SBI Life Pension Plans

Company Overview

SBI Life Insurance Company is a joint venture of State Bank of India (India’s largest bank) and BNP Paribas Cardif (a leading global insurance company). SBI holds the majority 62.1% share and BNP Paribas Cardif owns 22% share. Other investors are MacRitchie Investments and Value Line Pte. Ltd. holds 1.95% of total share each and the remaining share holds with public.

SBI Life Insurance is aimed to be the most preferred life insurance provider. The insurance company has an authorized capital of Rs 20 billion and paid up capital of Rs 10 billion. SBI Life Insurance has the wide presence in India through its 922 branches across the country. It has issued 2.49 crore policyholders and Rs 82,500 crores plus claims, as on 30th June 2019.

The Latest Claim Settlement Ratio is 95.03% of SBI Life for FY 2018-19.

Key Points of SBI Life Insurance Pension Plans

Guaranteed Monthly Income	Yes
Vesting Benefit	Yes
Life Cover	Upto Sum Assured
Tax Benefit	u/s 80CCC & 10(10A)
Premium Payment	Online/Offline

Snapshot of SBI Pension Plans

Plan Name	Plan Type	Min/Max Entry Age	Min/Max SI	Maximum Vesting Age	Availability	Plan Tenure
SBI Life Saral Pension Plan	Traditional Participating Pension Plan	18 years-65 years	Min SI: 100,000 Max SI: No Limit	40 years- 70 years	Online	Min: 5 years Max: 40 years
SBI Life Annuity Plus Plan	Traditional Immediate Pension Plan	40 years-80 years	Min SI: 25,000 Max SI: 50,00,000	N/A	Online	Single Pay
SBI Life Retire Smart Plan	Unit Linked Pension Plan	30 years- 70 years	Higher of (fund value + terminal bonuses) or 105% of the total premium paid	40 years-80 years	Online	10 years- 35 years

Reasons for Buying SBI Pension Plans

SBI Life Insurance Company Ltd. is one of the most preferred life insurance providers in India. It offers a customized range of life insurance and pension plans all at well-competitive prices. SBI Life offers various pension plans to meet your post-retirement needs. You can choose a best-fitting SBI pension scheme to save enough for your golden years.

Main USP’s of SBI Life Pensions Plans are:

Savings for post-retirement life
Avail Vesting benefit
1/3rd of benefit as tax-free amount
Option to avail bonuses
Commutation benefit
Flexible deferment period
Life coverage

Key Benefits of SBI Pension Plans

In the event of death of the life assured during the policy term, the death benefit (as applicable) will be payable to the nominee.
At maturity, you will receive an amount equal to the fund value accumulated plus bonus and additions.
You will receive the annuity benefits, which will help you to receive regular income after retirement. Annuity benefits depend on the option chosen in the policy.
The policyholder can extend the accumulation period within the same policy, provided the conditions specified.
Bonuses are payable under ‘participating pension plan’.
SBI pension plans also offer surrender value, after deducting some applicable surrender charges, if any.
The premium amount paid towards a pension plan is eligible for tax deduction under Section 80 CCC. The one-third of the total accumulated amount at maturity is considered as tax free.

Coverage under SBI Pension Plans

SBI Life pension plans offer the death cover on the life assured, which is payable to the nominee in the event of demise of the life assured during the policy term. The vesting benefit is payable to the policyholder. The one-third of the entire corpus at the maturity can be received as tax-free lump sum amount and the remaining two-third amount is used to pay as monthly income after the retirement.

Claim under SBI Pension Plans

For Death Claim:

When looking to get the Death Claim from SBI Pension Plans, your nominee/beneficiary will require to intimate the insurance company about such death by providing the duly filled claim form. The insurance company will make the requisite scrutiny of the claim, then the life cover amount is paid immediately to the nominee.

The following documents need to be submitted with SBI Life pension plan claim form.

Completely filled claim form
Original Policy Document
Attested copy of death certificate from municipal authority
NEFT mandate form
Nominee's photo identity proof
And other documents as required by insurance company.

For Maturity Benefits:

At maturity, you will receive the maturity benefits up to the funds accumulated in a pension plan. You can take up to 1/3rd of the benefit as tax-free lump sum amount and the remaining amount will be used to receive a regular source of income after retirement.

To receive the maturity benefit, you will need to furnish the following documents.

Original policy document
Copy of identity proof
Copy of address proof
Bank mandate form with bank details
And other documents as required by the insurance company.

Apply for SBI Life insurance pension plans

Online: SBI Life Insurance offers specific plans which can be bought online. You need to log into the company’s website, choose a pension plan, customize the coverage, pay the premium online and the policy will then be issued.

Offline: Offline pension plans from SBI life can be purchased from bank branch, agents, brokers, etc.

SBI Pension Plans Review

SBI Life Insurance Company is one of the most trusted insurance companies offering the best range of pension plans to meet your needs after the retirement. You only need to choose a right pension plan with the customized coverage that will help you to accumulate a big corpus that can be utilized to receive regular pension after the retirement.

SBI Pension Plan- FAQ’s

How to pay the policy premium?

SBI Life pension plans offer two different modes of premium payment:

Online Payment: For online mode of premium payment, the policyholder can pay through credit/ debit card & net banking.

Cash payment at branch: You need to visit the SBI branch and pay the due premium in cash.

How can I check the status of SBI pension scheme?

By logging to SBI Life insurance website, you can check the policy status online by entering the required details such as policy number, date of birth or registered mobile number

What is the policy renewal process of SBI Life pension plan?

Renewal of SBI pension plan can be done through the following modes:

Online: Visit the SBI life website, calculate the renewal premium amount and pay the premium.

Offline: By visiting the SBI branch and pay the premium in cash.

After making the premium payment, the policy is renewed instantly.

What is the process of SBI life to settle the pension claims?

In order to settle a claim, you need to inform the insurance company by filling the claims form and upload relevant documents online. After acceptance of the documents by SBI Life, your claim will be settled within a duration as specified by the insurer.

Is there any tax benefit on SBI pension plans?

You can avail tax benefits on premium paid under Section 80CCC of Income Tax Act. The 1/3rd of the vesting benefit can be taken as tax-free lump sum under section 10(10A) of the Income Tax Act, 1961.