SBI Life Annuity Plus Plan

It is an Immediate Annuity Plan without Bonus facility

There are several options for Annuity in this plan:

• Single Life- Lifetime Income, Lifetime Income with Capital Refund, Lifetime Income with Capital Refund in parts, Lifetime Income with Balance Capital Refund, Lifetime income with Annual Increase of 3% or 5% and Lifetime Income with Certain Period of 5, 10, 15 or 20 years
• Joint Life- Life and Last Survivor - 50% or 100% Income and Life and Last Survivor - 50% or 100% Income with Capital Refund
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This plan can offer annuity payments from as early as 40 years

In this plan, there is an option to have Annuity Payout till the partner's lifetime where the partner can be spouse, children, parents, parents-inlaws or siblings

This plan has the benefit of higher Annuity Rates for large premium

There are Additional Rider benefits in this plan

In this plan, there is a Flexibility to advance Annuity Payout

In this plan, there are options for banks/financial institutions to purchase Immediate Annuities in respect of Annuity Payments for their commitments to the homeowners under the reverse mortgage schemes

• Single Life Annuity:
  • Lifetime Income- On death of the Annuitant, all future Annuity Payouts cease immediately and nothing is payable to the nominee
  • Lifetime Income with Capital Refund- On death of the Annuitant, all future Annuity Payouts cease immediately and the premium is refunded to the Nominee
  • Lifetime Income with Capital Refund in parts- On death of the Annuitant:
    • Death beyond seven years: 70% of the premium is paid to the Nominee
    • Death within seven years: 100% of the premium is paid to the Nominee
  • Lifetime Income with Balance Capital Refund- On death of the Annuitant, the balance capital which will be equal to the premium paid less sum total of Annuities paid to the nominee
  • Lifetime income with Annual Increase of 3% or 5%- On death of the Annuitant, all future Annuity Payouts cease immediately and nothing is payable to the nominee
  • Lifetime Income with Certain Period of 5, 10, 15 or 20 years- On death of the Annuitant, all future Annuity Payouts cease immediately and nothing is payable to the nominee
• Life Annuity (Two lives)
  • Life and Last Survivor - 50% or 100% Income- On death of the primary Annuitant, 50% or 100% of the last Annuity Payment will continue throughout the life of the surviving second Annuitant. On death of the last survivor, Annuity Payouts will cease immediately
  • Life and Last Survivor – 50% or 100% Income with Capital Refund- On death of the primary Annuitant, 50% or 100% of the last Annuity Payment will continue throughout the life of the surviving second Annuitant. On the death of last survivor, the Premium paid is refunded to the nominee as Death Benefit

Being a pure Immediate Annuity Plan, there is no Maturity 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 1/3^rd of the Maturity Proceeds are tax free under section 10(10)A subject to fulfilment of terms and conditions.