SBI Life Annuity Plus - Reviews & Features - SBI Pension Plan

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SBI Life - Annuity Plus is an immediate annuity pension plan that means a lump sum can be paid as a one-time premium and the annuity begins almost immediately and continues throughout the insured’s life. 

 

 

 

Minimum

 

Maximum

 

Age Limit (Entry)

 

40 years

 

80 years

 

Annuity Payout

 

Monthly: Rs 200 Quarterly: Rs 600 
 Half-yearly: Rs 1,200 Yearly: Rs 2,400 

 

No limit

 

Premium

 

Minimum amount needed to make possible a payout of the minimum annuity installment

 

No limit

 

Flexible Annuity Options :

  • Annuity can be paid out monthly, quarterly, half-yearly or yearly
  • Lifetime annuity can be paid out to you or to a family member as per your choice
  • Annuity payout starts from an early age of 40 years
  • Option of higher annuity rates for a higher premium
  • Option of advance annuity payouts

Besides, it comes with an optional accidental death benefit rider and optional return of premium feature.

Variants:

SBI Life - Annuity Plus is being offered in 5 variants -

1)      Life Annuity - Single Life: Annuity payout at a guaranteed rate throughout the annuitant’s life. You can opt for a lifetime income with or without refund of the premium paid.

2)      Life Annuity - Two Lives:  Annuity payout at a guaranteed rate throughout the annuitants’ life. In this variant, the last survivor of the two annuitants can opt to have a lifetime income with or without refund of the premium paid.

3)      Life Annuity - Increasing Annual Rate - Annuity payout increases at a rate of 3-5% per annum. Payable throughout the annuitant’s life.

4)      Life Annuity – Balance Capital Refund - Annuity payout at a constant rate throughout the annuitant’s life. On death, the Balance capital is payable. (Balance Capital = Premium – Annuity paid out till date)

5)      Life Annuity – Minimum Fixed Period - Annuity payout at a constant rate for a minimum period of 5/10/15/20 years (even if the annuitant dies before this period, annuity payouts will be continued) and thereafter throughout the annuitant’s life.

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
  • However, the annuity payouts are taxable