Know About SBI Life Pension Plans

by Editor April 7, 2023

Every person wants to live his life even after retirement in the same way as he was living before retirement.

Now it is a matter of happiness that SBI can fulfill this dream of yours, so that you can enjoy your life even after retirement.

State Bank of India ie SBI has run three pension plan schemes under SBI Life. In which you can take SBI Life-Annuity Plus, SBI Saral Pension and SBI Life Smart Unit Linked Pure Pension Plan.

SBI Life – Saral Pension

Saral Pension is an Individual, Participating, Non-Linked, Traditional Pension Plan that will give you complete freedom from market fluctuations, secure your future and also entitle you to a happy retirement.

The main features of the schemes are as follows-

Guaranteed Bonus

Guaranteed Simple Reversionary Bonus for the first 5 years @ 2.50% for the first three years and @ 2.75% for the next two years. This is applicable only for in-force policies.

Vesting (Maturity) Benefit

Sum Assured and Vested Simple Reversionary Bonus and Terminal Bonus, if any. The Sum Assured shall increase by compounding annually on the total premiums subject to a minimum of 0.25% p.a. carries an assured guaranteed interest rate of Rs.

Death Benefit

Net of premium to be paid plus vested reversionary bonus and terminal bonus at an interest rate of 0.25% per annum. or 105% of the total premiums to be paid.

Life Cover

Life cover options under Life-Preferred Term Rider

Implied

On vesting, you can buy annuity immediately from the entire amount or you can get annuity from the remaining amount by commuting one-third of the policy.

Resilience

You can increase the vesting age to 70 years, or you can either accumulate or defer your policy.

SBI Retire Smart:

SBI Life -Retire Smart

It is a non-participating unit linked pension plan. It will guarantee you up to 101% of the premium paid till your policy matures. Hence it is largely safe from market losses.

Salient Features of the Scheme

Your fund value is backed by 210% guaranteed addition to the annual premium. (conditions apply)
From the end of the 15th policy year, Annual Premium @ 10% Guaranteed Addition is paid regularly till the end of each year and thereafter till the end of the policy.
Get 1.5% terminal addition to the fund value on maturity/vesting or early death.
There is no need to worry about your investments as the Advantage plan is done for you by SBI Life. This plan offers a minimum 101% maturity/vesting guarantee on all your premiums.
Get a guarantee of at least 105% on all premiums paid in case of early death.
There is an option to pay premium regularly or for a limited period.
Flexibility to advance your vesting age

SBI Life – Annuity Plus

Annuity Plus is a traditional non-participating immediate annuity plan that gives you multiple annuity options with inbuilt flexibility. Also it maintains your standard of living.

Salient Features of the Scheme