Know about this simple pension scheme of SBI, see eligibility conditions

SBI Saral Pension : Pension is an important source of income which helps you in meeting your financial needs after retirement. Keeping this in mind, State Bank of India Life Insurance has specially designed a pension scheme to help the working class secure a good and regular source of income. SBI Saral Pension Scheme is an Individually Participated Non-Linked Traditional Pension Scheme which comes with Guaranteed Bonus for the first 5 years and thereafter Simple Reversionary Bonuses, if any, during the entire policy term.

SBI Saral Pension

State Bank of India SBI Saral Pension Yojana

In SBI Saral Pension Scheme, if you have made successful premium payment for 3 regular policy years, you can avail surrender value in case of regular premium and pension at any time during the policy term. Huh. For regular premium policies, if surrendered during the third year, the guaranteed surrender value will be 30% of all original premiums paid.

GSV will be 50% of all basic premiums paid in case of SBI Saral Pension Scheme policy surrender from 4th-7th policy year or 8th-15th policy of all basic premiums paid in case of pension policy surrender Over the years or 65% of all basic premiums to be paid. 70% of all basic premiums paid in case of policy surrender after 16th-20th policy year or after 20th policy year.

SBI Saral Pension Scheme For single premium policies, the GSV is 70% of all basic premiums paid, if they are surrendered during the third year, while the pension policy after 3 years On surrender 90% of all basic premiums are paid. As per Section 39 of the Insurance Act, 1938, nomination in respect of this policy has been made mandatory.

free look period

If you disagree with any of the terms and conditions within 15 days from the date of receipt of SBI Saral Pension Scheme policy or the policy is obtained through distance marketing then within 30 days you can withdraw the pension ) can return the policy.

Grace Period – SBI Saral Pension Scheme You are entitled to a grace period of 30 days from the premium due date for annual/half yearly premiums and 15 days for monthly premiums.

Key Features of SBI Life Saral Pension

  • Option to get additional life cover through rider options.
  • Entitled to receive Simple Reversionary Bonus throughout the policy term.
  • Option to extend the accumulation period.
  • Option to defer vesting period.
  • Ensured security for your family by providing income during your retirement years.
  • Guaranteed Simple Reversionary Bonus for the first 5 years for applicable policies; @2.50% for the first three years and @2.75% for the next two years

Eligibility Conditions of SBI Life Saral Pension Plan

Age at Entry 18 years – Min Maximum:
Regular Premium – 60 years
Single Premium – 65 years
Age at Vesting 40 years – Min 70 years – Max
Policy Term Minimum:
Regular Premium – 10 years
Single Premium – 5 years
40 years – Max
Sum Assured Min – ₹1,00,000/-
Max – No such limit
Premium Frequency Single | Half -Yearly | Yearly | Monthly
The premium for various modes as percentage of annual premium are given below:
Monthly – 8.4% of annual premium
Half-Yearly – 50.2% of annual premium
Premium ₹7,500 per annum – Min
No such limit on maximum amount

SBI Saral Pension Scheme

SBI Saral Pension Scheme is a traditional participating pension plan that meets your post-retirement financial needs through adequate life cover and bonus options, giving you peace of mind in your golden years. Is.

On maturity, the Sum Assured along with accrued Simple Reversionary Bonus and Terminal Bonus is paid either immediately as annuity or can be deferred to purchase a single premium deferred annuity plan. While buying an annuity, 1/3 of the corpus can be commuted. If the age of the pension policyholder is less than 55 years, then the accumulation period can be extended. SBI Saral Pension Scheme is a great scheme!

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