SBI Life - Smart Annuity Plus

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

• Product Brochure
• Product Guide
• Annuity Plus NPS Single Pager
• Policy Document