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SBI Life Annuity Plus Plan
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SBI Life Annuity Plus Plan
SBI Life Annuity Plus Plan is an Immediate Annuity Plan. It is a Traditional Plan without Bonus facility.
How it works –In this plan, payment needs to be paid in a lumpsum. The initial amount of money paid for the purchase of annuity is called Purchase Price. Once the Purchase Price is bought, annuity starts from the next installment. Annuity can be taken in Monthly, Quarterly, Half yearly and Annually modes.
There are several options for Annuity in this plan under both Single and Joint Life Options from which an individual can choose from.
There is no surrender or maturity benefit available in this plan. The Death Benefit depends on the Annuity Option chosen in this plan. There is 1 additional rider available in this plan.
Key Features of SBI Life - Annuity Plus Policy
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
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 Payouts
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
COMPARE THIS PLAN WITH OTHER PENSION PLANS
Benefits you get from SBI Life Annuity Plus Insurance Policy
Death Benefit – In case of death of the Annuitant, it totally depends on the annuity option selected.
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
Maturity Benefit – Being a pure Immediate Annuity Plan, there is no Maturity Benefit.
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.
Eligibility conditions & other restrictions in SBI Life - Annuity Plus Policy
Minimum
Maximum
Annuity Payout (in Rs.)
Monthly- 200
Quarterly- 600
Half-yearly- 1,200
Yearly- 2,400
No Limit
Policy Term (in years)
Whole Life
Premium Payment Term (in years)
Single
Entry Age of Annuitant (in years)
40
80
Age at Maturity (in years)
-
Till Death
Premium (in Rs.)
Such that the minimum Annuity Installment can be paid
No Limit
Annuity Payment modes
Yearly, Half-Yearly, Quarterly or Monthly
What happens if?
You stop paying the premium – Being a Single Premium Plan, there is no further requirement of premium payment.
You want to surrender the policy – There are no Surrender Benefits in this plan.
You want a loan against your policy – Loan facility is not available in this plan.
