t spam
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs
Get Updates on WhatsApp
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

 

 

Minimum

 

Maximum

 

Age Limit (Entry)

 

18 years

 

Single premium – 65 years

Regular premium – 60 years

 

Annuity Payout

 

Monthly: Rs 200

Quarterly: Rs 600 
Half-yearly: Rs 1,200

Yearly: Rs 2,400 

 

No limit

 

Vesting Age (age at which you start receiving your pension)

 

40 years

 

70 years

 

Policy Term

 

Single premium:     5 years

Regular premium: 10 years

40 years

 

Sum Assured

 

Rs 1,00 ,000

 

No limit

 

Premium

 

Rs 7,500 per annum

 

No limit

People also read: pension plan

Features and Flexibilities:

Premium can be made as a single payment or on a monthly/half-yearly/yearly basis.

  • Guaranteed Bonus: Guaranteed simple reversionary bonus for first 5 years is payable @ 2.50% of the Sum Assured for first 3 years and @2.75% of the Sum Assured for the next 2 years. Guaranteed bonus is payable only in in-force policies.
  • Vesting (Maturity) Benefit: When the insured attains vesting age, maturity benefit is payable. The insured will have the option of converting the entire proceeds to immediate annuity or opt for taking out 1/3rd of the proceeds as lump sum and 2/3rd to buy annuity. The insured can also utilize the entire proceeds as a single premium to buy a deferred pension product. There’s also an option to defer (postpone) the vesting age up to a max of 70 years.

 

 

Maturity Benefit         

Sum Assured

(with interest rate of 0.25% p.a. compounded annually)

                      +

 Vested reversionary bonus

                      +

 Terminal bonuses (if any)

  • Death Benefit: In case the insured dies, death benefit will be paid out to the nominee. The nominee will have the option of converting the entire proceeds to immediate annuity or opt for taking out 1/3rd of the proceeds as lump sum and 2/3rd to buy annuity.                                                                   

 

 

Death Benefit          

Total premiums paid till date

(with interest rate of 0.25% p.a. compounded annually)

                      +

 Vested reversionary bonus

                      +

 Terminal bonuses (if any)

The insured can opt for SBI Life - Preferred Term Rider - This rider gives an additional life cover to the insured over the life cover provided in the base product.

Read More: Annuity Formula | Annuity Types

Tax Benefits

  • As per section 80CCC of the Income Tax act, premium paid is eligible for tax deduction
  • As per section 10(10D), the lump sum paid as a death benefit is not taxable
  • As per section 10(10A) (iii), 1/3rd maturity amount (paid out as lump sum) is tax exempted. The rest 2/3rd (paid out as annuity) is taxable. 

*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
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Secure Your Retirement Today
Start Investing ₹6,000/month
Get Pension ₹60,000/month+
Including Life Cover
View Plan
Pension Plans
+Standard T&A Applied
Pension Plan 1
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Pension Plan 2
Average Rating
(Based on 0 Reviews)
Pension Plan 3
Lic Pension Plan 4

Pension plans articles

Recent Articles
Popular Articles
Pension Calculator

13 Feb 2024

Pension calculator helps you calculate the amount you could
Read more
NPS vs ULIP - Which One Is Better?

10 Oct 2023

NPS (National Pension System) and ULIP (Unit Linked Insurance
Read more
Best Mutual Funds for Retirement

21 Sep 2023

Planning for a secure and comfortable retirement is a financial
Read more
Mahila Samman Savings Certificate (MSSC)

04 Sep 2023

The Mahila Samman Savings Certificate (MSSC) or Mahila Samman
Read more
Single-Premium Pension Plan

28 Aug 2023

A Single-Premium Pension Plan is a retirement savings option
Read more
Sevarth Mahakosh
Sevarth Mahakosh Portal is a one-stop solution for all state government employees' financial transactions and
Read more
NPS Tier 2 Account Advantages and Disadvantages
The National Pension Scheme (NPS) is a government-backed initiative designed to safeguard investors' interests
Read more
How To Get a Monthly Pension of Rs 10,000?
Retirement is an inevitable stage of life, and planning for it is crucial to ensure financial stability and a
Read more

top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL