About SBI Life Pension Plan - An Overview
SBI Life, one of the leading insurance providers in India, is a joint venture between India's biggest bank - the State Bank of India, and BNP Paribas Cardif. SBI Life insurance company offers wide-ranging insurance products to cater to the requirements of the customers. And Pension Plans are one of the renowned products offered by the company. SBI Life Pension plans are comprehensive retirement cum investment plans which help to build a corpus over a longer tenure to live a financially secure life after retirement.
Features of SBI Life Pension Plans
- Affordable and Secure way for planning retirement years
- Option to include a family member
- Advantage option under this plan provides protection against market volatility
- Minimum assured amount at the time of maturity
- Simple Reversionary bonuses at regular intervals
- Offer two annuity payout options: Deferred Annuity and Immediate Annuity Plans
Benefits of SBI Life Pension Plans
1 Multiple Premium Payment Options
SBI Life Pension plans offer an option to pay a Single premium, Regular Premium, or for a Limited Period.
2 Death Benefit
The plan provides a death benefit for the financial protection of your family in your absence. The death benefits or sum assured will be received by the nominee in unfortunate events.
3 Guaranteed Income
The plan provides a fixed and steady income after retirement. Guaranteed additions are allowed to be paid by the insured regularly for the policy term of 15 years or more.
The policy can be surrendered anytime during the policy term.
5 Riders Availability
With additional riders, retirement plans can be customized to help you and your family avail of additional protection against unforeseen events.
6 Maturity Age
SBI Life Pension plans offer flexibility to postpone an insured person's vesting age using the option of Deferment.
7 Tax Benefits
Get the tax benefits on premiums paid under Section 80CCC of the Income Tax Act, 1961.
Claim Settlement Ratio of SBI Life Insurance
Investing in retirement plans helps in providing guaranteed income after retirement to cater to your financial needs. Thus, before buying a pension plan, it is necessary to choose the right company by evaluating its performance. The Claim Settlement Ratio of a company assists you to do so. IRDAI in its annual report 2019-2021 published SBI Life Insurance Company's CSR as 94.52, indicating good claim settlement ability of the insurer.
Let's compare SBI Life's CSR with the top 5 Pension plan insurers in the graph below and understand its market performance.
Claim Settlement Ratio of Top Pension Plan Insurance Companies (2019-20)
*Data from IRDAI Annual Reports
Types of SBI Life Pension Plans
SBI Life company offers 3 effective pension insurance plans that provide financial assistance after your retirement.
|SBI Life Pension Plans||Why Should You Buy|
|SBI Life Saral Pension||It is a non-linked pension plan that provides safety from market volatility by providing a life insurance cover.|
|SBI Life Retire Smart||The plan guarantees 101% of all premiums paid by the insured on maturity.|
|SBI Life Annuity Plus||It is an individual, non-linked annuity plan that comes out with a comprehensive range of annuity options|
Let's discuss each plan in detail.
SBI Life Saral Pension
SBI Life Saral Pension is an individual and non-linked participating savings retirement plan. The plan is specifically designed for individuals who want complete safety from market volatility to have a secure future.
- Guaranteed Bonus: SBI Saral Pension plan offers a guaranteed simple reversionary bonus for the initial 5 policy years @ 2.50% for the first three years and 2.75% (of the basic sum assured) for the rest of the years.
- Vesting Maturity Benefit: Under this benefit, the policyholder will receive a higher basic sum assured or total premium received along with a vested simple reversionary bonus, and a simple terminal bonus.
- Life Insurance Cover: The plan offers the option of additional life cover through SBI Life - Preferred Term Rider.
|Entry Age||18 years||Regular Premium - 60 years, Single-Premium - 65 years|
|Vesting Age||40 years||70 years|
|Type of Plan||Regular Premium/Single Premium|
|Policy Term||Regular Premium - 10 years, Single-Premium - 5 years||40 years|
|Sum Assured||Rs 1,00,000||No limit|
Sample Premium Illustration
The graph illustrates the premium payable by an individual under the SBI Life Saral Pension plan at different ages and different sums assured with Life annuity option.
Premium Rates of SBI Life Saral Pension Plans
*Data from IRDAI Annual Reports
SBI Life Retire Smart
SBI Life Retire Smart is a unit-linked insurance plan that comes out with dual benefits of investment and insurance. It offers useful features that empower great control to manage the investment.
- Flexibility: The plan offers the flexibility to choose premium payment terms as per your requirements. It allows you to modify your fund allocation as per changing market situations.
- Option to pay: Single premium, Regular Premium, or for a limited period
- Advantage Plan: A minimum of 101 % of total premium is paid by the insurer at the time of maturity.
- Accident death benefit cover: In case of an unfortunate event such as death of the insured, higher of fund value (as on the date of claim intimation) plus 1.5% of the fund value or 105% of the premiums received up to the death date is payable by the insurer.
|Entry Age||Minimum: 30 years, Maximum: 70 years|
|Maturity Age||Maximum: 80 years|
|Plan Type||Regular Premium/Limited Premium/Single Premium|
SBI Life Annuity Plus Plan
SBI Life Annuity Plus is an individual, non-linked, and non-participating general annuity plan. The plan helps you to enjoy your post-retirement period without any financial worries.
- Regular Income: With this annuity plan, you will get a regular income for life. You can also ask to receive periodic income as per your requirements.
- Annuity Options: The plan provides a wider choice of annuity options to choose from.
- Rider Benefits: It offers additional rider benefits at affordable premium rates.
- Tax Benefits: The plan comes out with tax benefits as per the prevailing tax laws.
|Entry Age (as on last birthday)||40 years||80 years|
|Annuity Payout||Monthly: Rs 1000, Quarterly: Rs. 3000, Half-yearly: Rs. 6000, Yearly: Rs. 12000||No limit|
|Annuity Payment Mode||Monthly, Quarterly, Half-yearly, or Yearly|
Compare Pension Plan Premiums of Top 3 Companies
Comparing annual premiums and features of the plans from top insurance companies helps in making an informed decision. Life insurance is a long-term investment and it becomes important to know the plan details before buying any life insurance plan.
We have prepared a graph illustrating the maturity benefit payable by a healthy (non-smoker) male of 45 years for a policy term of 10 years and sum assured at Rs. 1,00,000.
Sample Graph Illustration Of Premium Payable Under Top Pension Insurance Plans
*Data from IRDAI Annual Reports
Claim Process of SBI Life Pension Plans
The company offers a smooth claim process. Follow the below-mentioned steps:
For Online Process:
Visit the official website of SBI Life Insurance.
Click on the tab "Services For Existing Customers".
Then, visit the "Claims and Maturity" section of the website.
Submit the required details while filling the claim intimation form such as policy number, date of birth, and claim type.
Enter the captcha code and submit the form.
After submitting all the details, the insurer will verify the information and then share the claim approval at your registered email address.
Buying Process of SBI Life Pension Plans
SBI Life offers two options for buying an SBI Pension plan:
- Official website of the SBI Life Insurance Company
- Third-party intermediaries like agents, brokers, and banks
Steps to buy from SBI Life Insurance Company
Once your payment is received, the company will share the policy documents on your registered mail ID and also will post a hard copy of the same to your address.
Note: To buy any other insurance plan that is not available online, you will have to visit the nearest SBI Life Insurance branch.