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About SBI Life Annuity Plus Plan

The SBI Life Annuity Plus plan is a traditional, non-participating immediate annuity plan. The plan offers a comprehensive range of annuity options along with the single premium payment option. A steady retirement income is guaranteed with the purchase of this plan as it offers fixed annuity. It has been specially crafted for the celebration of your retirement years.

Let’s understand this plan in brief before getting into its details:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

98.31

USPs of the Policy

The plan has the following annuity options:

  • Life annuity (single life)
    • 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, and life thereafter
  • Life annuity (two lives)
    • Life and last survivor - 50% or 100% income
    • Life and last survivor - 50% or 100% income with capital refund

Apart from this, here are some other USPs:

  • The plan offers fixed annuity from date of issuance
  • The plan also offers additional benefits for a family member
  • It offers an accidental death benefit rider
  • Annuity payouts can be availed though various pay-out options
  • Higher annuity rates are offered for higher premiums
  • Annuity payments are offered from the age of 40

Bonus Rate

-

Illustration

 

If a 60-year-old individual purchases a plan for INR 10 lakhs, the annual annuity amount will be the following:

  • Lifetime income: INR 89,948
  • Lifetime income with capital refund: INR 65,605
  • Lifetime income with capital refund in parts: INR 55,669
  • Lifetime income with balance capital refund: INR 85,353
  • Lifetime income with annual increase of 3%: INR 73,802
  • Joint life 50%: INR 83,986
  • Joint life 50% with return of capital: INR 68,958

 

(Death benefits are offered in lifetime income with capital refund plan, lifetime income with balance capital refund plan, and joint life 50% with return of capital plan)

How Does the Plan Work?

An individual has to either choose the preferred lump sum amount to be paid or the annuity instalment that s/he requires. The benefits can be chosen from the following range of annuity options:

  • Life annuity (single life): The annuity pay-out will be paid at a guaranteed rate. For a single life annuity, the individual can select any of the following plans:
    • Lifetime income: Annuity is paid at a constant rate throughout the life of the annuitant and the payments cease after the death of the insured.
    • Lifetime income with capital refund: Annuity is paid throughout the insured’s life and paid premiums are returned on his/her death.
    • Lifetime income with capital refund in parts: A constant amount is paid as annuity throughout the life of the annuitant. Additionally, 30% of the premium is paid to the annuitant if s/he survives for 7 years after initiation of the policy and 70% of the premium is returned to the nominee if death occurs after that period. 100% premium will be returned to the nominee if the insured dies before 7 years have passed since the start of coverage.
    • Lifetime income with balance capital refund: A constant amount is paid as annuity throughout the life of the annuitant. On death, the nominee is paid the balance capital from the sum of all premiums.
    • Lifetime increase with annual increase of 3% to 5%: The amount of the annuity pay-out increases at 3% or 5% annually. No annuity is offered on death of the individual.
    • Lifetime income with certain period of 5, 10, 15 or 20 years: Annuity is payable at a constant rate for a fixed period decided by the annuitant. This can be chosen accordingly for 5, 10, 15, or 20 years. Payments will be made at a constant rate even after the selected period, and the selection is important only for the following scenarios:
      • Scenario 1: If the annuitant dies within the selected time period of 5, 10, 15, or 20 years, the annuity amount will be paid to nominee till the end of the chosen period and will cease after that.
      • Scenario 2: If the annuitant dies after the selected time period of 5, 10, 15, or 20 years, the annuity amount will cease immediately.
  • Life annuity (two lives): Annuity amounts are offered for two people instead of one in the plan mentioned earlier.
    • Life and last survivor – 50% or 100% income: The annuity is paid at a constant rate till the primary annuitant is alive. On death, 50% or 100% of the last annuity pay-out is continued to be paid throughout the life of the surviving secondary annuitant. Pay-outs will cease on death of the secondary annuitant. If the primary annuitant outlives the secondary annuitant, no payments are made after his/her death.
    • Life and last survivor – 50% or 100% income with capital refund: An annuity is paid at a constant rate until the primary annuitant’s demise. On death, 50% or 100% of the last annuity payment will continue throughout the life of the surviving (secondary) annuitant. The premium will be refunded to the nominee.

Pay-outs are available in monthly, quarterly, half-yearly, or yearly modes.

Riders

This plan offers the Accidental Death Benefit Rider.

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Bonus History

Company Name : AEGON LIFE INSURANCE

Plan Name : AEGON Premier Endowment Insurance Plan

BonusYear RevBonus MinPT
2014-15 5.20% 10
2014-15 5.70% 15
2014-15 6.06% 20
2015-16 5.20% 10
2016-17 5.20% 10
2015-16 5.70% 15
2016-17 5.70% 15
2015-16 6.06% 20
2016-17 6.06% 20

Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.

Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some additional features of this plan:

  • Provides immediate pay-outs of fixed annuity for one or two individuals (joint plan)
  • It has an accidental death rider with a maximum pay-out of INR 50 lakhs
  • A variety of options are available for annuity pay-outs
  • Annuity payments are offered for individuals right from the age of 40

Who Should Buy This Plan?

Minimum age to purchase the plan is 40 for any of the options, and the maximum age is 60 years. The annuity plan is a good option for individuals looking for fixed pension payments for them and their spouse.

Company Overview

SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas Assurance, a French Multinational Bank. With its huge banking channel and customer base, SBI Life has soon become one of the top insurers in India. It continues to offer a wide range of life insurance and pension products at economical prices.

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