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  • SBI Life - Swarna Jeevan

    SBI Life

    Overview

    The Swarna Jeevan is a plan for employer and employee groups who would like to opt for an immediate annuity for corporate clients. The employer will choose the annuity option. The employer can transfer the liability of their defined pension scheme to SBI Life. This way the benefits for the group are defined benefits and they are protected by the master policyholder. This reduces the risk of the pension fund changing due to economic conditions.

    The Eligibility for the SBI life - Swarna Jeevan Plan:

    Particulars

    Minimum

    Maximum

    Entry age

    Member age: 35 years

    Spouse age: 18 years

    Member age: 85 years

    Spouse age: 185 years

    Group size

    50 members

    10 members if it’s a superannuation scheme

    No limit

    The Main Features of the Swarna Jeevan Plan:

    1. The annuity payable is better since this is a group plan, the minimum annuity payable is Rs. 1, 200 per person per annum.

    2. There are many options for coverage options largely divided into 2 groups Single Annuity and Joint annuity.

      1. Under the Single Annuity the options are:

        1. Life Annuity

        2. Life annuity with refund of purchase price

        3. Life annuity with refund of balance purchase price

        4. Annuity certain for 5 to 35 years and annuity for life thereafter

        5. Increasing Life annuity (Simple increasing)

      2. For the Joint annuity the options are:

        1. Joint life (last survivor) annuity

        2. Joint life (last survivor) annuity with refund of purchase price

        3. Joint life annuity certain for 5 to 35 years and joint life (last survivor) annuity thereafter

    3. The annuity payments are based on the scheme rules.

    4. You have the flexibility to choose the annuity payment options of monthly, quarterly, half-yearly, and yearly.

    5. Payment of Annuity can be done with Annuity Cards, ECS and Post Dated Cheques.

    The Main Benefits of The This Plan:

    1. As per the Income Tax Act of 1961 the policyholder will receive tax benefits.

    2. Death Benefit - Only the Joint life (last survivor) annuity with refund of purchase price has an option to provide a death benefit to a nominee.

    3. There is no Maturity Benefit since this is a pension plan.

    4. Return of purchase price - Annuity is payable to the policyholder as long as he/she is alive and if any remaining capital is available, it would be returned to the nominee on the death the policyholder.

    How Does This Plan Work?

    You need pay a lump sum amount to SBI Life, the pension or annuity will be paid out as soon as the expiry of the payment mode you have chosen. The mode can be a month, a quarter, a half-year or a year from the date of purchase. Based on the options you’ve chosen the pension payouts will happen, all options have an annuity amount paid for life, so the pension will continue on providing you a stress-free retirement.

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