What Is SBI Life Saral Pension Plan?
SBI Life Saral Pension Plan is a single premium, individual, non-linked, non-participating, immediate annuity product. SBI Life Saral Pension Plan provides you a return of purchase price along with providing you regular income after retirement. By purchasing this plan you can ensure your financial independence to lead your life after retirement.
SBI Life Saral Pension Plan helps in maintaining the current lifestyle post retirement, with guaranteed regular income.
The plan also offers loan and surrender facilities for financial emergencies, providing you guaranteed income payouts along with return of purchase price.
Features Of SBI Life Saral Pension Plan
The features of SBI Life Saral Pension Plan are as follows-
- It provides you financial security after retirement through Standard Immediate Annuity Plan.
- In this, you get to choose two options of Return of Premium – Single Life or Joint Life Annuity.
- In this, you are also provided with the facility of getting a loan when you need it.
- Option to avail surrender facility on diagnosis of specified critical illness.
Benefits Of SBI Life Saral Pension Plan
The benefits of SBI Life Saral Pension Plan are as follows-
- Annuity Options:
In this, you are paid pension for the whole life at a guaranteed rate in the form of Annuity Payout. The Annuity Payout Amount depends on the Annuity plan chosen.
In this, you get the option to choose the following Life Annuity Options mentioned below-
(1) . Life Annuity with Return of 100% of Purchase Price (ROP)
(2) . Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP)
- Tax Benefit:
In SBI Life Saral Pension Plan, you get income tax benefits/exemptions as per the income tax laws applicable in India. These Income Tax benefits/exemptions are subject to change from time to time.
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Eligibility For SBI Life Saral Pension Plan
Eligibility for SBI Life Saral Pension Plan is as follows-
| Age at Entry (as on last birthday) | Minimum: 40 Years Maximum: 80 Years |
| Premium | Minimum: Such that the minimum annuity installment can be paid as per the annuity payment mode. Maximum: No limit |
| Minimum Annuity Payout (per installment) | Minimum: Monthly: 1,000 Half-Yearly: 6,000 Quarterly: 3,000 Yearly: 12,000 Maximum: No limit |
| Premium Payment Term | Single Premium |
| Annuity Payment Mode | Monthly or Quarterly or Half-Yearly or Yearly |
Documents Required For SBI Life Saral Pension Plan
The documents required for SBI Life Saral Pension Plan are as follows-
1. Filled Application Form
2. Passport size color photograph (latest)
3. Identity proof (any one of the following)
- Voter ID
- Aadhar card
- Passport
- PAN card
- driving license
4. Address proof (any one of the following)
- Aadhar card
- Voter ID
- Aadhar card
- Passport
- utility bill
- driving license
5. Age proof (any one of the following)
- Birth certificate
- driving license
- Passport
- school or college certificate
6. I ratio
- it return
- Bank statement (latest)
SBI Life Saral Pension Plan Premium
SBI Life Saral Pension Plan Premium is as follows-
| Premium | Minimum: Such that the minimum annuity installment can be paid as per the annuity payment mode. Maximum: No limit |
| Premium Payment Term | Single Premium |
| Annuity Payment Mode | Monthly or Quarterly or Half-Yearly or Yearly |
How To Buy SBI Life Saral Pension Plan
If you want to buy SBI Life Saral Pension Plan in terms of financial security for post-retirement, then you can buy it easily. This plan is available to you for purchase through both online and offline channels.
To buy through online medium, you can buy this insurance plan in easy steps by visiting the official website of SBI Life.
To buy offline, you can buy SBI Life Saral Pension Plan through insurance agents or you can also buy SBI Life Saral Pension Plan by visiting the nearest branch of SBI.