• SBI Life - Annuity Plus Plan

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    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    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

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

    SBI Life Annuity Plus Plan Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      Total tenure of the policy is 20 years. It is a cashback policy. Every 5 years i will get 10%. Every 5 years they will give the cashback policy. Once in 5 years, my number will update in their system, i have to give a blank cheque. At the end of th term , I would get bonus points I guess.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 13, 2018
    • SBI Life Life Insurance
      "Good insurance for life"
      0.5 4.0/5 "Great!"
      I have the life insurance policy with the SBI life and I am holding it from the last one year of time. Customer service is good one with them and the response is also good one too. Premium amount is nominal one for me with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      With SBI life I hold the life insurance policy . I have got the Life insurance policy for more than 3 years. This policy has the tenure of 12 years. I get on time reminders to pay the premium . The customer support service and the response is excellent with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on May 28, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy from the SBI life. I pay a premium of 1300 per year. The premium gets Auto debited from the account. I never had any issues with the policy and their services. I'll have to wait and see how this policy turns out in future.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Best Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I started using this SBI Pension policy 4 years back. Total tenure of the policy is 10 years. I used to pay Rs. 50000 per annum. After 10 years every month i used to receive 5000 from the scheme till end of my life. Death coverage is there. My wife would be be beneficiary.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I"ve a life insuranc epolicy wiht the SBI life. I apy a premium of 1499 per year for a coverage of 10 Lacs coverage. The premium gets auto debited from my account which is pretty much convenient for me. Overall it is a good policy to have and never had any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Anand Life Insurance policy for the past 8 Years. I make Online Payments, being a Govt company the trust factor is there and I'm paying a premium of 20000 per year. I never faced any issues with the policy and its features.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 04, 2018
    • SBI Life Life Insurance
      "Better policy to use"
      0.5 3.0/5 "Satisfactory"
      Got the life insurance policy from the SBI life around 4 years ago. This policy has the tenure of 20 years. The customer support service and the responds is good with the SBI life. The plan benefits and the policy coverage are good with the SBI life insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 30, 2018
    • SBI Life Life Insurance
      "SBI life insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I am having a life insurance policy with SBI life from last 3-4 months and it is one of the good policy to use. I am not aware of the maturity period of this policy. I pay my premium on monthly basis through ECS and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 06, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the SBI life insurance policy for the past 1 year. The customer support service is good with the SBI and they give good response to the customers. This policy has the tenure of 5years. I pay the premium amount of Rs.10,000 in every year once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 04, 2018
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with SBI life from last 2 years and it is a short term policy. The tenure of this life insurance policy is 10 years. I pay my premium once in 6 months and i am convenient with the payment options which they are giving. I am happy with the coverage and returns of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The SBI Life give good returns to the customers. The coordination is excellent with the SBI life . This life insurance policy has the tenure of 10years, I pay the premium amount of Rs,30,000 per annum. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , allahabad
      Reviewed on Mar 26, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 1.0/5 "Really Bad"
      I have taken accidental policy with SBI Life since 2004. I have received the documents only for the first year and they are deducting some amount but am not receiving any documents. I have paid 100 or 200 rupees yearly, the premium was very low. I am not sure about other benefits.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 16, 2018
    • SBI Life Life Insurance
      "SBI life , life insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance from SBI LIFE. The total premium amount is 25000. I have to pay the premium for 5 years and after the maturity period i will get the sum assured plus the bonus amount. The premium amount will be directly debited from the salary account.
      Was this review helpful? 0
      , lucknow
      Reviewed on Mar 15, 2018
    • SBI Life Life Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a savings plan and I have to pay a premium up to the age of 60 years. If anything is to happen to me my family will get a sum assured and bonus. Else I would get only the sum assured. Like wise there is a sum assured at the age of 100years too.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance from SBI Life. The best about this company is that the premium is low and economical. The tenure is till the age of 60 years. After which the beneficiary will get the benefits. The sum assured is also good. I am happy with the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 28, 2018
    • SBI Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with SBI Life.The premium amount is 19,000 in a year.The policy coverage is 3-4 lakhs,I have claim experience once they had covered 70 k.The policy is for 15 years.I had closed this policy and I am planning to open a new one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 26, 2018
    • SBI Life Life Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I have taken a Money back policy with SBI Life from last 20 years and it is a good policy to hold. The tenure of this life insurance policy is 20 years and i get a cash back after every 4 years. I pay my premium once in a year through net banking and the payment options are convenient for me. I get good coverage and returns in this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 21, 2018
    • SBI Life Life Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the State Bank of India life and the premium is around 50000 Rupees per annum. I need to pay it for the tenure of 5 years of time and the return value is around 10 lakh Rupees.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2018
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