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SBI Life Annuity Plus - Online Retirement Insurance Plan

Updated on January 18, 2021 , 24 views

retirement is a great time to enjoy everything you have ever wanted with complete peace of mind. But, how do you get this peace of mind? - With proper planning and a great insurance plan. Right?

SBI Life Annuity Plus

With great planning, you will be able to prepare for the most unusual of circumstances. You will be able to make the best and efficient decisions, and moreover, you can save on money today and also for your life tomorrow.

One such plan to help you save better is - SBI Life annuity Plus plan, which is a great retirement annuity plan if you wish to not compromise with your current lifestyle and also save for the future.

What is an Annuity Plan?

An annuity plan is a contract where Income is paid regularly in return for a lump sum paid. When the lump sum amount is paid to an insurance provider, the annuity payouts will start as early as the next month. Like, Life Insurance insures against the risk of pre-mature death, annuity insures against living a long life.

SBI Life Annuity Plus

This policy is an individual, non-linked, non-participating, general annuity product. You can avail a range of annuity options with flexibilities that don’t hamper your lifestyle. Following are the key features of SBI Life Annuity Plus -

1. Annuity Options

There is a range of annuity options to choose from with SBI Life Annuity Plus Plan. The annuity payout will be for a guaranteed rate, throughout the life of the insured. You can choose from among the following annuity options:

a. Lifetime Income

Under this option, an annuity is payable at a constant rate through the life of the insured. In case of death of the insured/annuitant, all future annuity payout will cease.

b. Income with Capital Refund (Lifetime)

Here, the annuity will be paid at a constant rate throughout the life of the insured. In case of death, all future annuity payouts will cease and the premium will be refunded.

c. Income with Capital refund in Parts (Lifetime)

Under this option, an annuity will be paid at a constant rate throughout the life of the insured. After 7 years, 30% of the premium will be paid to the insured on survival/ In case of death, beyond 7 years, the company will refund 70% of the premium to the heir/nominee. If the death of the insured takes place within 7 years, the company will refund 100% of the premium to the heir/nominee.

d. Income with Balance Capital Refund (Lifetime)

With this option, the insured will get annuity at a constant rate throughout the lifetime. In case of death of the insured, the company will refund the balance Capital. This will be equal to the premium paid less sum total or annuity paid. Note that if the balance is not positive, no death benefit is payable.

e. Income with Annual Increase of 3% or 5% (Lifetime)

Here, the annuity payout increases at a simple rate of 3% or 5% per annum for each year. As per the option exercised. This is payable throughout the lifetime of the insured. On death, the future annuity payouts will cease at once.

f. Income with Certain Period of 5, 10, 15 or 20 years

With this option, an annuity is paid at a constant rate for a fixed period of 5, 10, 15 or 20 years as per the option taken. After that, the annuity is paid throughout the life of the annuitant.

In case of death of the annuitant within the pre-defined period of 5, 10, 15 or 20 years, the annuity payout will continue to the nominee till the end of the chosen period. After that, the payout will cease.

The next option with this plan is that when the annuitant passes away after the pre-defined period of 5, 10, 15 or 20 years, the annuity payouts will cease all at once.

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2. Regular Income

You can enjoy a regular income from the age of 40 years for other than Product Conversion, purchase from NPS corpus and QROPS corpus.

3. Annuity Payout Option

With this plan, you can choose to opt for annuity payout till you and your partner’s lifetime. Spouse, children, parents can all be included in the partner category.

4. Frequency of Payout

You can also choose the frequency of annuity payouts for monthly, quarterly, half-yearly or yearly Basis.

5. Incentive for Higher Premium

The company offers better annuity rates for higher premiums. You will receive incentives in the form of an additional annuity.

The annualised additional annuity rates per Rs. 1000 is as follows:

Details Description Description
Purchase Price (excluding applicable Taxes, if any) Rs. 10,00,000 to Rs. 14,99,999 Rs. 15,00,000 and above
Incentive on the annualised modal annuity Rs. 0.5 Rs. 1

6. Discount

If you are an NPS subscriber, you can avail an exclusive discount at 0.75% of the premium. However, this is applicable only if the annuity is being purchased from the proceeds of NPS corpus. You can also avail 2% of premium on direct marketing and online sale.

Eligibility Criteria

The eligibility criteria for the plan are mentioned below. Check out the payout rates.

Details Description
Entry Age Minimum 0 years for product conversion, 40 years for all other cases. 55 years for QROPS cases
Entry Age Maximum 80 Years
Premium Minimum Such that the minimum annuity, instalment can be paid
Premium Maximum No Limit
Annuity Payout Monthly- Rs. 1000, Quarterly- Rs. 3000, Half-yearly- Rs. 6000 and Yearly- Rs. 12,000 (No lower limit will apply for annuity instalment for National Pension Scheme (NPS) subscribers purchasing from proceeds of NPS corpus

SBI Life Annuity Plus Customer Care Number

Call their toll-free number 1800 267 9090 between 9 am to 9 pm. You can also SMS ‘CELEBRATE’ to 56161 or mail them at info@sbilife.co.in.

Conclusion

SBI Life Annuity Plus is a great way to plan and protect your life after retirement. And all this can be done online with just a tap on your mobile. Read all the policy-related information carefully.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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