SBI Life Pension Plan: Entry age, eligibility, benefits and other key details
The minimum entry age for the SBI Saral Pension Plan is 18 years. The maximum entry age for Regular Premium is 60 years and for Single Premium is 65 years. The policy term ranges from 5 years to 40 years.
Investing in a pension plan during your employment period is an ideal decision for a hassle free retirement life. After retirement it's finally time to rest and enjoy the remaining years of your life with family. You won’t want financial insecurities to disturb your post-retirement life and hence it needs meticulous planning well in advance. Pension is the only source of income for most of the employees after retirement. It’s necessary to invest in a suitable pension scheme for a financially secure life after retirement.
A pension plan is a kind of investment plan that helps people to invest for their retirement needs. During their employment tenure, employees accumulate a pool of funds with regular contributions to build a retirement corpus. Many banks and financial institutions offer a wide range of pension plans for people who are looking forward to making their retirement investments. The State Bank of India's Life Saral Pension Plan is one of the popular pension schemes.
SBI Life Saral Pension Plan
The SBI Saral Pension plan is a single premium, individual, non-linked, non-participating, immediate annuity scheme. The plan offers a number of benefits with annuity options.
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SBI Life Saral Pension Plan: Features and Benefits
1. The plan provides security for your retirement with a Standard Immediate Annuity Plan.
2. Investors can choose from the available return of premium options including Single Life or Joint Life Annuity.
3. Investors can also avail of the loan facility in case of financial needs.
4. They can also avail the surrender value of the plan upon being diagnosed with a specified critical illness.
5. On maturity, the Sum Assured along with the accrued Simple Reversionary Bonus and the terminal bonus is paid to the investor in the form of an annuity.
6. Investors also receive tax benefits under Sections 80CCC and Section 10(10A) of the Income Tax Act, 1961, on all premiums and claims.
7. The SBI Saral Pension Plan subscribers can choose any of the minimum annuity options—
Monthly- Rs 1,000
Half-Yearly- Rs 6,000
Quarterly- Rs 3,000
Yearly- Rs 12,000
8. On death of the policyholder all future annuity payouts will be stopped immediately and 100 per cent of the purchase price is refunded to the nominee or legal heirs.
SBI Life Pension Plan: Entry Age, Maturity and Eligibility
The minimum entry age for the SBI Saral Pension Plan is 18 years. The maximum entry age for Regular Premium is 60 years and for Single Premium is 65 years.
The minimum maturity age is 40 years and maximum maturity age is 70 years.
The policy term ranges from 5 years for single premium and 10 years for regular premiums to a maximum of 40 years. The minimum basic sum assured amount is Rs 1 lakh, while the maximum amount is decided by the board from time to time. Premiums can be paid as a single premium or on a monthly, quarterly, half-yearly and yearly basis.