About Product

SBI Life – Annuity Plus

SBI Life - Annuity Plus is an individual, non-linked, non-participating, immediate annuity plan.

Under this product, the individual has to pay a one-time premium installment for an immediate annuity for single life or for two lives. After purchasing the annuity, the first annuity installment is paid one year, six months, three months or one month after the date of the purchase of the annuity depending on the mode of annuity payment selected which is yearly, half-yearly, quarterly or monthly respectively.

If you are over 40 years, you can start a lifelong annuity (commonly known as pension) for yourself or for your aging parents/ other relatives, who are above 40 years of age; by placing a lump sum amount with us. You could even purchase a new annuity plan every year/ every few years to enhance the future income.

All you need to do is pay a single premium and thereafter your corpus plus earnings on it begin to get converted into a series of payments over a period of time for the duration of your/ annuitant’s life time.

Immediate Annuity Plan Key Features

1Complete freedom to choose from a wide range of Annuity options.
2Enjoy a regular income (“annuity payout”) from an early age of 40 years.
3Option to receive Lifetime Annuity with annual increase of 3% or 5%.
4Option to get annuity with capital refund, capital refund in parts or balanced capital refund.
5Option for Lifetime Annuity payout for you as well as your family member.
6Flexibility to choose frequency of annuity payouts as per your requirements - Monthly, Quarterly, Half-yearly or Yearly.
7Incentives of higher annuity rates for large premiums.
8Flexibility to advance your Annuity payouts.
9Option to get additional benefit by purchasing SBI Life - Accidental Death Benefit Rider, (UIN: 111B015V02) at affordable costs.

Example:

An annuitant aged 60 years is likely to receive annuity payouts as below on a yearly basis for various denominations of purchase price.

Option Annual Annuity Payout @ Age 60 Purchase Price (INR)
3 Lakhs 5 Lakhs 10 Lakhs 20 Lakhs
Annuity Options Annuity Amount per annum (INR)
1.1 Lifetime Income 26,127 43,928
87,855
1,75,710
1.2 Lifetime Income with Capital Refund 18,333 30,938
61,875
1,23,749
1.3 Lifetime Income with Capital Refund in parts 15,444 26,122
52,243
1,04,485
1.4 Lifetime Income with Balanced Capital Refund 24,683 41,520
83,039
1,66,078
1.5 Lifetime Income with Annual Increase of 3% 21,261 35,817
71,633
1,43,266
1.6 Lifetime Income with Annual Increase of 5% 18,980 32,015
64,029
1,28,058
1.7 Lifetime Income with certain period of 5 years 25,937 43,611
87,222
1,74,443
1.8 Lifetime Income with certain period of 10 years 25,405 42,724
85,447
1,70,894
1.9 Lifetime Income with certain period of 15 years 24,683 41,520
83,039
1,66,078
1.10 Lifetime Income with certain period of 20 years 23,694
39,872
79,744
1,59,488
2.1 Life and Last Survivor 50% Income* 24,302
40,886
81,772
1,63,544
2.2 Life and Last Survivor 100% Income* 22,706
38,225
76,449
1,52,898
2.3 Life and Last Survivor 50% Income with Capital Refund* 19,322
32,585
65,170
1,30,339
2.4 Life and Last Survivor 100% Income with Capital Refund* 18,067 30,494 60,988 1,21,975

Please note:
• Taxes are payable additionally as per applicable rates. • The above annuity rates are illustrative only and are subject to review on monthly basis.
• *Both Annuitant’s age is taken as 60.

Benefits

For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

SBI Life Annuity Plus Options:

The plan offers 14 different annuity options for you to choose from. There are 10 annuity options for single life annuity and 4 options from joint life annuity. These are as below:

SINGLE LIFE ANNUITY:

The annuity payout will continue at a constant rate, throughout the life of the Annuitant. You may choose from the following options:

