Tax Free Retirement Benefits

Invest 4K Per Month
& Get Tax Free Amount UpTo
Rs. 13 L*.

Save Tax upto Rs. 46,800 under Sec 80(C).

Know More

About SBI Life Insurance Company

SBI Life Insurance a renowned name in the life insurance industry. It is a joint venture between India’s biggest bank - State Bank of India and BNP Paribas Cardif which is a leading global insurance company. The company aims to become the most trusted and preferred life insurance company. To attain its goal, the company is offering a wide range of innovative life insurance products to cater to the different needs of customers.

It ensures a high standard of customer satisfaction. The company carries a good claim ratio which makes it a preferred choice for customers.

  • Claim Ratio: The company is carrying a great claim ratio of 96.76% which makes it one of the most preferred options for investing in life insurance.
  • Customer Assistance: To cater to all the needs of its customers, the company is having a great team of experts advisors who are always there to assist you.
  • Wide Range of Products: The company is offering a wide range of insurance products to deal with the multiple needs of customers.
Sbi Pension Plans
Business LineLife Insurance
Claim Ratio96.76

SBI Life Retirement Plans

To secure your retirement and to offer required financial assistance during your post-retirement years, SBI Life insurance Company has come out with multiple pension plans.

1. SBI Life Pension Plan: Saral Pension

SBI Life Saral Pension is an individual, non-linked tradition pension plan that comes with multiple benefits to cater to different needs of yours. This plan allows you to live your life to the fullest. This SBI Life pension plan allows you to build a retirement corpus and offer an option of life cover through SBI Life - Preferred Term Rider. It offers a simple reversionary bonus throughout the policy tenure.

Key Features of Sbi Life Saral Pension

  • Vesting Benefits: The plan offers vesting benefit that will be equal to the Sum Assured plus Vested Simple Reversionary Bonus plus Terminal Bonus.
  • Death Benefit: In case of any unfortunate event such as the death of the policyholder, the company will pay total premiums paid accumulated at an interest rate of 0.25% p.a to the nominee.
  • Rider Benefit: SBI Life Saral pension plan is offering multiple rider benefits as well that you can avail by paying a simple additional premium.

Eligibility of Sbi Life Saral Pension

Entry Age18-65 years
Vesting Age40-70 years
Policy tenure5-40 years
PremiumMin. 7500 p.a to no limits

2. SBI Life Pension Plan: Retire Smart

SBI Life Retire Smart is a non-participating unit-linked pure pension plan that is committed to secure your post-retirement years. SBI Life Retire Smart plan comes out with complete secure, flexible and reliable features. It offers maturity/vesting benefits.

Key Features of Sbi Life Retire Smart

  • Vesting Benefit: SBI Life Retire Smart plan offers vesting benefit the Higher of (Fund Value Plus Terminal Addition or 101% of total premiums paid).
  • Death Benefit: In case of the demise of the policyholder, the company will pay a death benefit to the nominee as stated in the document.
  • Tax Benefits: This SBI Life Pension plan comes out with multiple tax benefits through which you can save a lot.

Eligibility of Sbi Life Retire Smart

Entry Age30-70 years
Vesting Age40-80 years
Policy Term10, 15, 35 years
Premium FrequencyYearly, half-yearly, quarterly and Monthly

3. SBI Life Pension Plan: Annuity Plus

It is an individual, non-linked, non-participating, general annuity plan. This plan comes out with a comprehensive range of annuity options. Thus, assuring you of regular annuity/pension for the rest of your life.

Key Features of Sbi Life Annuity Plus

  • Annuity Options: Annuity Plus plan has come out with a wide variety of annuity options which make sure that you have enough options to choose the appropriate one.
  • Tax Benefits: Like other life insurance companies, This SBI Life Pension plan also offers tax benefits through which you will be able to save more.

Eligibility of Sbi Life Annuity Plus

Entry Age0-80 years
Annuity PayoutRs.1000- No Limit
Annuity Payout ModeMonthly, quarterly, yearly or half-yearly
Max Premium AmountsNo- limit

Advantages Of SBI Life Retirement/Pension Plans

SBI life Retirement/Pension plans provide a host of benefits to policyholders. A single premium will get the protection for the policyholder’s entire family. Diverse riders make certain that the policyholder is included regardless of the situation. Some of the benefits are distinctive below:

  • SBI life insurance Retirement/Pension Plans offer a wide range of insurance plans from conventional insurance plans, to investment plans to the annuity.
  • These Retirement/Pension Plans are guaranteed protection from marketplace moves, for that reason ensuring that the insured’s retirement should be comfy.
  • The policyholder can enjoy peace of mind understanding that his/her family could be financially comfy even in their absence.
  • Retirement/Pension Plans also offer maturity/vesting advantage to the policyholders. For that reason, the cash may be enjoyed with the aid of both the policyholder of their life and/or their loved ones after their death.
  • Some Retirement/Pension Plans have special advantages in case of unfortunate death or incapability.
  • Retirement/Pension Plans allow policyholders to claim tax benefits below sections 80C and 10(10D) of the Income Tax Act, 1961 on the premium paid-for buying the coverage plan and at the maturity benefit.

Claim Intimation And Settlement Process

At SBI Life, it is a commitment to offering a worry-free future so that you can enjoy your present. It makes every effort to ensure that you receive the claim amount that you or your family are entitled to, quickly and easily.

The company offers a simple and hassle-free claim process, all customers can easily file the comfort by log in to the SBI LIfe’s website or through call. The company has a team of experts who can guide you better.

Why Do You Need SBI Life Pension Plans?

Conventional life insurance products are normally bleak prospects for humans because it forces them to stand their mortality. However, a comfy life after retirement is what all people dream about and must plan in the direction of.

SBI Pension plans are products that provide both - Life coverage and post-retirement profits to look ahead to.

Retirement plans are simply the insurance products for each person who desires to get their life insured and additionally plan for destiny. Those plans assist people to get their future secured, in addition to that of their family.

SBI Life Pension Plans: FAQ's

Fund Value is the total number of units under the funds and the corresponding NAVs.

It is the period between the date of subscription to an insurance-cum-pension policy and the date on which you receive the first installment of pension. Such policies generally prescribe a minimum and maximum limit on the deferment period.

All SBI pension plans are full of amazing benefits and features which make it a preferred option. They do offer regular income, lifetime annuity options, flexibility, advance annuity payout and much more.

Yes, at the time of inception the annuitant may select to advance the annuity payout. However, advancement will be subject to certain conditions.

No, the Loan facility is not available under this pension plan.

Last updated on 23-12-2020