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SBI Life Annuity Plus Plan
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.)
Features of SBI Life Annuity Plus Plan
The key features of SBI Life Annuity Plus are as under:
Choice of a range of annuity options
Regular income from as early as age 40 years for other than Product Conversion, purchase from NPS corpus & QROPS corpus
Option to have annuity pay-out for the annuitant or his or her partner’s lifetime. The partner could be spouse, children, parents, parents-in-laws or siblings
Benefit of higher annuity rates (for large premium)
Flexibility to advance annuity pay-outs
Option to pick frequency of annuity pay-outs – monthly, quarterly, half-yearly or annually
Return of premium or balance premium (available only under certain annuity options)
Benefits of SBI Life Annuity Plus Plan
Life Annuity (Single Life): The annuity pay-out shall continue at a guaranteed rate, throughout the annuitant’s life. The individual can choose any of the below life annuity options:
a. Lifetime Income (Option 1.1)
b. Lifetime Income with Capital Refund (Option 1.2)
c. Lifetime Income with Capital refund in parts (Option 1.3)
d. Lifetime Income with Balance Capital Refund (Option 1.4).
e. Lifetime income with Annual Increase of 3% (Option 1.5) or 5% (Option 1.6)
f. Lifetime income with certain period of 5 (Option 1.7), 10 (Option 1.8), 15 (Option 1.9) or 20 years (Option 1.10)
Life Annuity (Two lives): The annuity pay-out shall continue at a guaranteed rate, through-out the annuitants’ lives. They can select any of the below life annuity options:
a. Life and Last Survivor - 50% (Option 2.1) or 100% Income (Option 2.2)
b. Life and Last Survivor - 50% (Option 2.3) or 100% Income with Capital Refund (Option 2.4)
NPS – Family Income (option available for NPS subscribers only) (Option 2.5)
Source: Official website of SBI Life
Eligibility Criteria
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
Step 4 - Provide details of self and partner (depending on the option chosen)
Step 5 - The user will know the annuity pay-out or the premium payable. Annuity pay-outs will correspondingly begin one month, one quarter, one half-year, or a year after the policy’s commencement date.
Step 6 - Annuity pay-outs will be deposited through direct credit to the annuitant’s bank account
Document Required for SBI Life Annuity Plus
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.
Why buy SBI Life Annuity Plus?
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.
Review of SBI Life Annuity Plus
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.
