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SBI Life - Saral Retirement Saver
UIN: 111N088V03
Product Code: 1E
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'.
Retirement is the period when your life begins again. Be free from financial worries with SBI Life - Saral Retirement Saver, a simple plan which helps you build a retirement corpus for your post-work life while securing your family's future.
Key Benefits :
*Bonuses for first 5 policy years are guaranteed for only in-force policies; @ 2.50% for first three policy years and @2.75% for the next two policy years of the basic sum assured.
^ SBI Life - Preferred Term Rider (UIN - 111B014V02)
Try our benefit illustrator below and let us help you secure your family and you.
'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'.
Retirement is the period when your life begins again. Be free from financial worries with SBI Life - Saral Retirement Saver, a simple plan which helps you build a retirement corpus for your post-work life while securing your family's future.
Key Benefits :
- Build a retirement corpus through guaranteed simple reversionary bonuses*
- Start saving for future income as early as from 18 years of age
- Protect your loved ones with an option of additional life cover through rider^
*Bonuses for first 5 policy years are guaranteed for only in-force policies; @ 2.50% for first three policy years and @2.75% for the next two policy years of the basic sum assured.
^ SBI Life - Preferred Term Rider (UIN - 111B014V02)
Try our benefit illustrator below and let us help you secure your family and you.
Highlights
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 Retirement Saver.Name:
DOB:
Gender:
Male Female Third GenderDiscount:
Staff Non-Staff
Sum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Maturity Benefit
At assumed rate of returns** @ 4%or
@ 8%
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:
- 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.
- 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.
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:
- i. To withdraw the entire proceeds as lump sum Or
- 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 Retirement Saver, 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.
##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.
NW/1E/ver1/02/22/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. For further details click here. Please consult your tax advisor for details.
**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. For further details click here. Please consult your tax advisor for details.