  • Lifetime Income: Annuity is payable at a constant rate throughout the life of the annuitant. On death of the annuitant, all future annuity payments cease immediately and the contract terminates.
  • Lifetime Income with Capital1 Refund
    • Lifetime Income with Capital Refund – annuity is payable at a constant rate throughout the life of the annuitant. On death of the annuitant, 100% of the premium will be refunded to the nominee and the contract will terminate.
    • Lifetime Income with Capital Refund in parts – annuity is payable at a constant rate throughout the life of the annuitant. The premium would be returned in parts as follows: Case 1: if the annuitant dies during the first 7 years, 100% of the premium will be refunded to the nominee and the contract will terminate.
      Case 2: on survival of the annuitant at the end of 7 years, 30% of the premium will be refunded to the annuitant. On death, balance 70% of the premium will be refunded to the nominee and the contract will terminate.
    • Lifetime Income with Balance Capital2 Refund – annuity is payable at a constant rate throughout the life of the annuitant. On death of the annuitant, balance premium equal to the premium less sum total of annuities paid, will be refunded to the nominee. If this balance is not positive, then no death benefit is payable and the contract will terminate.
  • Lifetime income with Annual Increase
    • Life time Income with annual increase of 3% – an increasing annuity is payable throughout the life of the annuitant which is increased by a simple rate of 3.00% p.a. for each completed year.
    • Life time Income with annual increase of 5% – an increasing annuity is payable throughout the life of the annuitant which is increased by a simple rate of 5.00% p.a. for each completed year.
  • Lifetime income with certain period
    • Life time Income with certain period of 5 years – annuity is payable at a constant rate for a fixed period of 5 years and thereafter annuity is payable throughout the life of the annuitant.
    • Life time Income with certain period of 10 years – annuity is payable at a constant rate for a fixed period of 10 years and thereafter annuity is payable throughout the life of the annuitant.
    • Life time Income with certain period of 15 years – annuity is payable at a constant rate for a fixed period of 15 years and thereafter annuity is payable throughout the life of the annuitant.
    • Life time Income with certain period of 20 years – annuity is payable at a constant rate for a fixed period of 20 years and thereafter annuity is payable throughout the life of the annuitant.

JOINT LIFE ANNUITY:

The annuity payout will continue at a constant rate, through-out the life of the annuitants. As an annuitant, you may choose any of the following life annuity options.

  • Life and Last Survivor - 50% or 100% Income
    • Life and Last Survivor with 50% income – annuity is payable at a constant rate till the first annuitant is alive. On death of the first annuitant, 50% of the annuity payment will continue throughout the life of the surviving second annuitant. On death of last survivor, annuity payments will cease immediately and the contract will terminate. If the second annuitant pre – deceases the first annuitant, annuity payments will cease on death of the first annuitant.
    • Life and Last Survivor with 100% income – annuity is payable at a constant rate till the first annuitant is alive. On death of the first annuitant, the same annuity will continue throughout the life of the surviving second annuitant. On death of second annuitant, annuity payments will cease immediately and the contract will terminate. If the second annuitant pre – deceases the first annuitant, annuity payments will cease on death of the first annuitant.
  • • Life and Last Survivor with Capital1 Refund
    • Life and Last Survivor 50% income with Capital Refund –annuity is payable at a constant rate till first annuitant is alive. On death of the first annuitant, 50% of the annuity payment will continue throughout the life of the surviving second annuitant. On death of the second annuitant, premium will be refunded to the nominee, annuity payments will cease and the contract will terminate. If the second annuitant pre-deceases the first annuitant, annuity payments will cease on death of the first annuitant.
    • Life and Last Survivor with 100% income with Capital Refund – – annuity is payable at a constant rate till first annuitant is alive. On death of the first annuitant, the same annuity will continue throughout the life of the surviving second annuitant. On death of the second annuitant, premium will be refunded to the nominee, annuity payments will cease and the contract will terminate. If the second annuitant pre-deceases the first annuitant, annuity payments will cease on death of the first annuitant.

1 Capital will mean Premium (excluding service tax and rider premium, if any) under the policy
2 Balance Capital = Premium (excluding service tax and rider premium, if any) – Annuity payouts made till date.
In case this is negative, no death benefit will be payable

Buy Online Pay Renewal Premium
† Calculated for the financial year 2016-17
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS. IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

TELEPHONIC SUPPORT AVAILABLE

To read more, please click here - IRDAI Public Notice

Tax benefits will be available as per the prevailing tax laws. All annuity payouts may be subject to income tax as per the law prevaling on the date of payout. For specific details, please contact your tax consultants. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. For more details on riders, terms and conditions, please read rider brochure. SBI Life Insurance Company Limited. Registered and Corporate Office: Natraj, M V Road & Western Express Highway Junction, Andheri (East), Mumbai - 400 069. IRDAI Regn. No.111. CIN: L99999MH2000PLC129113 Call Toll Free 1800 103 4294 (Daily: 9.30 am to 7.30 pm) on all days or email at & Visit us at www.sbilife.co.in or Email: info@sbilife.co.in. Trade logo displayed above belongs to State Bank of India and is used by SBI Life under license.

22.ver.06-05/17 MS WEB ENG