SBI Life Saral Pension
SBI Pension Plan
  • Free Look Period
  • Maturity/vesting Benefit
  • Tax Benefits u/s 80C
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SBI Life Saral Pension

SBI Life Saral Pension is a non linked, participating and savings protection plan which assists in having a secured retirement. It provides complete safety from market volatility and offers a secure & joyous retirement period. The plan offers multiple benefits such as surrender, withdrawal or vesting/maturity (which are available in the form of annuities) to the policyholders.

SBI Life Saral Pension: Eligibility

Entry age18-65 years
Plan typeRegular Premium/Single Premium
Vesting age40-70 years
Basic sum assuredRs.100000 to no-limit
Annualised premium amount7500- no limit

Key Benefits

With this plan, an insured will get a bucket full of benefits which are listed below:-

  • Guaranteed Bonus: This plan offers guaranteed reversionary bonus for initial 5 years. The same will be at the rate of 2.50% (for the initial 3 years) and 2.75% (for the remaining two years).
  • Maturity/vesting Benefit: On reaching maturity age, the plan will pay the higher of basic sum assured or total premiums + received accumulated at an interest rate of 0.25% p.a. (compounding annually) + vested simple reversionary bonus plus terminal bonus.
  • Death Benefit: In case of death of the insured, the plan pays a death benefit to the beneficiary which will be higher of total premium + death benefit accumulated at the rate of 0.25% p.a. (compounded yearly) with vested simple reversionary bonus + terminal bonuses.
  • Life Cover: The plan allows you to opt for life cover by paying an additional premium (nominal charges).
  • Surrender: The plan allows you to surrender in case of need. However, the charges are different under the regular premium policy and single premium policy.
  • Revival: You can easily revive the policy if you miss paying the premium on time and your policy gets lapsed. You have to submit a written application within 5 consecutive years from the first unpaid premium date.
  • Grace Period: Under the same plan, you get a grace period of 30 days from the premium due date for yearly/half-yearly premium payment mode and 15 days in case of a monthly.
  • Free Look Period: If you are not happy with the plan or have any type of confusion, the plan will provide a 15 days free look period under which you can easily cancel your policy and get the refund after a few deductions.
  • Tax Benefits: Apart from other benefits, this plan also provides tax benefits as per the income tax laws of India.

How Does The Plan Work?

Mr. Rohan Sharma (age- 30 years) is looking for an accumulated corpus amount which can help him in having financial independence even after retirement. He compared all available plans and decided to invest in SBI Life - Saral Pension with a premium payment term of 15 years. The sum assured is Rs 10 lacs with the annual premium of Rs 62,336. Under SBI Life - Saral Pension Plan you have to pay the premium for the entire policy tenure as chosen.

Case 1: On Survival At Vesting

At the time of maturity/vesting of the policy tenure, the insured will get the higher of total premiums paid calculated at an interest rate of 0.25% p.a. (compounding annually) + terminal bonus + vested simple reversionary bonuses or sum assured.

SBI Pension Plan

Case 2: In The Case of Demise

In the case of the unfortunate death of the insured, the higher of total premiums paid calculated at a rate of 0.25% p.a.+ vested reversionary bonus + terminal bonuses or 105% of total premiums paid is payable.

Riders in SBI Life Saral Pension Plan

Under this policy, you are allowed to invest in an optional rider which is SBI Life - Preferred Term Rider. With this, you will get a free life cover. In case of death of the insured, the rider sum assured is payable along with the death benefits.

Entry ageMin: 18 years
Max:
  • 50 years for regular premium
  • 55 years for single premium policies
Maturity Age60 years
Policy TermMin:
  • 10 years for regular premium
  • 5 years for single premium
Max - 30 years
The rider term cannot be higher than the policy tenure.
Premium Paying TermSame as the policy tenure
Sum Assured25,000 - 50,00,000

SBI Life Saral Pension: Exclusion

There are no such exclusions under this plan. However, if you opt for a rider (SBI Life Preferred term rider), you should check the document thoroughly. In case of death of the insured because of suicide during the first 12 months of the policy tenure or from the date of revival, the nominee will be liable to receive the higher of the 80 per cent of the paid premium or the available surrender value as on the date of demise.

Documents Required: SBI Life Saral Pension Plan

  1. KYC documents such as ID proof and address proof.
  2. Age and income proof.

FAQs

SBI Life Pension Plan comes out with two different premium payment modes which include online payment and cash payment at the branch office. Under the online payment mode, the insured can pay with the help of credit/debit card or net banking. And for the cash payment, you need to visit the nearest branch and pay the due premium.

You can check the status anytime by simply logging in to the SBI Life Insurance website & entering the required details which include name, policy number, date of birth and the registered mobile number.

ou can do SBI Pension renewal easily with the help of below-mentioned modes:-

Online- Visit the website of SBI Life insurance Company, calculate the renewal clauses, premium amount and make the payment.

Offline:Visit the nearest SBI Life Insurance Branch, pay the premium in cash and you are done.

Once you make the payment, the policy gets renewed automatically.

To settle the pension plan claim, you first need to inform the insurer about the same by filing the claim form along with the required documents. You can do the same online as well. After the acceptance of your file, the claim will get settled within the specified duration by the insurance company.

No, you are not allowed to withdraw the entire accumulated corpus. At least a part of the amount will go towards the investment in an annuity plan.

There are multiple premium payment modes starting from single/yearly/half-yearly and monthly. You can choose the desired one as per your needs.

The plan has come out with a wide range of annuity options such as lifetime income, lifetime income with capital, lifetime income with capital refunds in parts, lifetime income with balance capital refund, lifetime income with an annual increase of 3%, lifetime income with an annual increase of 5%, lifetime income with certain period (5 years, 10 years, 15 years, and 20 years), life and last survivor (50% & 100 % income) and life and last survivor with capital refund (50% & 100 % income) among others.

You can do the same by using the SBI LIfe Insurance premium calculator.

There is no available loan facility under this plan.

You can only surrender the policy if you have paid at least 3 years’ of premium.

Last updated on 05-03-2020