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SBI Life - Smart Annuity Plus

UIN: 111N134V06

Product Code: 2W

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Smart Annuity Plus insurance Premium Details

Pay once for
financial
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An Individual, Non-Linked, Non-Participating, General Annuity Product.

Achieve a stress-free retirement with the regular guaranteed income provided by SBI Life- Smart Annuity Plus. This is an annuity plan that offers both immediate and deferred annuity options as well as joint life options that financially secures your loved ones while ensuring you a relaxed retired life.

Key Benefits:
  • Guaranteed Lifetime Regular Income available from age 30^
  • Freedom to choose from wide range of Annuity Options
  • Benefit of higher annuity payouts for large premium

^Applicable only for immediate annuity options for other than Product Conversion, Purchase from NPS Corpus & from QROPS Corpus.
Annuities are taxable as per prevailing income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details. For further details click here.

Highlights

Smart Annuity Plus Plan

SBI Life Smart Annuity Plus Plan

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plan profile

Mrs. Verma, a retired professional, can spend her time enjoying the hobbies she loves, with this annuity plan.

Fill in the form fields below to create a roadmap for a happy retirement with SBI Life – Smart Annuity Plus.

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Annuity Plan Type

Deferred Annuity
Immediate Annuity

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Life Type

Single Life
Joint Life

Channel Type

Mode of Annuity Payout


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Annuity Options


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annuity frequency

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purchase price

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Features

  • Freedom to choose from the wide range of Annuity Options.
  • Enjoy Guaranteed Lifelong Regular Income.
  • Option to receive Immediate or Deferred Annuity.
  • Option to avail benefit of annuity at a Compound Increasing Rate.
  • Avail the benefit of Higher Annuity Rates for Large Premium@.
  • Option to choose frequency of annuity payouts - Monthly, Quarterly, Half-Yearly or Yearly.
  • Option of Return of Purchase Price or Balance Purchase Price available only under certain annuity options.

@For details, refer 'Incentive for higher purchase price' section available in sales brochure.
This product is available for online sales.

Advantages

Security

  • Financial freedom to enjoy your retirement
 

Reliability

  • Regular income to meet your expenses
 

Flexibility

  • Secure annuity/pension for a family member in case of an eventuality
  • Receive periodic income as per your preference

Avail tax benefits*

There are two types of annuity available under this product.
The annuity payout amount would vary depending upon the annuity option chosen:


1. Life Annuity (Single Life):

  • Life Annuity (Option 1.1): Annuity is payable at constant rate for life of annuitant and ceases immediately on death and the contract terminates.
  • Life Annuity with Return of Purchase Price**(Option 1.2): Annuity payable at constant rate for life of annuitant which ceases on death and purchase price is returned to the nominee and the contract terminates.
  • Life Annuity with Return of Balance Purchase price# (Option 1.3): Annuity is payable at a constant rate throughout the life of annuitant. On death, the balance purchase price# (which will be equal to the purchase price less sum total of annuity payments already received by the annuitant, if any) will be paid. If this balance is not positive then no death benefit is payable, all future annuity payouts cease immediately and the contract terminates.
  • Life Annuity with Annual Simple Increase of 3% (Option 1.4) or 5% (Option 1.5): An increasing annuity is payable throughout the life of the annuitant which is increased by a simple rate of 3% or 5% per annum for each complete policy year, as per the option chosen. On the death of the annuitant, all future payouts cease immediately and the contract terminates.
  • Life Annuity with Certain Period of 10 years (Option 1.6) or 20 years (Option 1.7): Annuity is payable at a constant rate for a fixed period of 10 or 20 years, as per the option exercised; and thereafter the same annuity amount is payable throughout the life of the Annuitant.
    Scenario 1: If the annuitant dies within the pre-defined period of 10 or 20 years, annuity payouts will still continue to be paid to nominee till the end of the chosen period, thereafter the annuity payouts cease and the contract terminates.
    Scenario 2: If the annuitant dies after the pre-defined period of 10 or 20 years, the annuity payouts cease immediately on death of the annuitant and the contract terminates.
  • Life Annuity with Annual Compound Increase of 3% (Option 1.8) or 5% (Option1.9): An increasing annuity is payable throughout the life of the annuitant which is increased by a compound rate of 3% or 5% per annum for each completed policy year, as per the option chosen. On the death of the annuitant, all future annuity payouts cease immediately and the contract terminates.
  • Deferred Life Annuity with Return of Purchase Price** (Option 1.10):
    i) Annuity is payable at a constant rate throughout the life of the Annuitant after the end of the deferment period.
    ii) On death of the Annuitant during the deferment period, the death benefit payable to the nominee shall be higher of:
    a. 100% of Purchase Price plus (+) Guaranteed Additions accrued till date of death.
    b. 105% of Purchase Price. And all the future benefits/annuity payments cease immediately and the contract terminates.
    iii) On death of the Annuitant after the end of deferment period, the death benefit payable to the nominee shall be higher of:
    a. 100% of Purchase Price plus (+) Guaranteed Additions accrued during the deferment period minus (-) Total Annuity paid out till date of death of annuitant.
    b. 100% of Purchase Price. And all the future benefits/annuity payments cease immediately and the contract terminates.
    iv) Where Guaranteed Addition per month =Total Annuity payable in a policy year/12.
    v) Guaranteed Additions accrued at the end of every policy month during the Deferment Period.
 

