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SBI Life Insurance

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SBI Life Insurance

Overview
SBI Life Insurance Co. Limited received its IRDAI license in the year 2001 and is a joint venture between India’s biggest bank, State Bank of India and BNP Paribas Cardif, one of the foremost global insurance companies. The company has a network of 801 branches throughout India as of 31st March, 2017. The company has its corporate office in Mumbai and has crossed AUM (assets under management) of Rs. 1, 00, 000 crore for FY2017-18.

The company offers term insurance, child plans, wealth creation plans and retirement plans among other products to customers. The company is known for its innovative yet simplified solutions.

SBI Life Insurance at a glance
  • Recorded 97.98% Claim Settlement Ratio (in %) in 2017.
  • Pan-India presence with network of 801 branches
  • AUM (Assets Under Management) milestone of Rs 1,00,000 crores – Rs 1,01,226 crores in 2017.
  • Unique multichannel distribution network comprising an expansive bancassurance channel

SBI Life Insurance Co. Limited Retirement Plans
There are several plans offered by SBI Life Insurance Co. Limited to help you enjoy your retirement without any financial worries. There is the Saral Pension plan which helps you get regular bonuses for a comfortable future. There is also the Retire Smart which secures investments from market fluctuations and builds a corpus and also the Annuity Plus which helps you get regular pension.

Documentation needed to apply for SBI Life insurance
  • Age proof - (Any One)
    Driving License, Passport, Voter ID Card, Birth Certificate, etc
  • Identity proof – (Any One)
    Driving License, Passport, Voter ID card, PAN Card, Aadhar Card, or any document which proves citizenship
  • Income proof
  • Address proof – (Any One)
    Driving License, Passport and Utility Bill should clearly mention the permanent address
  • Income proof – (Any One)
    Salary Slip, Form 16, ITR
  • Recent passport size photograph

SBI Life Pension Plans
  • SBI Life – Saral Pension: SBI Life – Saral Pension provides regular bonuses for you to meet your post-retirement financial needs conveniently.
  • SBI Life – Retire Smart: Enjoy an assured maturity benefit that secures your investment from market volatility, with SBI Life – Retire Smart. Secure your future by creating a retirement corpus with systematic investments during your earning years.
  • SBI Life – Annuity Plus: With SBI Life– Annuity Plus, you receive a comprehensive range of annuity options on just a single premium payment. Thus, you are assured of regular annuity/pension for the rest of your life.

1: SBI Life – Saral Pension: SBI Life Retirement Savings Plan ensures vesting benefits starting from 50 years of age with a minimum sum assured between Rs. 3 Lakhs and Rs. 5 Lakhs.

Advantages and Benefits
  • Build a retirement corpus and get an option of life cover through SBI Life - Preferred Term Rider
  • Receive simple reversionary bonuses throughout the policy term
  • Option to extend the accumulation period
  • Option to defer the vesting date
  • Can avail death benefit, vesting benefit, rider benefit and tax benefits
Features Description
Min-Max age at entry 18-60 years (regular premium)
18-65 years (single premium)
Min-Max age at vesting 40-70 years
Minimum Sum Assured Rs. 1,00,000
Maximum Sum Assured No limit
Premium Payment Term Single Pay / Equal to Policy Term
Minimum Policy Term Regular Pay: 10 years
Single Pay: 5 years
Maximum Policy Term 40 years 
Minimum Annualized Premium RS. 7500 

2: SBI Life – Retire Smart: Enjoy an assured maturity benefit that secures your investment from market volatility. Secure your future by creating a retirement corpus with systematic investments during your earning years.

Advantages and Benefits
  • Lump sum corpus at vesting
  • Assured benefits (Condition apply) of up to 210% of annual premium
  • Flexible premium options
  • On completion of policy term, you will receive the Higher of (Fund Value Plus Terminal Addition or 101% total premiums paid).
  • In the unfortunate event of death of the Life Assured, Higher of (Fund Value plus Terminal Addition or 105% of total premiums paid till the time of death), is payable.
Features Description
Min-Max age at entry 30-70 years
Min-Max age at vesting 40-80 years
Minimum Premium
Frequency Regular Premium Limited Premium
Yearly 24000 40000
Half Yearly 15000 20000
Quarterly 7500 10000
Monthly 2500 5000
Premium Paying Term Regular – Same as Policy Term
Limited – 5/8 years (Policy term of 10 years)
Limited – 10-15 years (Policy term of 15-35 years)
Policy Term 10,15 to 35 years
Premium paying frequency Yearly/Half Yearly/Quarterly/Monthly

3: SBI Life – Annuity Plus: This is an immediate annuity where plan you receive a comprehensive range of annuity options on just a single premium payment. Thus, you are assured of regular annuity/pension for the rest of your life.

Advantages and Benefits
  • Regular income for lifetime
  • Fixed annuity from date of issuance
  • Choice of adding a family member
  • Wide range of annuity options and choice of including SBI Life - Accidental Death Benefit Rider
  • Annuity payout frequency options
  • Life Annuity (Single Life): Annuity payout at constant rate, through-out the life of the annuitant.
Features Description
Min-Max age at entry 0 - 80 years
Minimum Annuity payout Monthly – 1000
Quarterly – 3000
Half yearly – 6000
Annual – 12000
Minimum Premium Subject to entry age of Annuitant & Purchase Price
Maximum Annuity Payout No limit
Premium paying frequency Yearly/Half Yearly/Quarterly/Monthly