SBI Life Insurance Company was founded in the year 2001 as a bancassurance company. It’s a joint venture between two large financial services companies, State Bank of India and BNP Paribas Cardif. 62.1% of the total capital is held by State Bank of India and 22% of the capital is held by BNP Paribas Cardif. With the expertise of these two market giants, SBI Life Insurance Company is emerging as a strong leader in the Indian insurance market. CRISIL Ltd, a popular rating agency has rated the company with AAA-highest rating. SBI Life Insurance Company offers a comprehensive range of insurance, investment and pension products to cater to diver needs of people across the country.
Annuity plans are the products offered by the insurance company that offers regular payment for life for the lump sum investment that you make. There are various types of annuity plans such as immediate annuity and deferred annuity etc. Each annuity plan works differently.
SBI Life’s Annuity Plus is a traditional, non-participating immediate annuity plan. A regular stream of income is important for everyone to maintain the lifestyle and to live a peaceful life at any age. SBI life’s Annuity Plus is an investment product that is designed to provide your regular income in order to maintain the standard of living. The plan offers various annuity options and flexibilities to provide you with regular income/pension for the rest of your life.
|Entry age||40 years||80 years|
|Premium range||The amount on which the minimum annuity instalment can be paid||No limit|
|Annuity payout (per instalment
|Annuity payment mode||Yearly/ Half-yearly/ Quarterly/Monthly (monthly mode is mandatory for government sector subscribers under National Pension System (NPS)|
Annuitants can choose below options :
SBI Life’s annuity plus plan is most suitable for individuals looking for retirement savings plans to create a regular stream of income.
Investment in SBI Life’s annuity plus plan can be done after the age of 40 years up to 80 years.
You can opt for additional accidental death benefit rider. In the event of accidental death during the policy, a lump sum benefit equal to 12 times annualised annuity amount up to a maximum of the purchase price of the annuity is payable to the nominee. In case of a joint life annuity, the rider can be opted by primary annuitant or by both the annuitants. However, the premium needs to be paid separately for both the annuitants. Here are the eligibility criteria for the rider benefit
|Entry age||40 years||60 years|
|Rider term||10 years|
|Maturity age||–||70 years|
|Sum assured||Rs. 25,000||Rs. 50,00,000|
SBI Life’s Annuity Plus plan is a comprehensive annuity plan with a wide range of annuity options that helps you secure your post-retirement life with steady and regular income flow for a lifetime.
Better annuity rates are offered for higher premiums. Additional annualised annuity rates per Rs. 1000 premium is as below
|Premium||Incentive on an annualised modal annuity|
|Rs. 1,50,000 to less than Rs. 3,00,000||Rs. 2.50|
|Rs. 3,00,000 to less than Rs. 5,00,000||Rs. 3.50|
|Rs. 5,00,000 and above||Rs. 4.25|
Yes. Cancellation can be done after buying SBI Life’s Annuity Plus plan. There is a ‘free look period’ of 15 days for policies bought offline and 30 days for policies purchased through distance marketing mode. Within the free look period, you can cancel your policy in case you are not satisfied with the terms and conditions of the policy. However, it’s important to state the reason for objection/cancellation.
You need to opt for advancing annuity payout at the inception of SBI Life’s Annuity Plus plan. However, below conditions are applicable for this option.
Other SBI Life Retirement Plans