Increasing life expectancy rate, rising health care costs, absence of social security system in India and disintegration of joint family system are some of the key reasons that makes retirement planning very critical.
To help you continue celebrating your life post-retirement to the fullest, SBI Life presents you an array of pension plans which are simple and innovative.
Early investment is always better. Learning the concept of future investment is crucial. As you might have stable salary but what you will do once you retire?
Having some pension plan in your investment bucket is always suggested, and if you are looking for an stable retirement income then Sbi Life Saral Pension plan might be helpfu
Why Pick SBI Life – Saral Pension Plan
|Important Features of Pension Plan|
Guaranteed Bonus: Guaranteed simple reversionary Bonuses for first 5 years; @ 2.50% for first three years and @2.75% for the next two years, of the Sum Assured. Guaranteed bonus will be applicable only to in-force policies.
Vesting (Maturity) benefit: Sum Assured plus vested simple reversionary bonuses plus terminal bonus, if any. The sum assured carries an implicit guaranteed interest rate of at least 0.25% p.a. compounding annually on the total premiums.
Death Benefit: Higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any or 105% of total premiums paid.
Life Cover: Option of additional life cover through SBI Life – Preferred Term Rider (UIN: 111B014V02).
On Vesting, you can buy immediate annuity from your entire proceeds or commute upto one-third of the policy proceeds and buy annuity with the rest.
Flexibility: You can defer the vesting date upto age of 70 years or extend the accumulation / deferment$ period of your policy
Tax Benefits* : As per prevailing norms under the Income Tax Act, 1961.
$ If age at vesting is below 55 years.
*Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details
How and When You Can Start Investing
|Basic Criteria For SBI Life – Saral Pension|
^All the references to age are age as on last birthday.
# 3 Months premium to be paid in advance and renewal premium payment through Electronic Clearing System (ECS) or Standing Instructions (where payment is made either by direct debit of bank account or credit card]
For Monthly Salary Saving Scheme (SSS), 2 month premium to be paid in advance and renewal premium payment is allowed only through Salary Deduction
**Sum Assured is always greater than or equal to Total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually
SBI Life – Saral Pension Benefits
|All Benefits: |
On attaining the vesting age, the vesting benefit equal to the Sum Assured plus Vested Simple Reversionary bonus plus Terminal bonus, if any, will be paid by us. You have the following options:
|•||To purchase immediate annuity from the entire policy proceeds|
To purchase immediate annuity with an option to commute upto one-third of the policy proceeds as per current Income Tax rules
|•||To utilize the entire proceeds to purchase a Single premium deferred pension product|
To extend the accumulation period or defer the vesting date, provided you are below age of 55 years on vesting. The maximum extended period will be up to age 70 years
In an event of death of the policyholder, the death benefit proceed will be higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any, or 105% of total premiums will be paid to the nominee. The nominee will have the following options:
|•||To receive entire proceeds as lump sum|
Utilize the entire proceeds of the policy or part thereof for purchasing an annuity at the then prevailing rate. The annuity should be purchased from SBI Life only. The annuity rates available for the purchase of this annuity will be based on the prevailing annuity rates on the immediate annuity product.
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. You may visit SBI website for further details: http://www.sbilife.co.in/sbilife/content/21_3672#5. Please consult your tax advisor for details.
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