SBI Life Retirement Plans
SBI Life Retirement plans are a non-participating unit linked scheme that offers coverage for life insurance and choices to put your money in various funds with several risk-return scenarios. In company with the life cover offered by the plan, it provides multiple fund options that the plan can gradually be added to the investment’s growth. The plan comes with limited and regular options for payment of the premium and is meant to serve those individuals who want to build a corpus via making investments of their savings in a scheme that provides a blend of several funds.
Key features of the SBI retirement plans are:
- These are non-participating pension unit linked pension plans with limited or regular options for the payment of premium.
- 101% of the paid premiums are guaranteed on investment thus trimming down the market risks’ impact.
- Terminal Additions & Guaranteed Additions added to the Fund value.
- You can extend your investment age if you have attained an age of 55 years or less.
- The Advantage Plan manages the investments along with risks of the investment and trims down the risk exposure as the plan approaches Vesting.
- On making an investment, you can invest under Advantage Plan: Equity Pension Fund II, Money Market Pension Fund II and Bond Pension Fund II.
Benefits of SBI Retirement Plans:
- On making investments, higher of the Terminal Addition plus Fund Value or 101% of the paid premiums will be payable. You can use the benefit to:
- Buy an Immediate Annuity Plan with the partial or with the full amount.
- Buy a Single Premium Deferred Annuity Plan
- Postpone the Vesting Age
- At the time of buying the annuity, up to one-third of the corpus could be converted
- On the demise, higher of the Terminal Addition along with Fund Value or 105% of the total paid premiums will be payable
- You can withdraw the death benefit in a lump sum or can use to purchase an annuity plan from the insurer.
- You will receive Terminal Addition at the rate of 1.5% of the total Fund Value on Vesting
- You will be paid a Guaranteed Addition at the rate of 10% of the annual premium from the 15th year of the policy until the term ends.
- Tax Benefits: All the paid premiums and the claims received by you under the policy qualify for tax exemptions under section 80CCC and section 10(10D) the Income Tax Act, 1961.
You should also try to make your golden time happy with any SBI life retirement plans by help of retirement planner tool. The plans also permits the nominations under it u/s 30 of the Insurance Act 1938 according to the changes made from time to time.