LIFE INSURANCE |SBI UNIT PLUS II | FEATURES | TYPES | BENEFITS

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.

Single Premium Mode

GBI of SBI Life – Unit Plus II Pension for Pure Pension & Pension cum Life Cover

Regular Premium Mode

GBI of SBI Life – Unit Plus Pension for Pure Pension & Pension cum Life Cover

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

Introduction:

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.

Key Features:

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
46-60	1.2 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.

Benefits

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
Minimum Years	Maximum Years
5 Years	52 Years

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.

Riders available

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:

Assets	Min	Max	Risk
Equity & Equity related instruments	80%	100%	High
Debt & Money market instruments	Nil	20%	High

Bond Pension Fund:

Assets	Min	Max	Risk
Debt instruments	60%	100%	Low to medium
Money market instruments	Nil	40%	Low to medium

Growth Pension Fund:

Assets	Min	Max	Risk
Equity and Equity related instruments	40%	100%	Medium to High
Debt & Money Market instruments	Nil	60%	Medium to High

Balanced Pension Fund

Assets	Min	Max	Risk
Equity and Equity related instruments	40%	60%	Medium
Debt & Money Market instruments	40%	60%	Medium

Equity Optimiser Fund

Assets	Min	Max	Risk
Equity and Equity related instruments	60%	100%	High
Debt & Money Market instruments	Nil	40%	High

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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Tags: Life plans, pension policies, pension policy, SBI life pension plans, SBI pension plans

LIFE INSURANCE |SBI UNIT PLUS II | FEATURES | TYPES | BENEFITS

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