SBI Life Insurance Annuity Plus Plan

Introduction:
SBI Life Insurance Annuity Plus Plan, a traditional, non-participating immediate annuity plan, which offers a comprehensive range of annuity options along with inbuilt flexibilities. It provides an opportunity to you to maintain your standard of living.
 

Key Features:

 

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Complete freedom to choose from a wide range of Annuity options
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Enjoy a regular income (“annuity payout”) from an early age of 40 years
•You have an option to have Lifetime Annuity payout for you as well as a family member
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Flexibility to choose frequency of annuity payouts as per your requirements – Monthly, Quarterly, Half-yearly or Yearly
•Incentives of higher annuity rates for large premiums
•Option of availing SBI Life- Accidental Death Benefit Rider (UIN:111B015V01)
•Flexibility to advance your Annuity payouts
•
Return of premium options

Product Snapshot

 

Age Limits*Minimum age at entry : 40 years                Maximum age at entry: 80 years
Annuity Payout (per installment)Minimum :  Monthly: Rs.200, Quarterly: Rs.600, Half-yearly: Rs.1,200, Yearly: Rs.2,400 Maximum: No limit
Annuity payout modeMonthly, Quarterly, Half-yearly or Yearly
Premium Amounts Minimum. : Such that the minimum annuity installment can be paid Maximum.: No Limit
*All references to age are age as on last birthday.

Wide Variety Annuity Options available:

 

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Life Annuity (Single Life): Annuity payout at guaranteed rate, through-out the life of the annuitant. You may choose from following options:
•Lifetime Income
•Lifetime Income with Capital1 Refund
•Lifetime Income with Capital1 refund in parts
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Lifetime income with Balance Capital2 Refund: Annuity is payable at a constant rate throughout the life. On death, the Balance capital (in case positive) will be paid.
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Lifetime income with Annual Increase of 3% or 5%: Annuity payout increases at a simple rate of 3% or 5% p.a. for each complete year and is payable throughout the life of the annuitant. All future annuity payouts cease immediately on death and the contract terminates
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Lifetime income with certain period of 5, 10, 15 or 20 years and life thereafter:
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Annuity is payable at a constant rate for a minimum fixed period of 5, 10, 15 or 20 years; and for life thereafter.
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Life Annuity (Two lives):  The annuity payout will continue at a guaranteed rate, throughout the life of the annuitants. You may choose from below options:
•Life and Last Survivor - 50% or 100% Income without Capital Refund
•Life and Last Survivor - 50% or 100% Income with Capital Refund
1Capital will mean Premium (excluding service tax and rider premium, if any) under the policy
2Balance Capital = Premium (excluding service tax and rider premium, if any) – Annuity payouts made till date.

Benefits: 

 

Annuity payable as per the annuity option chosen.SBI Life - Accidental Death Benefit Rider (UIN: 111B015V01)
Age at Entry (as on last birthday):  Min – 40 years, Max – 60 years
Rider Term (fixed): 10 years
Maximum Age at maturity: 70 years
Minimum Sum Assured: Rs. 25,000/-
Maximum Sum Assured: Rs. 50, 00,000/-
Exclusions:
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Rider exclusion: Please refer to sales brochure for the Accidental Death Benefit Rider (UIN: 111B015V01) for details
Tax Benefits:
Tax benefits will be available as per the prevailing tax laws. All annuity payouts may be subject to income tax as per the law prevailing on the date of payout. For specific details, please contact your tax consultant.
For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

 

Brochure

 

You may view or download the official brochure of this plan from here. Benefit Illustration / Premium Calculator You may check the customized benefit illustration of this plan as per your premium, age, S.A. etc. from here.

This article was updated on November 26, 2023