2. Joint Life Annuity (Two Lives):

  • Life and Last Survivor 100% Annuity (Option 2.1): Annuity is payable at a constant rate till the primary annuitant is alive. On death of the primary annuitant, 100% of the last annuity payout will continue throughout the life of the surviving second annuitant. On death of the last survivor, annuity payouts will cease immediately and the contract terminates. If the Secondary annuitant pre-deceases the primary annuitant, nothing is payable after the death of primary annuitant and the contract terminates.
  • Life and Last Survivor 100% Annuity with Return of Purchase Price** (Option 2.2): Annuity is payable at a constant rate till the primary annuitant is alive. On death of the primary annuitant, 100% of the last annuity payment will continue throughout the life of the surviving second annuitant. On death of the last survivor, we will refund the purchase price to the nominee, all future annuity payouts cease immediately and the contract terminates.
  • Deferred Life and Last Survivor Annuity with Return of Purchase price** (Option 2.3):
    i) Annuity is payable at a constant rate till the primary annuitant is alive after the end of the deferment period.
    ii) On the death of the primary annuitant, second annuitant (if live at that time) will receive a life annuity, which will be 100% of the last annuity amount paid to the primary annuitant, as opted for. If the second annuitant pre-deceases the primary annuitant, annuity payments cease on the death of the primary annuitant.
    iii) On the death of the last survivor during the deferment period, the death benefit payable to the nominee shall be higher of:
    a. 100% Purchase price plus (+) Guaranteed Additions accrued till the date of death.
    b. 105%Purchase Price. And all future benefits/annuity payments cease immediately and the contract terminates
    iv) On death of the last survivor after the end of deferment period, the death benefit payable to the nominee shall be higher of:
    a. 100% of Purchase price plus (+) Guaranteed Additions accrued during the deferment period minus (-) Total Annuity paid out till date of death of last survivor.
    b. 100% of Purchase price. And all the future benefits/annuity payments cease immediately and the contract terminates
    v) Where Guaranteed Additions per month= Total Annuity payable in a Policy year/12
    vi) Guaranteed Additions accrue at the end of every policy month during the deferment period

**Purchase Price will mean Premium (excluding applicable taxes, other statutory levies if any) under the policy
#Balance Purchase Price = Premium (excluding applicable taxes, other statutory levies if any) less Annuity payouts made till date. In case this is negative, no death benefit will be payable

For more risk factors, terms and conditions of the SBI Life – Smart Annuity Plus, read the following documents carefully.

Smart Annuity Plus insurance Premium Details
*Lower & Higher Ages at Entry will be allowed to cater to the needs of National Pension System (NPS) Subscribers where purchase is from NPS proceeds as per extant PFRDA guidelines.

Note: Annuitant(s) below 30 years of age will only be accepted where the proceeds are from a contract issued or administered by the Company or Employer-Employee cases in case of Superannuation Schemes, where compulsory purchase of an annuity is required or special situations involving Government schemes, employees or beneficiaries.
In all the above instances for Joint life annuities the age limits apply to both lives. In case of Joint life annuities, the maximum age difference allowed between primary and secondary life is 30 years.

2W/ver1/11/23/WEB/ENG

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

*Tax Benefit:
Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
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. For further details click here. Please consult your tax advisor for details.

The Annuity Benefits depends upon the Annuity Option and mode of annuity payment chosen by the annuitant and annuity rates prevailing at the time of purchase of the annuity, will be paid to the annuitant(s).