The pension plans are required as there is increase in life expectancy rate, rise in health care cost, and absence of social security system in India and disintegration of joint family system. All these reasons lead to the critical planning after a person’s retirement. So there are various companies which help in doing this planning. SBI is one of them and has various plans for the people.
The pension plans which are offered by SBI-
- SBI life- Saral Pension
- SBI life- Retire Smart
- SBI life- Annuity Plus
These entire pension plans differ in their features. People chosen them according to their need and benefits they are getting from them. As they are pension plans so they should be chosen with at most attention as at that age it would only be means of support at the time of need. The features of various schemes in detail are-
- SBI life- Saral Pension- the feature which are in this plan are-
- Guaranteed bonus- it is the bonus which is given on sum assured. The value of this bonus is given at rate of 2.5% for first three years and 2.75% for next two years.
- Vesting benefit- the vested amount is the amount which a person gets on maturity. The sum assured carries interest rate of 0.25% p.a. compounded annually on all premium. So sum assured plus vested simply reversionary bonuses plus terminal bonus.
- Death benefit- it is given to the people who have paid the higher of total premium at 0.25% compounded annually or 105% of total premium.
- Life cover- it has a option to cover life by additional life cover plan Rider.
- Flexibility- the vesting date can be deferred up to age of 70 years.
- Tax benefit- it is applicable according to the income tax act 1961.
Other information regarding the plan are-
|Age at Entry||Min: 18 years||
|Age at Vesting||Min: 40 years||Max: 70 years|
|Max: 40 years|
|Sum Assured**||Min: Rs.1,00,000/-||Max: No Limit|
|Premium||Min: Rs.7,500 p.a.||Max: No Limit|