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Home > Retirement Plans > SBI Life - Saral Pension

SBI Life - Saral Pension
(UIN : 111N088V02)

(Product Code : 1E)
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Introduction
Key Features

Product Snapshot
Benefits
Rider
 
  
Introduction:
 
Retirement - means giving up work and continuing to Celebrate Life!
SBI Life - Saral Pension is an Individual, Participating, Non Linked, Traditional Pension Plan, which offers you complete safety from market volatility, by providing you a secure future and a joyous retirement.
 

Key Features:
 
Guaranteed Bonus: Guaranteed simple reversionary Bonuses for first 5 years; @ 2.50% for first three years and @2.75% for the next two years, of the Sum Assured. Guaranteed bonus will be applicable only to in-force policies.
 
Vesting (Maturity) benefit: Sum Assured plus vested simple reversionary bonuses plus terminal bonus, if any. The sum assured carries an implicit guaranteed interest rate of at least 0.25% p.a. compounding annually on the total premiums.
 
Death Benefit: Higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any or 105% of total premiums paid.
 
Life Cover: Option of additional life cover through SBI Life - Preferred Term Rider (UIN: 111B014V02).
 
On Vesting, you can buy immediate annuity from your entire proceeds or commute upto one-third of the policy proceeds and buy annuity with the rest.
 
Flexibility: You can defer the vesting date upto age of 70 years or extend the accumulation / deferment$ period of your policy
 
Tax Benefits* : As per prevailing norms under the Income Tax Act, 1961.
$ If age at vesting is below 55 years.
*Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details
 

Product Snapshot
 
Age^ at Entry Min: 18 years 
Max: For Single premium: 65 years,
  For Regular premium: 60 years
Age^ at Vesting Min: 40 years Max: 70 years
Policy Term
Min: For Single premium: 5 years,
  For Regular premium: 10 years
Max: 40 years
Sum Assured** Min: Rs.1,00,000/- Max:  No Limit
Premium Frequency
Single / Yearly / Half-yearly / Monthly#
The premiums for various modes as percentage of annual premium are given below:
Monthly Premium- 8.4% of annual premium
Half-yearly Premium- 50.2 % of annual premium
Premium Min:  Rs.7,500 p.a. Max: No Limit
^All the references to age are age as on last birthday.
 
# 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card]


For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction

**Sum Assured is always greater than or equal to Total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually
 

Benefits:
 
Vesting Benefit:
On attaining the vesting age, the vesting benefit equal to the Sum Assured plus Vested Simple Reversionary bonus plus Terminal bonus, if any, will be paid by us. You have the following options:
 
  To purchase immediate annuity from the entire policy proceeds
 
 
To purchase immediate annuity with an option to commute upto one-third of the policy proceeds as per current Income Tax rules
 
  To utilize the entire proceeds to purchase a Single premium deferred pension product
 
 
To extend the accumulation period or defer the vesting date, provided you are below age of 55 years on vesting. The maximum extended period will be up to age 70 years
 
Death Benefit:
In an event of death of the policyholder, the death benefit proceed will be higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any, or 105% of total premiums will be paid to the nominee. The nominee will have the following options:
 
  To receive entire proceeds as lump sum
 
 
Utilize the entire proceeds of the policy or part thereof for purchasing an annuity at the then prevailing rate. The annuity should be purchased from SBI Life only. The annuity rates available for the purchase of this annuity will be based on the prevailing annuity rates on the immediate annuity product.
 
Tax Benefits:
 
You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. You may visit our website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.
 
 
Rider Brochure:
SBI Life - Preferred Term Rider (UIN: 111B014V02)
 
Rider Document:
SBI Life - Preferred Term Rider (UIN: 111B014V02)
 
These are only the brief features of the plan .For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. For more details on Riders, terms and conditions please read rider brochure.
1E.ver.02-05/15 WEB ENG
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS.IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
 
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