SBI Pension Plans are designed for the people who retire from work but do not want to lose their financial independence. State Bank of India pension plans help you meet your post retirement financial needs. The various SBI pension schemes available include Horizon II Pension Plan, Unit Plus II Pension and Life Long Pension Plan. The SBI Life Retirement Plans include CapAssure Gratuity, CapAssure Superannuation Scheme, CapAssure Leave Encashment Scheme, Group Immediate Annuity plan, and SBI Life Golden Gratuity Plans.
SBI Unit Plus II: In case of SBI Unit Plus II Pension Plans, you get to choose between pure pension and pension cum life cover plans with flexibility to increase regular contributions, top up payments and customize the plan by addition of riders.
Regular Premium Mode
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER
We at SBI Life understand the basic needs for pension plan and give you financial strength to maintain your life style even after the retirement. SBI Life – Unit Plus II Pension plan makes sure that you have regular income after you retire and also helps you to maintain your standard of living.
This is a unit linked pension plan wherein the policyholder chooses an investment period from 5 to 52 years for a vesting age between 50 to 70 years. You can choose to pay either single premium or pay regular premium for the entire policy term. Your contributions are invested into 5 fund options as per your choice.
Choice to invest & control four different funds as per your risk appetite.
Flexibility to choose between two options
- Pure Pension
- Pension cum Life Cover
No medical required for Pure Pension, automatic acceptance facility.
Flexibility to increase regular contribution.
Top up payments: any amount, anytime.
Customize your plan by adding riders.
15 days free look period.
Product type: This is a non participating Unit Linked Pension product.
How does it work?
Choose your vesting age: Any age between 50 years – 70 years.
Choose premium frequency and premium amount
|Premium Frequency||Minimum frequency||Maximum Frequency|
|Single||25,000(in multiples of 1000)||No Limit|
|Yearly||24,000(in multiples of 100)||No Limit|
|Half Yearly||12,000(in multiples of 100)||No Limit|
|Quarterly||6,000(in multiples of 100)||No Limit|
|Monthly||2,000(in multiples of 100)||No Limit|
Choose plan option
Option I Pure Pension Plan (For age group 18-65)
Option II Pension Plan with life cover (For age group 18-60)
I n case you have opted for option II, your sum assured will be as mentioned below
For single premium mode
|Age at entry||Sum Assured|
|18-35||125 % of single premium subject to maximum SA of Rs. 10 lacs|
|36-45||125 % of single premium subject to maximum SA of Rs. 5lacs|
|46-60||125 % of single premium subject to maximum SA of Rs. 1.2 lacs|
For regular premium mode
|Age at entry||Sum Assured|
|18-35||5 or 10 times first annualised premium subject to maximum SA of Rs. 10 Lacs|
|36-45||5 or 10 times first annualised premium subject to maximum SA of Rs. 5 Lacs|
Choose your investment funds:
You can invest in 5 investment funds viz. Equity Pension Fund, Bond Pension Fund, Growth Pension Fund, Balanced Pension Fund and Equity Optimiser Fund.
Death Benefit: During accumulation phase
- If you opt for option I : Pure Pension Plan Fund value will be paid in lumpsum to nominee.
- If you opt for option I : Pure Pension Plan with life cover. The higher of fund value or sum assured will be paid in lumpsum to nominee.
Guaranteed additions by way of free allocation of units to increase your retirement kitty.
On Vesting: It’s your income; you decide how it works for you. You have choice and flexibility. You can take up to one third of the fund value in lumpsum. tax-free as per current tax law. The tax free limit applicable for the commutated value may change as per change in Income Tax rules
During Annuity Phase: Balance amount has to be used to purchase annuity. The rate at which the amount at vesting date will be converted to an annuity is not guaranteed and will be based on the prevailing immediate annuity rates under the relevant annuity option at the vesting date. Currently SBI Life Insurance offers the following annuity options.
- Life annuity at constant rate.
- Annuity payable at constant rate throughout the life of Annuitant with facility of receiving on death of Annuitant refund of purchase price less the sum total of annuity already paid till date of death.
- Annuity payable at constant rate throughout the life of Annuitant with facility of receiving on death of Annuitant 100% refund of purchase price.
- Annuity increasing at the simple rate of 1%, 2% or 3% per annum as the case may be and payable during the life of the Annuitant.
- Annuity certain for 5/10/15 years as the case may be and for life thereafter.
- Last survivor annuity, whereby upon the death of Annuitant his / her spouse will receive a life annuity, which will be either 50% or 100% of the last annuity amount paid to the Annuitant, as selected. This annuity option will not be available if the difference in the age of annuitant and spouse is more than 10 years.
Tax Benefits Save tax u/s 80 CCC (1) of IT Act.
What is the policy term?
Term = Vesting Age – Age at Entry
Who can buy this product?
If you are in the age group of 18 to 65 you can opt for SBI Life – Unit Plus II pension plan without life cover.
For Unit Plus II pension plan with life cover it should be between 18-60 years.
- SBI Life – Accidental Death and Total Permanent Disability Rider
- SBI Life – Critical Illness Rider
You can invest in the following investment funds viz. Equity Pension Fund, Bond Pension Fund, Growth Pension Fund, Balanced Pension Fund and Equity Optimiser Fund.
Equity Pension Fund:
|Equity & Equity related instruments||80%||100%||High|
|Debt & Money market instruments||Nil||20%|
Bond Pension Fund:
|Debt instruments||60%||100%||Low to medium|
|Money market instruments||Nil||40%|
Growth Pension Fund:
|Equity and Equity related instruments||40%||100%||Medium to High|
|Debt & Money Market instruments||Nil||60%|
Balanced Pension Fund
|Equity and Equity related instruments||40%||60%||Medium|
|Debt & Money Market instruments||40%||60%|
Equity Optimiser Fund
|Equity and Equity related instruments||60%||100%||High|
|Debt & Money Market instruments||Nil||40%|
Guaranteed additions by way of free allocation of units: The bonus units are rewarded for the policy term of 20 years and above, when no premiums are due and the policy is in full force.
For Regular Premium Mode
|End of Policy Year||Free allocation of unit as a % of annualized average Regular Premium|
|10||10 % of annualized average Regular Premium for the first 10 policy years|
|15||20 % of annualized average Regular Premium for the first 15 policy years|
|20||30 % of annualized average Regular Premium for the first 20 policy years|
For Single Premium Mode
|End of Policy Year||Free allocation of unit as a % of Single Premium|
|10||1 % of single premium|
|15||2 % of single premium|
|20||3 % of single premium|
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