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SBI Life Annuity Plus is an individual, non-linked, non-participating, general annuity plan.
It offers a comprehensive range of annuity options, combined with in-built flexibilities, for a single premium payment. The product is designed to give the annuitant the opportunity to always maintain his or her standard of living.
About SBI Life - SBI Life Insurance Company Limited is one of the top life insurance providers in India. It is a joint venture between State Bank of India and BNP Paribas Cardif. The company offers a wide range of pension and life insurance products at competitive rates.
(Note - All the information contained in this page has been sourced from the official website of SBI Life.)
The key features of SBI Life Annuity Plus are as under:
Source: Official website of SBI Life
|Age Limits||Minimum age at entry: 0 years for product conversion; 40 years for all other cases, 55 years for QROPS cases|
|Maximum age at entry: 80 years|
|Maximum difference in age of annuitants in case of joint life options: 30 years|
|Annuity Pay-out (per instalment)||Minimum: Monthly - Rs. 1,000, Quarterly - Rs. 3,000, Half-Yearly - Rs. 6,000, Yearly - Rs. 12,000|
|Maximum: No limit|
|Annuity Pay-out Mode||Monthly, Quarterly, Half-Yearly or Yearly|
|Such that the minimum annuity instalment can be paid||No Limit|
To avail an annuity plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are usually acceptable include: ID Proof - PAN card, Passport, Voter ID card, etc. Address Proof - Passport, Driving License, Voter ID card, etc.
SBI Life – Annuity Plus is designed to help individuals celebrate their golden years without any financial worries. A wide variety of annuity options are available under this product for just a single premium payment. With SBI Life – Annuity Plus, annuitants can enjoy complete freedom to indulge in life’s necessities, without having to make any compromises.
This retirement product offers i) Security – steady income, ii) Reliability – fixed annuity/pension throughout the annuitant’s life and iii) Flexibility – wide range of annuity options. It helps to secure annuity/pension for a loved one in the event of an eventuality. There is flexibility to advance annuity pay-outs as well.