“If you wish to enjoy a long and comfortable retirement tomorrow, you need to save more today!”
A pension plan is a major part of a good financial plan. The environment in India is not very favourable when it comes to senior citizens. With an ever-increasing cost of living, it becomes imperative for every individual to plan their retirement. A pension plan is the best way to ensure that even after you retire, there would be some source of income. If you haven’t invested in a pension plan and are looking for a suitable plan, then you must go through the various pension plans by SBI Life.
A joint venture between the State Bank of India and BNP Paribas, SBI Life Insurance Company has been voted as the “Most Trusted Private Life Insurance Brand” in the year 2013. The company provides a comprehensive range of various plans and policies for its customers. With the aim to achieve high standards of customer contentment, SBI Life has something for everyone.
When it comes to pension plans SBI provides its customers with 3 different types of Pension Plans. All the three plans cater to different needs of different customers. Let us discuss each of the three plans in detail.
The Saral Pension Plan is a traditional plan that also provides a bonus facility. The regular premium deferred annuity plan offers a timeframe between 10 to 40 years. If the policyholder passes away during the policy tenure, the premium that has been paid till date plus a compounded interest of 0.25% plus vested simple reversionary bonus plus terminal bonus will be paid to the beneficiary as the death benefit. The beneficiary can opt to receive the death benefit for buying an annuity or in lump sum. The multiple maturity benefits offered by the Saral Pension Plan also add to its popularity. This pension plan is eligible for a tax benefit under Section 80C and Section 10 (10) D of the Income Tax Act 1961.
| Minimum | Maximum | |
| Entry Age | 18 years | For Regular Pay 60 Years For Single Pay 65 Years |
| Vesting Age | 40 years | 70 years |
| Policy Term | For Regular Premium 10 Years For Single Premium 5 Years | 40 years |
| Annual Premium Amount | INR 7500 | No upper limit |
| Sum Assured | INR 1,00,000 | No upper limit |
The SBI Life – Retire Smart plan is a non-participant ULIP pension plan, that does not provide any liquidity during the first five years of buying the plan. The policyholder also cannot surrender the linked insurance products either completely or partially till the term of 5 years end. The biggest benefit of this plan is that the guaranteed additions results at 10% of the yearly premium from the 15th year of policy and then continue every year, till the end of the plan. When the policy matures, the policyholder receives the higher of the fund value, which includes guaranteed and terminal additions. The assured retirement corpus bring reliability to the plan too. The plan is also popular as it provides security to your retirement years. The plan gives you the flexibility to pay the premiums either on a regular basis or for a specific period. As the investment is controlled by the advantage plan feature it keeps a check on the risk-exposure and also ensures that there is minimal risk to the investment, but at the same time the returns are maximum.
| Minimum | Maximum | |
| Entry Age | 30 years | 70 years |
| Vesting Age | 40 years | 80 years |
| Policy Term | 10 years | 15 years | 35 years |
| Annual Premium Amount | For Regular Premium INR 24,000 p.a. For Limited Premium INR 40,000 p.a. | No upper limit |
| Sum Assured | INR 1,00,000 | No upper limit |
The Annuity Plus plan by SBI Life is also a traditional, non-participating immediate annuity plan. In this plan, once the single premium is deposited under the plan, there is payment of annuity as per the option and frequency chosen. It offers you a comprehensive range of options (annuity options) to choose from on payment of a single premium. This way, you can be sure of an even and consistent annuity for life which provides you with a security blanket. The payout options are: Lifetime Income Lifetime Income with Capital Refund Lifetime Income with Capital Refund in parts Lifetime income with Balance Capital Refund Lifetime income with Annual Increase of 3% or 5% Lifetime income with certain period of 5, 10, 15 or 20 years and life thereafter Life Annuity (Two lives) with option to choose either Life and Last Survivor - 50% or 100% Income or Life and Last Survivor - 50% or 100% Income with Capital Refund With this plan, there can be an Accidental Death Benefit Rider that provides a cover of INR 50 lakhs. The plan also offers higher annuity rates in case of higher premiums. This pension plan is eligible for a tax benefit under section 80C and section 10 (10) D of the Income Tax Act 1961.
