SBI Life Insurance introduces SBI Life – Immediate Annuity Plan for Pension Policyholders. This product provides annuity payments immediately from payment of purchase price. It has been specially designed to cater to the annuity needs of our existing policyholders (SBI Life – Lifelong Pensions, SBI Life – Horizon II Pension, SBI Life – Unit Plus II Pension) at the vesting age.
All you need to do is choose the annuity option and pay a purchase price to commence the annuity for the required amount. We at SBI Life will calculate the amount of each annuity payments based on the purchase amount and life expectancy.
|What are the Key Features?|
|You can opt for any one of the 6 Annuity options available and your annuity option stays the same throughout the tenure.|
|Option to choose the periodicity of your annuity: Members can choose the periodicity of the annuity depending upon their needs. The options available are Annual, Half yearly, Quarterly, and Monthly.|
|Annuity rates guaranteed for life: Attractive annuity rates due to group effect. Annuity rates decided at the time of entry are guaranteed for the rest of life for the given purchase price.|
|Age at Entry for member : 50 to 70 Years as on last birthday|
|Minimum Annuity will be Rs. 250 per month.|
|What are the Annuity Options* Available?|
|A variety of Options to choose from:|
|Life annuity at constant rate.|
|Annuity payable at constant rate throughout the life of the Annuitant with facility of receiving on death of the Annuitant a refund of purchase price less the sum total of annuity already paid till date of death.|
|Annuity payable at constant simple rate throughout the life of the Annuitant with facility of receiving on death of the Annuitant 100% refund of purchase price.|
|Annuity increasing at the rate of 1% or 2% or 3% per annum as the case may be and payable during the life of the Annuitant|
|Annuity certain for 5/ 10 / 15 years as the case may be and for the life thereafter|
|Last survivor annuity, whereby upon the death of the Annuitant his/ her spouse* will receive a life annuity, which will be either 100% or 50% of the last annuity amount paid to the Annuitant, as the case may be.|
*Annuity is not available if the difference in age of the annuitant and the spouse is more than 10 years.
|Why SBI Life Insurance?|
|SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Assurance. State Bank of India enjoys the largest banking franchise in India. Along with its 7 Associate Banks, BNP Paribas Assurance is the insurance arm of BNP Paribas – Euro Zone’s leading Bank. BNP Paribas, part of the worlds top 10 group of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks.|
The above information is a brief summary of SBI Life – Immediate Annuity
Download SBI Life – Immediate Annuity Brochure here.