SBI Life Saral Pension Plan Premium and Maturity Calculators
SBI Life Saral Pension Plan Premium and Maturity Calculators - SBI's Life Saral Pension or Retirement inusrance plan is an Individual, Participating, Non Linked, Traditional Pension Plan, which offers complete safety from market volatility, by providing you a secure future and a joyous retirement.
Key Features of SBI Life Saral Pension Plan Premium and Maturity Calculators
Guaranteed Bonus: Guaranteed simple reversionary Bonuses for first 5 years; @ 2.50% for first three years and @2.75% for the next two years, of the Sum Assured. Guaranteed bonus will be applicable only to in-force policies.
Vesting (Maturity) benefit: Sum Assured plus vested simple reversionary bonuses plus terminal bonus, if any. The sum assured carries an implicit guaranteed interest rate of at least 0.25% p.a. compounding annually on the total premiums.
Death Benefit: Higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any or 105% of total premiums paid.
Life Cover: Option of additional life cover through SBI Life - Preferred Term Rider (UIN: 111B014V02).
On Vesting, you can buy immediate annuity from your entire proceeds or commute upto one-third of the policy proceeds and buy annuity with the rest.
Flexibility: You can defer the vesting date upto age of 70 years or extend the accumulation / deferment$ period of your policy
Tax Benefits* : As per prevailing norms under the Income Tax Act, 1961.
- Min: 18 years
- Max: For Single premium: 65 years, For Regular premium: 60 years
Age^ at Vesting Min: 40 years Max: 70 years
- Min: For Single premium: 5 years,
For Regular premium: 10 years Max: 40 years
Sum Assured Min: Rs.1,00,000/- Max: No Limit
Premium Frequency: Single / Yearly / Half-yearly / Monthly#
- The premiums for various modes as percentage of annual premium are given below:
- Monthly Premium- 8.4% of annual premium
- Half-yearly Premium- 50.2 % of annual premium
Premium Min: Rs.7,500 p.a. Max: No Limit
Benefits of SBI Life Saral Pension Plan Premium and Maturity Calculators
On attaining the vesting age, the vesting benefit equal to the Sum Assured plus Vested Simple Reversionary bonus plus Terminal bonus, if any, will be paid by us. You have the following options:
To purchase immediate annuity from the entire policy proceeds
To purchase immediate annuity with an option to commute upto one-third of the policy proceeds as per current Income Tax rules
To utilize the entire proceeds to purchase a Single premium deferred pension product
To extend the accumulation period or defer the vesting date, provided you are below age of 55 years on vesting. The maximum extended period will be up to age 70 years
- In an event of death of the policyholder, the death benefit proceed will be higher of total premiums paid accumulated at an interest rate of 0.25% p.a. compounded annually plus vested reversionary bonus plus terminal bonuses, if any, or 105% of total premiums will be paid to the nominee. The nominee will have the following options:
- To receive entire proceeds as lump sum
- Utilize the entire proceeds of the policy or part thereof for purchasing an annuity at the then prevailing rate.
- The annuity should be purchased from SBI Life only. The annuity rates available for the purchase of this annuity will be based on the prevailing annuity rates on the immediate annuity product.