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SBI Life Annuity Plus Plan

What is the Plan all About?

SBI Life - Annuity Plus is a traditional & non-participating immediate annuity plan that offers you a wide range of annuity options available with multiple inbuilt flexibilities. The immediate annuity feature of this plan helps you to maintain the standard of living without any compromises. This pension plan provides annuity payout throughout the life of the annuitant.

What are the Key Features?

  • Multiple annuity options
  • Annuity payout from as early as 40 years
  • Annuity payout for you & your family
  • Flexible annuity payout frequency
  • Advance your annuity payouts
  • Return of premium or balance premium
  • Higher annuity rates for larger premium
  • Enjoy 0.75% discount on premium for NPS subscribers
  • Choose rider at affordable cost
  • Tax benefits

Is any Rider Available with this Plan?

‘Accidental Death Benefit Rider’ can be opted, subject to payment of additional rider premium.

What are the Plan Benefits?

Annuity Options

    • For Single Life

    The annuity amount is payable at a constant rate through the life of the annuitant. Following are the life annuity options to choose from:

    Lifetime Income: This option provides annuity through the entire life of the annuitant and upon death, annuity payouts cease immediately.

    Lifetime Income with Capital Refund: Under this option, the annuity is payable through life. On the demise of the annuitant, the annuity payments stop immediately and the premium is returned to the nominee.

    Lifetime Income with Capital Refund in Parts: This option provides annuity through the life of the annuitant. On survival, 30% of the premium is paid at the end of 7th policy year. In case of demise of the annuitant within seven years, 100% of the premium is refunded to the nominee and upon death after seven years, 70% of the premium paid is returned to the nominee.

    Lifetime income with Balance Capital Refund: Under this option, the annuity is payable throughout the entire life of the annuitant. Upon death of the annuitant, the balance capital is payable.

    Lifetime income with Annual Increase of 3%/5%: You will receive annuity payout throughout the life, which increases at 3% or 5% p.a. (simple rate) for each policy year. The annuity payouts cease immediately on your death.

    Lifetime income with certain period of 5, 10, 15 or 20 years and life thereafter: This option provides the annuity payment at a fixed rate for a certain period of 5, 10, 15 or 20 years. The annuitant will also receive annuity for the entire life as long as he/she is alive.

    • For Two Lives

    The annuity amount is payable at a guaranteed rate through the life of the annuitants. Following are the life annuity options to choose from:

    Life and Last Survivor - 50% or 100% Income: Under this option, the primary annuitant receives annuity at a fixed rate as long as he/she is alive. On the demise of the primary annuitant, the surviving secondary annuitant will receive 50% or 100% of the last annuity payout. On the death of the secondary annuitant, the annuity payouts will stop.

    Life and Last Survivor - 50% or 100% Income with Capital Refund: This option provides annuity payout at a constant rate till survival of the primary annuitant. On death of primary annuitant, the surviving annuitant will receive 50% or 100% of the last annuity payout. In the event of death of secondary annuitant, the premium is returned back to the nominee.

    • NPS (Family Income)

    This option is available for National Pension System subscribers only.

    Under this option, the annuity is payable through the entire life of the subscriber. The spouse will also receive annuity payouts as applicable under ‘Life and Last Survivor - 100% Income with Capital Refund’. In case of no spouse, the annuity benefits are payable to the subscriber for life as per ‘Lifetime Income with Capital Refund’ annuity option.

    Upon death of the subscriber prior vesting of annuity, the annuity benefits are payable to the spouse for his/her entire life as per ‘Lifetime Income with Capital Refund’ annuity option.

    In case of unfortunate demise of the annuitant, the annuity payout will stop and the purchase price is refunded, which can further be used to purchase an annuity for surviving dependent parents.

Death Benefit

    For ‘Lifetime Income with Capital Refund’, on the death of the annuitant, the premium is returned to the nominee.

    For ‘Lifetime Income with Capital Refund in Parts’, on demise of the annuitant within seven years, 100% of the premium is refunded to the nominee and upon death after seven years, 70% of the premium paid is returned to the nominee.

    For ‘Lifetime income with Balance Capital Refund, the balance capital is payable on death of the annuitant.

    For ‘Lifetime income with certain period of 5, 10, 15 or 20 years and life thereafter, the annuity is paid through the chosen guaranteed period, even on death of the annuitant.

    For ‘Life and Last Survivor - 50% or 100% Income’, on the demise of the primary annuitant, the surviving secondary annuitant will receive 50% or 100% of the last annuity payout. On the death of the secondary annuitant, the annuity payouts will cease immediately.

    For ‘Life and Last Survivor - 50% or 100% Income with Capital Refund’, on death of primary annuitant, the surviving annuitant will receive 50% or 100% of the last annuity payout. In the event of death of secondary annuitant, the premium is returned back to the nominee.

    Under NPS (Family Income) Option, in the event of death of the annuitant, the annuity payout ceases and the purchase price is refunded.

Vesting/Maturity Benefit

    No maturity benefit is available.

Bonus

    No bonus is payable, as it is a non-participating annuity plan.

Loan Benefit

    No loan facility is available under this policy.

Surrender Value

    No Surrender Value is available under this plan.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 0 Year (product Conversion), 40 Years (all Other Cases) 80 Years
Premium Amount Minimum Annuity Installment Can Be Paid No Limit
Annuity Payout Rs 1,000 (monthly), Rs 3,000 (quarterly), Rs 6,000 (semi Annually), Rs 12,000 (annually) No Limit
Annuity Payout Mode Annually, Semi Annually, Quarterly & Monthly -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is the Plan, eligible for Tax Benefit?

This plan provides tax benefits on premium paid under Section 80CCC of Income Tax Act. The applicable tax benefits are subject to change in tax laws.

How the Plan Works?

Varun at 40 years is looking to buy a plan that ensures a regular annuity through the entire life. He thus chooses to buy SBI Life - Annuity Plus plan with ‘Lifetime Income with Capital Refund’ annuity option and ‘Monthly’ annuity payout frequency chosen.

Scenario A: On survival of Varun

The annuity payout at a constant rate is payable throughout his life, as long as he survives. This regular payout helps him to take care of his financial expenses.

Scenario B: On demise of Varun

On the demise of Varun, the annuity payouts will stop immediately and the premium paid is returned to the nominee.