SBI Pension Plan

Hello sir, I am RAchit Kumar. I am from Jaipur. I want you to help me by giving me some information about the State Bank of Indai (SBI) pension plans. Can you help me by giving me some information about it?

[Pathak]

As you have asked information about the SBI Pension plans, I am giving you information about it
SBI Life Saral Pension Plan

A traditional pension plan with the following features and offering the following benefits:

The plan participates in the company’s profits and bonus is declared under the plan
On Vesting the chosen Sum Assured including the Simple Reversionary Bonuses and Guaranteed Bonuses accumulated during the term of the plan and a Terminal Bonus, if any is payable to the policyholder.

The fund available on vesting can be utilized in various ways.
Commutation of 1/3rd portion of the fund is possible tax-free and the remaining portion will pay annuities.
Alternatively, one can also buy a deferred annuity plan by paying a single premium


SBI Life Retire Smart Plan

A unit linked pension plan with the following features:

Besides market linked returns, the plan also gives guaranteed additions to further increase the corpus
Guaranteed Additions accrue @10% of the annual premium from the 15th year of the plan till the end of the term
Moreover, a Terminal Addition @1.5% of the Fund Value will be paid on the vesting date
On vesting, higher of the applicable Fund value including the guaranteed additions and terminal additions or 101% of total premiums paid by the policyholder are payable

SBI Life Annuity Plus Plan

This is an Immediate Annuity plan which has the following aspects:

The annuity which is paid is paid immediately once the single premium is deposited with the insurer
There are two annuity options under the plan. The first option is for a single life and the second option is for a joint life annuity. Both the options are further sub-divided into further annuity payout options.
The annuity payout options under the Single Life Annuity option are:
Lifetime Income
Lifetime Income with Capital Refund
Lifetime Income with Capital Refund in parts
Lifetime Income with Balance Capital Refund
Lifetime Income with Annual Increase of 3% or 5%
Lifetime Income with Certain Period of 5, 10, 15 or 20 years
The annuity payouts under the second option of joint life annuity include:
Life or Last Survivor with 50% or 100% of the income
Life or Last Survivor with 50% or 100% of the income and Refund of capital