SBI Life - Smart Annuity Income

There are five annuity options available under this product. Annuity option once selected cannot be changed.

1. Single Life Annuity:Annuity is payable at a constant rate till the annuitant is alive. On death of Annuitant, no death benefit is payable, annuity payments cease and the policy contract terminates.

2. Single Life Annuity with Return of Purchase Price: Annuity is payable at a constant rate till the annuitant is alive. On death of Annuitant, the purchase price is payable to the nominee, annuity payments cease and the contract terminates.

3. Joint Life Annuity: Annuity is payable at a constant rate till one of the annuitants is alive. On death of Primary Annuitant, 100% of the annuity payments will continue at a constant rate till the secondary annuitant is alive. If the secondary annuitant pre-deceases the primary annuitant, annuity payments cease on the death of the primary annuitant. On death of both Annuitants, no death benefit is payable, annuity payments cease and the policy contract terminates.

4. Joint Life Annuity with Return of Purchase Price: On survival of Annuitants, Annuity is payable at a constant rate till one of the annuitants is alive. On death of the Primary Annuitant, 100% of the annuity payment will continue throughout the life of the surviving secondary annuitant. If the secondary annuitant pre-deceases the primary annuitant, annuity payments cease on the death of the primary annuitant. On the death of last survivor, purchase price is refunded to the nominee, all future annuity payouts cease immediately and the contract terminates.

5. Family Income: The annuity benefits will be payable for life of the Annuitant (Subscriber under the NPS) and his/her spouse as per the annuity option “Single Life Annuity with Return of Purchase Price” or “Joint Life Annuity with Return of Purchase Price” as the case may be. In case the subscriber does not have a spouse, the annuity benefits will be payable for life of the subscriber as per the annuity option “Single Life Annuity with Return of Purchase Price”.

In case the Subscriber has a spouse, and demise of the subscriber before the vesting of annuity, the annuity benefits will be payable for life of the spouse as per the annuity option “Joint Life Annuity with Return of Purchase Price”.

On death of the annuitant(s), the annuity payment would cease and the refund of purchase price shall be utilized to purchase an annuity contract afresh for living dependent parents (if any) as per the order specified below

a) Living dependent mother of the deceased subscriber;

b) Living dependent father of the deceased subscriber.

However, the annuity amount would be revised and determined as per the annuity option “Single Life Annuity with Return of Purchase Price” on a Single Life basis using the annuity rate, applicable for the age of that member, prevalent at the time of purchase of such annuity by utilizing the premiums required to be refunded to the nominee under the annuity contract. The annuity would continue until all such family members in the order specified above are covered. After the coverage of all the family members, the purchase price shall be refunded to the surviving children of the subscriber and in the absence of children, the legal heirs of the subscriber, as may be applicable.

In case no such family member exists upon the death of the last survivor, there would be a refund of purchase price to the nominee.

• Product Brochure
• Product Guide
• Policy Document