SBI Pension Scheme & Retirement Plans from sbilife.co.in

Www.sbilife.co.in - SBI Pension Scheme - SBI Retirement Plans

www.sbilife.co.in is the official website of the SBI Pension Scheme and Retirement Plans. One of the most popular insurance company in India is SBI Life. SBI Life Insurance Company Limited is a joint venture between the State Bank of India and BNP Paribas Assurance. It is registered with a sanctioned capital of Rs. 2000 crores and a Paid-up capital of Rs. 1000 Crores in that SBI owns 74% and BNP Paribas Assurance owns remaining 26% of the total capital. SBI Group has more than 16,000 branches across the country with its 6 Associate Banks.

SBI Life offers a wide range of services in which you can track your account and also generate premium online. It also provides an advantage to pay your premium via Electronic Clearing Service (ECS) which is expedient and minimizes time & effort. SBI Life offers different types of individual plans which include Unit Linked Products, Pension Products, Pure Protection Products, Protection cum Savings Products, Money back Scheme Products; Group plans which contain Retirement Solution, Group Protection Plans, Specialized Term Insurance, etc. Detailed description of retirement Scheme as well as Pension Schems is given below.

SBI Life - CapAssure Gratuity:

In this plan, you are qualified to receive higher gratuity benefits which are paid according to the laws of the Gratuity Act on Retirement/ Resignation/ Termination. In case of the Accidental Death ofTotal Permanent Disability, you are qualified to receive higher of gratuity benefits as well as the rider sum guaranteed. Your nominee will receive higher of gratuity benefits, the basic sum guaranteed and the rider sum assured, if you died in an accident. In this plan you will receive 30 days of grace period to pay your premium.

Benefits SBI Life - CapAssure Gratuity:

On occurrence of Total Permanent Disability (TPD) : Higher of accrued gratuity benefits payable as per scheme rules or the Gratuity Act + Rider Sum Assured, if any, in case of TPD due to accident, will be payable to the employee.
On an unfortunate Death: Higher of accrued gratuity benefits payable as per scheme rules or the Gratuity Act + Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case of death due to accident.
On Retirement/ Resignation/ Termination: Higher of accrued gratuity benefits payable as per scheme rules or the Gratuity Act.

Key Features of SBI Life - CapAssure Gratuity:

Unique Pooling Fund Advantage: Get higher returns based on aggregated value of all your non-Linked funds
Flexibility to transfer partially your fund from this scheme to our Unit Linked ‘SBI Life Golden Gratuity’ scheme!
Additional benefit for your employee through Group Accidental Death and Permanent Disability rider
Capital Guarantee on Fund under Management
Additional Funding up to 3% to absorb exit penalty charged by the previous insurer
No Suicide Exclusion clause for basic life cover

SBI Life - CapAssure Superannuation:

This plan can be renewed yearly and works in your absence. Mainly, this plan is used by the employers of the companies for collecting funds for an employee, so this money can be used to buy an annuity at the time of retirement or resignation, or death of the employee during service. Superannuation schemes are divided into two schemes i.e. Defined Benefit Scheme and Defined Contribution Scheme.

Benefits of SBI Life - CapAssure Superannuation:

For Defined Benefit Scheme:

On Retirement/ Resignation/ Termination: The employee receives either the defined Pension or its equivalent in Purchase Price as per the Scheme Rules.
On occurrence of Total Permanent Disability (TPD): The employee receives either the defined Pension or its equivalent in Purchase Price as per the Scheme Rules, + Rider Sum Assured, if any, in case of TPD is due to an accident.
On an unfortunate Death: The employee receives either defined Pension amount or its equivalent in Purchase Price as per the Scheme Rules, + Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case death is due to accident.
However, maximum benefit under SBI Life - Group Accident Death & Total Permanent Disability (AD&TPD) rider will be limited to lower of basic sum assured or Rs. 5 Lacs.

For Defined Contribution Scheme:

On Retirement/ Resignation/ Termination:

The accumulated amount may be used to purchase an immediate annuity from SBI Life or any other insurer.
Or the employee may also choose to transfer his accumulated fund to the approved superannuation fund of the new employer.
Or the funds may be allowed to accumulate till superannuation of the employee. In case of unfortunate event of death during this period, the accumulated amount will be utilized to provide pension to the legal nominee.

On occurrence of Total Permanent Disability (TPD): The member receives the accumulated amount to his/her credit + Rider Sum Assured, if any, in case of TPD is due to an accident.

On an unfortunate Death: The accumulated amount to the credit of the member + the Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case death due to accident. However, maximum benefit under SBI Life - Accidental Death & Total Permanent Disability (AD&TPD) rider will be limited to lower of basic sum assured or Rs. 5 Lacs.

Key Features SBI Life - CapAssure Superannuation:

Unique Pooling Fund Advantage: Get higher returns based on aggregated value of all your non-Linked funds
Additional Funding up to 3% to absorb exit penalty charged by the previous insurer
Capital Guarantee on Fund under Management
No Suicide Exclusion clause for basic life cover
Additional benefit for your employee through our SBI Life - Group Accidental Death and Permanent Disability Rider

SBI Life - CapAssure Leave Encashment:

This plan is mainly used by the salaried person. This plan gives you leave encashment benefits, after leaving your job. It also gives tax benefits. In this plan, you can pay your policy premium within a period of 30 days. Your money is collected into a lump sum amount and it will receive at the end of your financial year, the amount is credited into a separate CA-LE account.

