The SBI Life-Horizon II is a safe and hassle free Pension Plan that offers high returns. It is a unit linked plan which helps in creating a safe, secured and financially peaceful retired life. The unique feature of this plan is that the automatic asset allocation which enables easy growth of the money of the customer.
Features of SBI Life-Horizon II Pension are as follows:
- SBI Life-Horizon II pension plan is the most simple unit linked plan. Here the customer just needs to choose the retirement date, plan option and regular premium amount to get this policy.
- Depending on the plan and the term option the policy will invest the money in the different funds like, Equity Pension Fund, Bond Pension Fund and Money Market Pension Fund.
- The funds are invested keeping in point term opted and the amount of money invested and thus keeping in security the approaching policy maturity.
- Under this plan two options are available namely, Pure Pension and Pension cu Life Cover.
- This plan saves tax u/s 80 CCC (1) of IT Act.
- No medical test or documents are required to enroll for the policy.
- No premium allocation charges are required to pay from 11th year onwards.
- 15 days free look period from the date of reception of the policy is available under this plan.
- No riders are available under this policy.
Benefits of SBI Life-Horizon II Pension are:
Retirement Benefit
At the age of retirement the policy holder gets a choice to withdraw up to 1/3rd of the fund value in lump sum as and according to the latest tax laws. The remaining amount can be used to buy annuity from SBI or any other Insurance provider.
Death Benefit
In the event of the death of the policy holder under Pure Pension the nominee will receive the fund value and in case of pension with life cover the nominee will receive fund value along with the sum assured deducting the mortality charges.
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