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SBI Life Saral Pension Plan- Top Features to Know!

Updated on August 3, 2022 , 9735 views

You must have heard the popular saying that “life is short so make the most of it.” Agreed. But how to make the most of life? How to enjoy every phase of life without regrets? There is an answer — Planning.

SBI Life Saral Pension Plan

We often plan our education, career and other long-term goals. But have you ever thought of planning your retirement? Or have you just let that be a concern for the future? If you haven’t started planning yet, this article is just for you. No matter what’s your age, Retirement planning right in advance is a must for a smooth life ahead.

How to start planning?

Start estimating expenses, calculating after-tax returns, risk calculation along with investment tenure. If you start planning at a young age, you will have multiple options to choose from. Also, you can opt for risky investment as it will give a good return in the long-term. There are many good options such as Mutual Funds, SIP stocks, PPF, Pension Plan, etc. Did you know that historically, Investing in stocks have outperformed Bonds and other securities? See? Planning at a young age for your retirement can truly help you spend some of the best years of your life.

Now, what can be better than knowing that post-retirement you will still have a steady flow of Income even if you aren’t working? Well, SBI Life Saral Pension Plan for Senior Citizens does just that. In this article, you will get information about the features and benefits of opting for this plan.

SBI Life Saral Pension

This is a non-linked, participating and savings protection plan for the security of your retirement. The plan provides complete security from Market volatility and offers a happy retirement life. You can also opt for life cover with this plan.

1. Assured Bonus

With SBI Life Saral Pension Scheme, you will receive bonuses for the first 5 policy years. For the first three years, it will be at 2.50% following with 2.75% for the next two policy years of the basic sum assured. The guaranteed bonus is applicable to in-force policies.

2. Maturity Benefit

On maturity, you will get a higher of basic sum assured or total premiums accumulated at an interest rate of 0.25% per annum compounding annually. Along with that, you will also avail maturity simple reversionary bonus plus a terminal bonus if any.

3. Death Benefit

In case of death of the policyholder, higher of the following will be made available:

  • Total premiums received by the company up to the date of death accumulated at an interest rate of 0.2% per annum compounded annually plus vested simple reversionary bonus plus terminal bonus.
  • 105% of the total premiums received up to the date of death

4. Rider Benefit

SBI Life Saral Pension is a great single premium pension plan. With this plan, you can avail SBI Life-Preferred Term Rider cover with the base product at an extremely affordable cost. The rider can be taken up only at the starting of the policy.

The benefits of the rider are illustrated in the table below:

Details Description
Entry Age Minimum 18 Years
Entry Age Maximum Regular Premium- 50 Years, Single Premium- 55 Years
Policy Term Minimum Regular Premium- 10 Years, Single Premium- 5 Years
Policy Term Maximum 30 Years
Basic Sum Assured (Multiples of Rs. 1000) Minimum- Rs. 25,000, Maximum- Rs. 50,00,000

5. Tax Benefits

The tax benefits under this plan are per the applicable income tax Laws, 1961.

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6. Grace Period

With SBI Life Saral Pension Plan, you can avail a grace period of 30 days from the due date of the premium for yearly payment mode. For monthly payment mode, a grace period of 15 days granted.

7. Free Look Period

The company provides a free look period of 15 days within which you can cancel your policy if you are not happy with the plan. You can get the refund of your payment subject to minor deductions.

8. Nomination

The nomination under this plan will be as per Section 39 of the insurance Act, 1938.

Eligibility Criteria

The eligibility criteria for the SBI Life Saral Pension Plan are mentioned below.

Details Description
Entry Age Minimum 18 Years
Entry Age Maximum Regular Premium- 60 Years, Single Premium- 65 Years
Plan Type Regular Premium/ Single Premium
Policy Term Minimum Regular Premium- 10 years, Single Premium- 5 Years
Policy Term Maximum 40 Years
Basic Sum Assured Minimum- Rs. 1,00,000, Maximum- No Limit
Annualised Premium Amount Rs. 7500, Maximum- No Limit

Documents Required

  • KYC Documents (ID Proof, Address Proof)
  • Age and Income Proof

FAQs

1. How can I pay my premium under SBI Life Saral Pension Plan?

You can pay your premium both online and offline mode. If you wish to pay via the online mode, you can use credit/Debit Card or net banking. Whereas if you wish to pay offline, visit the branch office and pay in cash.

2. How to check my status on SBI Life Saral Pension Plan?

You can check your status under this plan from anywhere at any time. Just visit SBI Life website and enter your name, policy number, date of birth and registered mobile number.

3. Can I get a loan against SBI Life Saral Pension Plan?

No, you cannot get a loan under this plan.

SBI Life Saral Pension Plan 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 Saral Pension Plan is one of the best retirement plans in India. It offers rider benefits which makes it unique and a great plan to go for.

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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