| Minimum | Maximum | |
| Entry Age | 40 years 0 years for SBI Life Policies | 80 years |
| Purchase Price | Depends on the annuity payout amount and the age of the annuitant. | Depends on the annuity payout amount and the age of the annuitant. |
| Annuity Payout Amount | Monthly: Rs. 1000, Quarterly: Rs. 3000, Half-yearly: Rs. 6,000, Yearly: Rs. 12,000 | No upper limit |
| Annuity Payout Frequency | Monthly /Quarterly / Half yearly / Yearly |
To apply for SBI Life Pension Plans you can either visit the nearest registered office, fill in the registration form, submit ask your required documents and make the payment or you can apply online as well. You need to visit the official web portal www.sbilife.co.in/en/life-insurance/retirement-pension-plans. Decide the plan you wish to buy, and click ‘Buy Now’. You will then be taken to a new page, where you would have to fill in all your details like name, email id, mobile number, your annuity preferences, etc. Once you fill in the details, you can calculate your premium and if you approve of it, make the payment and click ‘Submit’. In case of any queries, you can call on 1800 22 9090 or write to info@sbilife.co.in.
How to open NPS Account with SBI?
To open a National Pension Scheme account, you need to log on to the NPS website and click on ‘Registration’. After this go to ‘Individual’ and enter your PAN or Aadhaar card details. Thereafter, you will receive an OTP on your mobile number for verifying your number. You will then choose a type of account, enter all the required details, enter the OTP and click ‘Submit’. You will also need to upload your photograph if not using Aadhaar details. After this, you will deposit the minimum amount to your account, a PRAN will be allowed to you.
What is the minimum and maximum age to open National Pension Scheme SBI Account?
To open a National Pension Scheme SBI Account an individual should be in the age group of 18-60 years.
What is Atal Pension Yojana?
The Atal Pension Yojana allows an individual to receive a pension after he/she turns 60. To be entitled to this scheme the individual has to pay a specific amount of money on a regular basis till he/she turns 60. The individual must be in the age group of 40 to 60 years. The pension amount can range between INR 1,000 to INR 5,000.
What is SBI pension scheme?
There are three types of pension plan that are offered by SBI, namely: SBI Life-Saral Pension, SBI Life – Retire Smart and SBI Life – Annuity Plus. All the three plans aim at providing their customers with a tension-free life after retirement.
Which is the best pension plan in SBI Life Pension Plans?
SBI Life – Saral Pension is considered to be the best pension plan in SBI Life Pension Plans. This is a traditional pension plan which participates in profits and declares bonus. The non-linked plan offers protection from the instability of the market and also gives assurance of bonus for the initial 5 years.
Which is the best pension plan of SBI Life Pension Plans 2018?
All pension plans offered by SBI are best in their own sense. One must choose the most appropriate plan that fulfill his needs.
How to pay the premium? What are the modes of payment available?
To pay the premium of your SBI Life Pension plans, the payment modes may be used: Direct Debit Online Payments Standing Instructions to your Credit Card Direct Remittance at SBI Life Branch Electric Clearing Service SBI Group ATMs Online payment through SBI Life Web Portal Payment through Visa Bill pay.com Payment through Point of Sales Payment through Easy Access Mobile Application
How can I check policy status for SBI Life Pension Plans?
To check the policy status there are many procedures that you may follow.
Online: Visit the website, go to online services and enter your login id and password. Once you enter the details correctly, you will be taken to a new page where you will choose the option to view enrol policies. You can also write an email to : mysupport@sbilife.co.in
Offline: To check the details of your policy SBI life gives you the option of call support as well as SMS service. You may send an SMS to 56161 with POKSTATUS Policy Number in the message.
