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Launch Date Product Code UIN Status
26/11/2013 1E 111N088V02 Active

About SBI Life Saral Pension

  • A deferred pension plan wherein one receives annuity after a specific period of time
  • Offers death cover during the deferment period
  • Guaranteed addition bonus paid at 2.5% of Sum assured is paid for first 3 years and 2.75% of sum assured for next two years.
  • On maturity an individual has to re-invest into any other annuity / pension plan

How does SBI Life Saral Pension work?

Under this plan, an individual can choose to pay premiums for a period (deferment period) anywhere between 10 to 40 years. During the deferment period he gets a life cover.  After the deferment period is over the individual gets a lumpsum (Basic sum assured+ guaranteed additions+ accrued bonus), but he has to re-invest it in one of the following;

  1. To purchase another single premium deferred pension plan
  2. Collect 1/3 of the lumpsum  and the remaining to reinvest in any immediate annuity/pension plan
  3. Purchase another immediate life annuity from the entire policy proceeds
  4. Extend the deferment period if he is below 55 years

If in-case the insured dies during deferred term, then the nominee receives total premiums paid accumulated at 0.25% compounded annually + plus accrued bonus or 105% of the total premiums paid. The nominee can collect the proceeds in one of the following two ways:

  1. Utilize the entire proceeds or partial amount to purchase another SBI immediate annuity plan
  2. To collect it as a lumpsum

Let us understand this better by an example:

Consider,

Person’s age: 37 year
Deferment period: 15 years
Premium paying term: 15 years
Premium amount: Rs 31168/- per year.
Sum assured: Rs. 5 lakhs

37 year old person chooses a Basic sum of Rs. 5 lakhs and a deferment period of 15 years. 2.5% of the basic sum assured is paid as the guaranteed additions for the first three years and 2.75 % of basic sum assured for next two years. From 6th year onwards bonuses are accumulated till the end of the policy term. Once the deferred policy term is over the individual can choose to take maturity benefit of approximately Rs 845000 in either of the following options:

  1. To purchase another single premium deferred pension plan
  2. Collect 1/3 of the lumpsum  and the remaining to reinvest in any immediate annuity/pension plan
  3. Purchase another immediate life annuity from the entire policy proceeds
  4. Extend the deferment period if he is below 55 years

If the insured dies during the policy term, then the nominee receives total premiums paid accumulated at 0.25% compounded annually + plus accrued bonus or 105% of the total premiums paid. The nominee can collect the proceeds in one of the following two ways:

  1. Utilize the entire proceeds or partial amount to purchase another SBI immediate annuity plan
  2. To collect it as a lumpsum

Why should you buy SBI Life Saral Pension plan?

  • This plan provides fixed returns for first five years
  • Offers pension options to suffice for income replacement needs
  • It’s helpful to secure retired life
  • It offers tax benefits on all the premiums paid and claims received as per sections 80CCC and section 10(10A).

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Bonus History

Company Name : SBI Life Insurance

Plan Name : Saral pension

BonusYear RevBonus InterimBonus MinPPT MinPT
2012-13 2.75% 2.75% Regular Pay All
2012-13 2.75% 2.75% Single Pay All

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.

Who should buy SBI Life Saral Pension plan?

  • A person within the age of 18 to 65 years, who wants to set aside a sum of money to get a fixed income during retirement
  • A person from the private sector who does not have employer pension and can depend on this plan to get regular income on retirement
  • An individual who is about to retire within 7 years and wants extra income

Riders & Add On

SBI Life-Preferred Term Rider: In this rider the nominee/ family receives an additional sum assured  after the insured’s death due to an unfortunate event.

Claim Process 

Know Claim Process of SBI Life Saral Pension

Claim Process

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. The company offers a wide range of life insurance and pension products at economical prices.

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