• SBI Life Insurance Pension Plans

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    Overview

    The quality of life is rapidly changing in India. While the jury is still out on whether the changes are for better or worse, all the same, retirement planning in India is of utmost importance given the increasing rate of life expectancy, skyrocketing health care expenses and lack of robust social security measures among many others. You should plan ahead to ensure that you can maintain the same lifestyle and meet any unforeseen expenses when you are old and grey. SBI is currently offering three pension plans and life insurance plan for the benefit of customers.

    Types of SBI Pension Plans

    1. SBI Life- Saral Pension

    2. SBI Life- Annuity Plans

    3. SBI Life-Retire Smart

    1. SBI Life- Saral Pension

    This is an individual, non-linked traditional participating pension plan which provides safety from market fluctuations. Premiums are paid during the policy term. The minimum sum assured is Rs.1 lakh while there is no limit to maximum. Minimum premium is Rs.7,500 p.a while there is no limit to maximum.

    Benefits of SBI Life- Saral Pension

    The benefits of this plan are as follows:

    • Vesting benefit: The vesting benefit proceed will be higher of sum assured or total premiums paid at 0.25%p.a compounded annually in addition to vested simple reversionary bonus and terminal bonus.
    • Death benefit: If the life assured dies, the proceeds - higher of total premiums paid at 0.25%p.a compounded annually in addition to vested simple reversionary bonus and terminal bonus or 105% of the total premiums will be paid to the nominee. The nominee can either get the entire proceeds as a lumpsum or buy annuity at the prevailing rate.
    • Guaranteed bonus: Guaranteed simple reversionary bonus is offered at 2.5% for the first three years and 2.75% for the remaining two years.
    • Flexible: Customers can defer their vesting date till 70 years.
    • Life cover: Customers can also opt for additional life cover through preferred term rider.

    2. SBI Life- Annuity Plans

    This is a traditional, non-participating annuity plan, offering a wide range of annuity options. With the help of this plan, customers can have a regular income or annuity payout from 40 years.

    The benefits of this plan are as follows:

    • Allows policyholders to choose from a wide array of annuity options
    • Customers can avail of a regular income.
    • Policyholders have an option to have Lifetime Annuity payout for their family members as well.
    • Customers have the flexibility to choose from various annuity payouts such as monthly, quarterly, half-yearly or yearly.
    • Policyholders can avail of incentives of higher annuity rates for large premiums.
    • This plan also allows customers the flexibility to advance their annuity payouts.
    • Customers can opt for the SBI Life - Accidental Death Benefit Rider.
    • This plan offers the following annuity options:
      • Life Annuity: This option entails annuity payout at a guaranteed rate. Customers can choose from various options, namely, lifetime income, lifetime income with capital refund and lifetime income with capital refund in parts.
      • Lifetime income with Balance Capital Refund: This entails annuity payment at a constant rate. Upon death, the balance capital is paid.
      • Lifetime income with Annual Increase of 3% or 5%: Under this option, annuity payout increases at 3% to 5% p.a. Upon death, all future annuity payouts cease.
      • Lifetime income with certain period of 5, 10, 15 or 20 years and life thereafter: Annuity is paid at a constant rate for a minimum of 5, 10, 15 or 20 years and throughout the life of the annuitant thereafter.
      • Life Annuity: Under this option, the annuity payment continues at a guaranteed rate. Customers can choose from several options such as life and last survivor, income without capital refund and life and last survivor.

    3. SBI Life-Retire Smart

    This is a non-participating unit-linked pure pension plan. SBI Life-Retire Smart guarantees customers a minimum of 101% of all premiums paid in addition to guaranteed additions of 10% of annual premium from the end of 15th policy year till the end of policy term.

    The benefits of this plan are as follows:

    • Vesting Benefit: Upon completion of policy term, customers will receive the higher of fund value plus terminal addition or 101% total premiums. Customers can avail of the following options on maturity or vesting:
      • Buying immediate annuity from the policy proceeds.
      • Buying a single premium deferred product.
      • Immediate annuity along with an option to commute 1/3rd of the proceeds.
      • To extend the accumulation period provided customers are below 55 years. The maximum period is 80 years.
    • Death Benefit: In the event of death of the Life Assured, higher of fund value plus terminal addition or 105% of total premiums is paid. The nominee can either receive the proceeds as a lump sum or use them to buy an annuity at the prevailing rate.
    • Tax Benefits: Premiums paid are eligible for tax deduction under Section 80 C of the Income Tax Act, 1961. Upon vesting or discontinuance, policyholders can commute up to 1/3rd of the proceeds (commuted value is tax exempt under Section 10(10A) (iii) of the IT Act). The non-commuted amount (immediate annuity) is, however, taxable.

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

    SBI Life Insurance Pension Plans Reviews

  • Page 1 of 25 1 2 3 4 5
    • SBI Life Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have take life insurance from Sbi life . Am satisfied with the premium amount . This policy covers accidental coverage and critical illness . Every 3 month i had to pay through cheque. They gave the tenure period of 13 years with 55years of policy coverage. Their customer service and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 17, 2018
    • 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
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