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 -

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 -

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 -

GST of 18% is applicable on life insurance effective from the 1st of July, 2017