SBI Life Saral Pension Plan

SBI Life-Saral Pension plan is a regular premium deferred annuity plan. SBI Life-Saral Pension scheme is an individual participating traditional pension plan with bonus facility. SBI Life-Saral pension scheme offers you a secure future and joyous retirement .Saral pension Plan is designed to meet your requirements after retirement.By using SBI Life-Saral Pension plan you can accumulate enough money to provide sufficient income for a life time. In SBI Life Saral Pension plan premium needs to be paid for the entire policy period as chosen between 10 to 40 years.

Key Features

  • It is a Regular Premium Deferred Annuity plan
  • The policy provides a higher timeframes of 10 to 40 years
  • When the policy matures, the Vesting Benefit in this plan is Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus

Benefits

  • Vesting benefit
When the policy matures, the Vesting Benefit is Sum Assured + Vested Simple Reversionary Bonuses + Terminal Bonus, which can be availed by the policyholder as Annuity.
  • Death benefit
In case of death of the Annuitant within the Policy Tenure, the nominee will receive total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually + Vested Simple Reversionary Bonus + Terminal Bonus as Death Benefit which can be taken by the nominee as a lump sum or as annuity from SBI Life.
  • Income Tax benefit
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and 1/3rd of the Maturity proceeds are tax free under section 10(10)A subject to fulfilment of terms and conditions.

Add-ons

  • Rider benefit
Preferred Term Rider

Am I eligible?

PARAMETER MINIMUM MAXIMUM
ENTRY AGE 18 65
POLICY TERM 10 40
AGE OF MATURITY 40 70
SUM ASSURED 1,00,000 NO LIMIT
PREMIUM PAYEMENT TERM 7,500 NO LIMIT

What if?

  • I am unable to pay on time
The policy will lapse if the premium stops. The policy becomes paid up if at least 3 years’ premiums have been paid and continues with Reduced Benefit. The policy can however be revived within 3 years from the due date of the first unpaid premium.
  • I stop the payment
If least 3 years’ premiums have been paid the policy acquires Surrender Value which depends on the Policy Term.
  • I wish to take a loan
There is no Loan available under this plan.

Exclusions

  • Preferred Term Rider: If the Life Assured, whether sane or insane, commits suicide within 12 months from the date of issue of this Policy or the date of any revival/reinstatement of this Policy, the Policy will become null and void. No benefit will be paid under such circumstances except on an ex-gratia basis at the discretion of the company.