What Makes SBI Life Pension Plans Different?

  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

SBI Life Insurance Pension Plans

As per a survey performed by The Economic Times in 2013, SBI Life has been chosen as "The Most Trusted Private Life Insurance" brand in India.

It should be noted that there are approximately 57 insurance providers in India, among which 24 of these companies deal in life insurance schemes & plans and rest of the 33 insurance companies deal in non-life insurance schemes. These insurance companies further offer hundreds of insurance plans for the buyers. Hence, acquiring the best brand’s position amongst such as vast country is recognition in its own.

SBI Life Insurance offers an extensive range of insurance plans catering to the individuals’ needs which include child plans, protection plans, wealth creation plans, online plans and last but not the least, pension plans.

Why Do You Need a Pension plan?

If you are not planning to retirement plans India, it means that you are sure and confident about being able to cover your monetary needs in your sunset years. 

What if you have to spend all the money you have set aside. Or, you have certain liabilities or responsibilities to fulfill that will cost a significant portion of your savings. Anything may trigger a situation that will hamper the financial plan that you’ve mapped for your old age. 

I’m sure you’ve heard stories of millionaires going penniless in their old age due to an unfortunate accident, or a disease, or some boardroom politics. It’s always a good decision to keep some amount separated from all you have, for your sunset years. 

You may also like to read: Annuity Formula | Annuity Meaning

All you need is a pension or retirement plan. Get it, live happily and sleep soundly.

  1. SBI Life Insurance Pension Plans

    The different pension schemes that SBI Life insurance offers are:

    • SBI Life – Saral Pension

    • SBI Life – Annuity Plus

    • SBI Life – Retire Smart

  2. SBI Life – Saral Pension

    This is a traditional pension plan. SBI Life Saral Plan offers benefits on policy surrender, maturity and on annuities, as well. These payments follow taxation rules. Here is a chart for SBI Life Saral Plan:

      Minimum Maximum
    Starting Age 18 yrs 60 yrs (for Regular Pay)
    65 yrs (for Single Pay)
    Vesting Age 40 yrs 70 yrs
    Policy Length in Year 10 yrs (Regular Pay)
    5 yrs (Single Pay)
    70 yrs
    Assured Sum in Lakh Rs 1 Lakh No Limit
    Premium Amount to Pay Per year Rs. 7000 No Limit
    Payment Schedule Pay Monthly, Quarterly, Half-yearly, or once in a year.  Same

    Benefits
    Vesting Sum Assured, plus Simple Reversionary Bonuses, plus Guaranteed Bonuses
    Annuity 2/3 of the vested amount will pay annuity, 1/3 will be tax free
    Or, pay a single premium and enjoy annuity for the full fund.
    Vesting Can be postponed at the age 55 or below, or finally in 70 years.
    Death Benefit 105% of all premiums is payable to the nominee till his/her death
    Or, can be taken out as a lump sum
    Preferred Term Rider Can be added
    5 years guaranteed bonus 2.50% for first 3 years, and 2.75% for the last 2 years (of the Sum Assured amount)
  3. SBI Life Retire Smart Plan Withdrawn

    For this plan, you have to start investing from Rs 24,000 onwards. Minimum age for policy holders is 30 years. You receive a “safeguard against market volatility” enforced by an Advantage Plan. Policy holders also get a Minimum Time Span for Maturity Amount.  

    Minimum Maximum
    Starting Age 30 yrs 70 yrs
    Vesting Age 40 yrs 80 yrs
    Policy Length in Year 10 yrs 35 yrs
    Assured Sum in Lakh Rs. 1 Lakh No Limit
    Premium Amount to Pay Per year Rs. 24,000 (Regular pay)
    Rs. 40,000 (Single pay)
    No Limit
    Payment Schedule  Pay Monthly, or Quarterly, or Half-yearly, or once in a year.  Same

    Benefits
    Guaranteed Additions On 10% of the annual premium starting from 15th year till end
    Vesting withdrawal 1/3 of the corpus can be withdrawn
    Death Benefit    105% of all premiums is payable to nominee till his/her death or can be withdrawn as a lump sum
    Funding 3 Fund Options are available under this plan
  4. SBI Life – Annuity Plus

    Just pay a single premium amount and you get a range of annuity options for the rest of your life. You can add your family members to share your annuity and can get it on a regular basis.

    Minimum Maximum
    Starting Age 40 yrs 80 yrs
    Vesting Age Not applicable Not applicable
    Policy Length 5 years minimum Till Death
    Annuity received 2400 No Limit
    Premium Amount to pay Depends upon the annuity you are expecting and the age of investment Same
    Payment Schedule  Pay Monthly, or Quarterly, or Half-yearly or once in a year.  Same

    Benefits
    Duration 5 year to life time
    Partner 1 or joint
    Annuity Increased by 3-5% every year
    Last Survivor gets 50-100% Refund on policies

Insurance for a Better Old Age

There is no guaranteed way to avoid the issues associated with old age. However, investing in these SBI Life pension plans can assure you that you have the resources to tackle any unforeseen financial eventuality and live your life to the fullest.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^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.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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