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  • SBI Life - Annuity Plus Plan

    SBI Life

    Overview

    A traditional non linked non-participating insurance plan with annuity options that help secure a desired post retirement lifestyle. In addition to the life cover that the plan provides, the annuity options allow for a smooth post retirement scenario for policyholdeINR The annuitant also has an option to provide for a nominee in the case of his/her untimely death. This is a single and regular premium paying plan meant for having a pension scheme in the form of an annuity from SBI Life.

    Eligibility Conditions for SBI Life Annuity Plus Plan

    The plan could be of a tenure as low as decided by the policyholder and approved by the insurer and as high as the whole life of the annuitant and as per those, the eligibility conditions for availing this policy can be depicted in the table mentioned below -

    Parameter

    Minimum

    Maximum

    Entry Age

    40 years

    80 years

    Maturity Age

    N/A

    Whole Life

    All the ages mentioned are as per the last birthday.

    Key Features of SBI Annuity Plus Plan

    This plan meant for being an option towards pension payment has the following salient features -

    Parameters

    Details

     

    Plan Type

    Traditional non linked non participating immediate annuity plan

     

    Basis

    Individual life and joint life

     

    Policy Term

    Minimum as decreed by the insurer and can go up to covering the whole life

     

    Policy Validity

    Will be for the chosen policy term subject to conditions unless surrendered

     

    Assured Annuity

    Could be a minimum of INR 200 per month, INR 600 quarterly, INR 1200 half-yearly or INR 2000 annually and has no maximum limit. The assured annuity on chosen frequency will depend on the Premium and the prevailing annuity rates at the time of availing the policy

     

    Annuity Payment

    Monthly, Quarterly, Half-yearly, Yearly

     

    Annuity Options

    Single Life Annuity Options

    Joint Life (Two Lives) Annuity Options

     

    Lifetime Income (LI)

    Life and Last Survivor - 50% or 100% Income without Capital Refund

     

    Lifetime Income with Capital Refund (LICR)

    Life and Last Survivor - 50% or 100% Income with Capital Refund

     

    Lifetime Income with Capital Refund in Parts (LICRP)

     
     

    Lifetime Income with Balance Capital Refund (LIBCR)

     
     

    Lifetime Income with Annual Increase of 3% or 5% (LIAI)

     
     

    Lifetime Income with Certain Period of 5, 10, 15 or 20 years and onwards (LICP)

     

    Coverage

    Annuity Benefit = Assured annuity amount paid in the frequency agreed upon by the annuitant

     
     

    Death Benefit = Depends on the annuity option chosen

     

    Riders

    Accidental Death Benefit Rider

     

    Free look Period

    15 days

     

    Grace Period

    Single premium pay, thus, not applicable

     

    Nomination and Assignment

    Nomination facility is available

     

    Benefits and Advantages of Annuity Plus Policy

    This plan from SBI Life allows a single premium payment to create a pension plan scheme through an annuity option that helps support lifestyle during retirement. Life Insurance cover through the annuity options provided by this policy throughout the policy term is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

    1. Life cover is present throughout the policy term under applicable annuity options
    2. Wide range of annuity options
    3. Option of annuity as long as annuitant of partner is alive under joint life options
    4. Flexible option of receiving annuity in monthly, quarterly, half-yearly or yearly frequencies
    5. Higher annuity values on larger premiums

    A plethora of annuity options offer multiple benefits to the annuitant and these options can be outlined as below -

    Single Life Annuity Options

    1. Lifetime Income - Annuity payment in a uniform mode for the life of the annuitant and stops on the death of the annuitant
    2. Lifetime Income with Capital Refund - Annuity payment in a uniform manner for the life of the annuitant and 100% of the premium is refunded
    3. Lifetime Annuity with Capital Refund in Parts - Annuity payment in a uniform manner for the life of the annuitant and 100% of the premium is refunded in installment as per predefined terms
    4. Lifetime Income with Balance Capital Refund - Annuity payment in a uniform manner for the life of the annuitant and the premium amount less the annuity payouts is refunded
    5. Lifetime Income with Annual Increase of 3% or 5% - Annuity payment in a uniform manner for the life of the annuitant and increases at a simple rate of 3% or 5% for every completed year
    6. Lifetime Income with Certain Period of 5, 10, 15 or 20 years and onwards - Annuity payment in a uniform manner for a minimum fixed period of 5, 10, 15 or 20 years and the life thereafter of the annuitant

    Joint Life Annuity Options

    1. Life and Last Survivor - 50% or 100% Income without Capital Refund - Annuity payable uniformly as long as one of the annuitants is alive and will be receivable in full or half by either surviving annuitant. Annuity ceases in case of death of both annuitants. No premium refund
    2. Life and Last Survivor - 50% or 100% Income with Capital Refund - Annuity payable uniformly as long as one of the annuitants is alive and will be receivable in full or half by either surviving annuitant. Annuity ceases in case of death of both annuitants. Premium refund is done post the demise of either one annuitant

    Premium for SBI Life Annuity Plus Plan

    The details of Premium for this plan can be summarised in the table below -

    Premium Parameter

    Details

    Premium

    Minimum enough to assure annuity payout, no maximum limit

    Premium Paying Term (PPT)

    Single payment

    Premium Paying Frequency

    Single payment

    Premium Paying Modes

    ECS, debit cards, credit cards, cheques and other acceptable modes

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