Learn More About SBI's Retirement Plans.

In 2013, SBI Life Insurance Company, a joint venture of State Bank of India and BNP Paribas, was voted the "Most Trusted Private Life Insurance Brand." The organization provides a wide range of plans and policies to its customers. SBI Life offers something for everyone with the purpose of exceeding consumer expectations. Any good financial strategy should include a pension plan. The situation for older persons in India is not very good. With the growing cost of living, it is more important than ever to plan for retirement. A pension plan is the greatest approach to secure a continuous source of income when you retire.If you haven't previously invested in a pension plan and are looking for one, SBI Life has a number of possibilities for you. Continue reading to learn more about SBI pension plans.

SBI Pension Schemes

The following are some of the SBI pension schemes from which an individual might choose:

1. Saral Pension SBI

The Saral Pension Plan is a traditional pension plan that includes a bonus component. The typical premium delayed annuity plan has a term of 10 to 40 years. If the policyholder dies within the policy term, the beneficiary will receive a death benefit equal to the premium paid to date plus 0.25 percent compounded interest plus vested simple reversionary bonus plus terminal bonus. The beneficiary might choose to receive the death benefit as an annuity or as a lump sum payment. The various maturity benefits of the Saral Pension Plan contribute to its popularity. Sections 80C and 10(10) D of the Income Tax Act of 1961 allow a tax credit for this pension plan.

2. SBI Life - Retire Smartly

The SBI Life – Retire Smart plan is a non-participant ULIP pension plan with no liquidity for the first five years. The policyholder is also unable to relinquish the linked insurance products in full or in part until the end of the 5-year period. The most notable benefit of this plan is that guaranteed additions begin in the 15th year of coverage at 10% of the annual premium and continue every year afterwards until the policy is cancelled. When the insurance matures, the policyholder receives the greater of the fund value, including guaranteed and terminal additions. The scheme is further aided by the guaranteed retirement corpus.. The plan is very popular since it provides the security of your retirement years. The plan gives you the choice of paying premiums monthly or for a certain period of time. Because the investment is governed by the benefit plan feature, it keeps a close check on risk exposure and ensures that the investment has the least amount of risk while also generating the maximum returns.

3. Annuity Plus from SBI Life

The Annuity Plus plan from SBI Life is another conventional, non-participating immediate annuity option. Annuity payments are provided based on the option and frequency specified after a single premium is paid into the plan. When you pay a single premium, it gives you a wide range of annuity options to choose from. You may be certain of a consistent and even annuity for the rest of your life, providing a safety net. 

Take Away

Pension plans' primary goal is to provide people with dignity and confidence in their post-retirement years, not just via the accumulation of a lump amount, but also through regular monthly payments.

Also Read: Features, Advantages, Eligibility of the Post Office Monthly Income Scheme

Before You Buy A Pension Plan, Think About These Things.