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 |
No limit |
Premium |
Minimum amount needed to make possible a payout of the minimum annuity installment |
No limit |
Flexible Annuity Options :
Besides, it comes with an optional accidental death benefit rider and optional return of premium feature.
Read Also: Annuity Meaning | Types of Annuity
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.
Know More: Various Types of Annuity
Tax Benefits: