Best Life Insurance Plans From Top Insurers

20+ companies
to choose from

1 Lakh+
Happy customers

Secure your Family
Financially

Sehwag PX

#Virukipolicy | T&C*

Sehwag PX

Best Life Insurance Plans From Top Insurers

#Virukipolicy | T&C*

Free Quotes From Top Companies

1

2

Phone No.
Name
D.O.B

1

2

Income
City

By proceeding you are accepting our T&C and privacy policy

Whether you have just started working or you are middle-aged working professional, looking for a financially stable future for you and your better half, there are hundreds of reasons why one should start planning for retirement at the earliest.

SBI pension plans or retirement plans allow you the double benefits of investment and protection cover.SBI Pension Plan

You just have to spend a specified amount periodically to save over a specific occupancy in a step by step method. This will guarantee a constant flow of monthly payment once you retire. A well-chosen retirement policy can assist to secure their retired life financially so, it is better that you start investing in pension stocks. Section 80C also gives a number of retirement plans that also allow tax deduction up to Rs. 1.5 lakh.

If you are looking to get a pension plan, which allows you to enjoy your golden years in a stress-free manner, and you can take care of your needs even after stop earning, then SBI pension plans are your best solution. SBI Life is among the best Life insurance companies in India offering a wide range of pension policies to all the people looking for financial stability.

SBI Life Insurance Overview

SBI Life Insurance Company is a shared venture between the State Bank of India and BNP Paribas, and the Company has been voted as the “Most Trusted Private Life Insurance Brand” in the year 2013. The organization gives a wide range of various plans and plans for its customers, with the aim to deliver high standards of customer satisfaction.

Types of SBI Life Pension Plans

Talking about the best pension plans provided by SBI Life to its customers, there are 3 different types of Pension Plan available. All three plans cater to the diverse needs of different consumers. Let us get started by discussing each of the three plans in particular. SBI Retirement Plans Types

1. SBI Life Saral Pension Plan

The SBI Life Saral Pension Plan is an individual participating non-linked traditional pension scheme that comes with Secured Rewards/ Bonuses for the first 5 years and Simple Reversionary Bonus following the policy tenure if any.

Highlights of SBI Life Saral Pension

  • The policyholder receives the Freedom to avail extra life cover by rider benefits.
  • Qualified to get simple reversionary rewards during the policy term.
  • Security to increase the accumulation time and delay the vesting period.
  • Protection for the family by contributing income during your retirement years.
  • Simple Reversionary Bonuses for the first 5 years for enforcing policies; @ 2.50% for the initial three years and @2.75% for the next 2 years.

Advantages of SBI Plan

  • You will be allowed to get tax benefits under Section 80C and Section 10(10A)(iii) of the Income Tax Act, 1961.
  • As per the Vesting Benefit, the due amount will be equivalent to the Sum Assured plus Vested Simple Reversionary Bonus plus Terminal Bonus, if any. This bonus can be used in the following ways:
  • To obtain an instant annuity from the complete policy interests.
  • To obtain an instant annuity with an alternative to change one-third of the policy interests as per current Income Tax rules.
  • To use the entire profits to buy a single premium deferred pension product.
  • To increase the growth period or defer the vesting date, provided you are below the age of 55 years on vesting.
  • The Death Benefit due will be higher of cumulative bonuses paid expanded at an interest rate of 0.25% p.a. increased annually plus vested reversionary bonus plus terminal bonuses, if any, or 105% of total premiums.
 

Minimum

Maximum

Entry Age

18 years



Single premium: 65 years

Regular premium 60 years

Vesting Age

40 years

70 years

Policy Term

For single premium: 5 years

For regular premium: 10 years

40 years

Premium Frequency

Single / yearly / half-yearly / monthly

( Monthly - 8.4% of annual premium)

( Half yearly- 50.2 % of the annual premium)

----

Premium

Rs. 7500 P.A

No limit

Sum Insured

1 lakh

No upper limit

Read This:- Whole Life Insurance: Everything You Need to Know

2. SBI Retire Smart Plan

This is a non-participating unit-linked pure pension plan, which does not offer any liquidity through the first five years of purchasing the plan. The policyholder also cannot abandon the associated insurance products both completely or partially until the term of 5 years completion. The greatest advantage of this plan is that the insured additions occur at 10% of the annual premium from the 15th year of policy and then resume every year, till the completion of the plan.

Highlights of SBI Retire Smart Plan

  • Lump-sum corpus at vesting.
  • Guaranteed bonuses (Condition apply) of up to 210% of the yearly premium.
  • Adjustable premium options and benefits.
  • Enjoy the security and creation of an adequate retirement corpus to support your desired retirement.
  • Increase the vesting period according to your growing requirements
  • Prefer to pay installments as per your economic capabilities.

Benefits of Retire Smart Plan

  • Maturity Benefit: On the end of the plan duration, the insured will receive the Higher of (Fund Value Plus Terminal Addition or 101% of total premiums paid).

Here are the options you have:

  1. To buy an instant annuity, from the complete policy interests.
  2. To buy a single premium deferred pension product, from the entire policy interests.
  3. To buy an instant annuity with an alternative to change up-to one-third of the policy interests, as per current Income Tax laws.
  4. To increase the accumulation period or delay the vesting date presented you are under the age of 55 years at vesting.
  • Death Benefit: In the unfortunate situation of the death of the insured, the Higher of (Fund Value plus Terminal Addition or 105% of total premiums spent till the time of death), is obligatory.

The recipient can utilize the loss benefit-cost, as per the below-mentioned choices:

  1. Receive the entire proceeds as a lump sum
  2. Use the whole returns of the plan or part buying an annuity, at the then-current rate, granted eligibility norms of the approved immediate annuity product is met (e.g. minimum annuity amount or age criterion).
  • Tax Benefits: You will be allowed to get tax benefits under Section 80C and Section 10(10A)(iii) of the Income Tax Act, 1961.
 

Minimum

Maximum

Entry Age

30 years



70 years

Vesting Age

40 years

80 years

Policy Term

10, 15 to 35 years

40 years

Premium Frequency

Single / yearly / half-yearly / monthly

----

Premium

For Regular Premium INR 24,000 p.a. For Limited Premium INR 40,000 p.a.

No limit

Sum Insured

1 lakh

No upper limit

3. SBI Life Annuity Plus Plan

This is a traditional, non-participating immediate annuity plan, which allows the inured to enjoy retirement without any hassles. With this plan, you have a wide range of annuity options to choose from on just a single premium amount. Therefore, ensuring you of fixed annuity/pension during the rest of your life.

Highlights of This Plan

  • Regular income for a lifetime
  • Set annuity from the day of issuance
  • The option of combining a family member
  • A comprehensive range of annuity benefits and option of adding SBI Life - Accidental Death Benefit Rider
  • Annuity payout frequency benefits

Benefits of Annuity Plus Plan

Single Life Annuity Option

  • Lifetime Income: Annuity is given regularly to the annuitant for life and is terminated at the time of death.
  • An annuity is paid regularly to each annuitant for life and the total premium is paid to the annuitant in sections.
  • 100% of the premium is returned by the insurer by giving uniform annuity amounts to the annuitant.
  • An annuity is paid regularly to the annuitant for life and a return of the premium paid the minus sum total of annuities will be provided in the state the annuitant passes away.
  • Lifetime annuity with a definite period of 5, 10, 15 or 20 years: Annuity is given regularly for a determined time either 5, 10, 15 or 20 years.
  • An annuity is paid to the policyholder with a consistent increase of either 3% or 5% for every payout. Returns cease once the insured passes away.

Joint Life Annuity Options

  • 50% or 100% Income without Capital Refund: Annuity is given regularly until the death of the last protected where either half or full is cleared. Annuity discontinues in the state when both annuitants expire and premiums will not be returned.
  • An annuity is paid regularly until the death of the annuitant. Premiums will be refunded at the time of death of either one of the annuitants.
  • As per Section 39 of the Insurance Act, 1938, nomination convenience is provided.
  • A Free Look Duration of 15 days is given from the day of getting the policy documents.
  • Greater premiums paid will bring better annuity rates. These incentives will be refunded in the form of an additional annuity.
  • The income Tax benefit is as per the applicable income tax laws, which are subject to change from time to time.

Minimum

Maximum

Entry Age

40 years



80 years

Annuity Payout Amount

Monthly: Rs. 1000, Quarterly: Rs. 3000, Half-yearly: Rs. 6,000, Yearly: Rs. 12,000

No upper limit

Annuity Payout Frequency

Single / yearly / half-yearly / monthly

---

Premium Amount

Such that the minimum annual installment can be paid.

No upper limit

How to Pick the Right Pension Plan?

Now that you know what options you have from SBI Life Insurance Company, here are some facts to consider before getting a pension plan:

Investment Amount: You will always get pension plans, which provide several limits in terms of maximum and minimum expense. Hence, it is necessary to review your budget before you buy it.

Advantages: Return benefits are the main reason one chooses pension plans. Thus, you need to always remember the rate of interest will be low if the returns are assured. So, pick wisely and get a pension plan that may provide high returns.

Added Bonuses: Additional benefits have become a necessity such as life protection, tax support, etc. along with the regular pension plan. Picking a with additional benefits is a decision that will help you in the future.

Liquidity: There are some insurance companies that offer plans with a specific degree of flexibility with regards to withdrawal so choose among those to avoid any restriction in the future.

Tax Exemption of Dividend: Always go for a plan with maximum tax benefits as most of the pension mutual fund dividends are not released from tax.

Inflation: Inflation plays a significant part in everybody's lifestyle, so you need to narrow down your research on the sum assured and choose the right plan that would be advantageous to your loved ones when you are no longer there.

You can also compare best pension plans available with our policy compare feature to help you make the right decision.

Naval Goel is the founder of PolicyX.com. He is an Associate Member of the Indian Institute of Insurance`, Pune. He has been authorized by IRDA to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.
Linkedin / Twitter