SBI Life - Saral Pension Plan | One of the Best Retirement Policy in India
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SBI Life – Saral Pension

UIN: 111N088V03

Product Code: 1E

Retire Smart Pension Plan India

Keep achieving milestones even after retirement.

  • Build retirement corpus
  • Regular simple reversionary bonuses
  • Life Cover through optional rider
An Individual, Non Linked, Participating, Savings Pension Product

'This is a Pension Product. Benefits by way of surrender, complete withdrawal or maturity/vesting will be available in the form of annuities except to the extent of commutation of such benefits as allowed under the Income Tax Rules'.

While it's important to ensure you're living your life to the fullest today, have you considered how important it is to maintain the lifestyle in the future?

Save enough to secure the golden years of your life. Make sure your future is as comfortable as your present with the SBI Life – Saral Pension. Through regular bonuses, you can now meet your post-retirement financial needs conveniently.

This retirement policy provides –
  • Security  - corpus to meet your retirement needs
  • Reliability - with simple reversionary bonuses
  • Protection - through optional rider

Say goodbye to tension and hello to pension.

Try our benefit illustrator below and let us help you secure your family and you.

Highlights

SBI Life Retire Smart Pension Plan

Individual, Participating, Non Linked, Traditional Pension Plan

Mr. Gupta, a retired individual, is enjoying his financial freedom thanks to this pension plan.

Enter your personal details on the form field below to see how you may enjoy security in your golden years with SBI Life – Saral Pension.

Name:

DOB:

Gender:

Male Female

Discount:

Staff Non-Staff

Kerala Resident:

Yes No

Choose your policy term...

Policy Term

5 40

Choose your annuity options

Annuity Options


A little information about the premium options...

Premium Frequency

Sum Assured

1 Lakh 500000000

Let's finalize the rider options...

SBI Life - Preferred Term Rider (UIN: 111B014V02):

Term for SBI Life - PTR

5 30

PTR Sum Assured

25,000 50,00,000

Reset

Sum Assured


Premium frequency

Premium amount
(excluding taxes)


Premium Payment Term


Policy Term


Maturity Benefit

At assumed rate of returns** @ 4%


or
@ 8%

Give a Missed Call

 

Features

 

  • Build a retirement corpus
  • Receive simple reversionary bonuses throughout the policy term for in-force policies
  • Get an option of life cover through SBI Life - Preferred Term Rider

 

Advantages

 

Security

  • Assured protection for your family
  • Income during your retirement years

Reliability

  • Build your retirement corpus through regular simple reversionary bonuses throughout the policy term, including Guaranteed simple reversionary bonuses for first 5 policy years for inforce policies; @ 2.50% for first three policy years and @2.75% for next two policy years

Protection

  • Enjoy life cover through SBI Life - Preferred Term Rider and provide financial protection to your family.

Avail tax benefits*

Maturity/Vesting Benefit:


On attaining the maturity/vesting age, the maturity/vesting benefit is higher of (Basic Sum Assured or total premiums++ received accumulated at an interest rate of 0.25% p.a. compounding annually ) plus Vested Simple Reversionary bonus plus Terminal bonus, if any, will be payable. You have the following options on Maturity/Vesting:
  1. i) To utilize the entire proceeds to purchase annuity from SBI Life Insurance Company Limited at the then prevailing annuity rate. However you will be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by Authority (IRDAI), which is currently 50% of the entire proceeds of the policy net of commutation. 
OR
  1. ii) To commute up to 60% and utilize the balance amount to purchase annuity from SBI Life Insurance Company Limited at the then prevailing annuity rate. However you will be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by Authority (IRDAI), which is currently 50% of the entire proceeds of the policy net of commutation.
For (i) and (ii) above, the purchase of annuity shall be subject to terms and conditions under the product. In case the proceeds of the policy is not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, such proceeds of the policy shall be paid to you or beneficiary as lump sum.

Death Benefit:


In an event of death of the policyholder, the death benefit proceed will be higher of total premiums++ received upto the date of death accumulated at an interest rate of 0.25% p.a. compounded annually plus vested simple reversionary bonus plus terminal bonuses, if any, or 105% of total premiums received upto the date of death will be paid to the beneficiary/nominee. The beneficiary/nominee will have the following options:
  1. i. To withdraw entire proceeds as lump sum Or
  1. ii. To utilize the entire proceeds of the policy or part thereof for purchasing an annuity, at the then prevailing rate from SBI Life Insurance Company Limited. However the beneficiary shall be given an option to purchase annuity from any other insurer at the then prevailing annuity rate to the extent of percentage, as stipulated by Authority (IRDAI), which is currently 50% of the entire proceeds of the policy net of commutation. The purchase of annuity shall be subject to terms and conditions of the product.In case the proceeds of the policy are not sufficient to purchase minimum annuity as defined in Regulation 3(a) of IRDAI (Minimum Limits for Annuities and Other Benefits) Regulations, 2015, as amended from time to time, by the Authority, such proceeds of the policy shall be paid as lump sum. The annuity rate would be based on the time of buying the annuity.
 

Rider Benefit:


You may avail of life cover through SBI Life – Preferred Term Rider (UIN: 111B014V02)

For more details on risk factors, terms and conditions of SBI Life – Saral Pension, read the following documents carefully.

+All the references to age are age as on last birthday.
##Annualized premium is the premium amount payable in a year chosen by the policyholder, excluding the applicable taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

1E.ver.01-01-20 WEB ENG

++Total premiums received means total of all premiums received excluding any extra premium, any rider premium and applicable taxes.
**Assumed rates of returns @4% and @8% p. a. respectively, are only illustrative scenarios at these rates after considering all applicable charges. The bonus rates are assumed constant during the bonus accrual period, where as actual bonus could vary, depending on the investment experience of the Company. These are not guaranteed and they are not higher or lower limits of returns. Returns are dependent on a number of factors including future investment performance.

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

*Tax Benefit:

You may be 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 here. Please consult your tax advisor for details.

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E-mail us at

info@sbilife.co.in