Benefits SBI Life - CapAssure Leave Encashment:

On an unfortunate Death: Accrued Leave Encashment Benefit, as per scheme rules will be payable + Basic Sum Assured as opted for by the master policy holder + Rider Sum Assured, if any, in case death due to accident.
On Retirement/ Resignation/ Termination: Accrued Leave Encashment benefits as per scheme rules.
On occurrence of Total Permanent Disability (TPD): Accrued Leave Encashment benefit as per scheme rules + Rider Sum Assured, if any, in case of TPD is due to an accident.

Key Features of SBI Life - CapAssure Leave Encashment:

Capital Guarantee on Fund under Management
Additional benefit for your employee through our Group Accidental Death and Permanent Disability Rider
Additional Funding up to 3% to absorb exit penalty charged by the previous insurer
No Suicide Exclusion clause for basic life cover
Unique Pooling Fund Advantage: Get higher returns based on aggregated value of all your non-Linked funds

Other Retirement Schemes:

SBI Life – Dhanrashi
SBI Life - Swarna Jeevan
SBI Life - Swarna Ganga
SBI Life - Kalyan ULIP™
SBI Life Golden Gratuity

Pension Schemes:

SBI Life - Unit Plus IIITM Pension:

This plan is a unit linked non-participating pension plan which provides you regular income after your retirement. Unit Plus III Pension packs in the added security through two attractive riders with the unique advantage of 8 diverse fund alternatives to suit your risk profile.

Key Features:

Enhanced investment opportunity through 8 Dynamic Fund Options including Index Pension Fund, Top 300 Pension Fund
No Premium Allocation Charge from 6th year onwards, thereby enhancing your fund value.
Option to avail added protection with 2 new riders – SBI Life - Criti Care 13 Rider (UIN: 111A018V01), and SBI Life Income Sustainer Rider (UIN: 111A020V01)
Choice of early/ late retirement: Option to alter your vesting age to suit your requirements.
Convenience to pay premiums at regular intervals or as a single premium
Option to boost your investments through Top-ups
Guaranteed Additions of 5% every year from the 6th policy year onwards, on one annualized regular premium and 1% on the Single Premium
Enjoy complete flexibility to increase/decrease your premium amount.
Twin Benefit of Market linked returns & regular income

Benefits

Maturity/Vesting Retirement Benefit: - The Policy will be terminated on vesting, and the fund value payable on vesting can be utilized as follows:
Purchase Annuity Plan for the entire amount.
Commute up to one third of Fund Value as lump sum and the balance can be used for the purchase of annuity.
On Death, Total Permanent Disability or Critical Illness (Before Vesting Date) :-In the unfortunate event of death or total permanent disability or critical illness whichever is earlier, the Fund Value at that time shall be payable.

Rider Benefits:

Income Sustainer Rider: Provides additional benefit in the case of death or in the case of Total & Permanent Disability due to Accident or Sickness, whichever is earlier. A 25% of income sustainer benefit sum assured is paid upfront and 1% of income sustainer benefit sum assured is paid monthly in arrears for 10 years or till the end of the base policy term (capped at a maximum of 30 years) whichever is higher
Criti Care 13 Rider: Provides lump sum amount to take care of 13 Critical Illnesses which include Cancer, Coronary Artery Bypass Graft Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Burns, Major Organ Transplant, Paralysis, Stroke, Surgery of Aorta, Coma, Motor Neurone Disease and Multiple Sclerosis

SBI Life - HorizonTM III Pension:

This plan gives you a chance to get higher market-linked returns. It is elastic and a bother free unit linked pension plan. Along with all the ground-breaking and elastic options, now you can enjoy the benefits of no premium allocation charges from the 4th policy year.

Features of SBI Life – Horizon III Pension:

Enjoy the best of both worlds, by allocating between Automatic Asset allocation and Active Fund Management option.
Enhanced Fund Value - No Premium Allocation Charges from the 4th policy year
Enjoy complete flexibility to increase or decrease your premium amount.
Choice of early or late retirement: Option to alter the vesting age to suit your requirements. Investment Flexibility through Switching, Redirection and Top-Ups
Automatic Asset Allocation, through which SBI Life manages your investments on your behalf.
Twin Benefit of Market linked returns & regular income.
Freedom to avail of a Pure Pension plan or get added protection with 2 new riders- SBI Life - Criti Care 13 Rider (UIN: 111A018V01) and SBI Life - Income Sustainer Rider (UIN: 111A020V01)
Option for Active Fund Management, through a choice of 4 diverse fund options

Benefits:

Maturity Benefit:-The fund value payable on maturity/vesting can be utilized as follows:
Purchase Annuity Plan for the entire amount.
Commute up to one third of Fund Value as lump sum and the balance can be used for the purchase of annuity.
Death Benefit:- In the unfortunate event of death or total permanent disability or critical illness whichever is earlier, the fund value at that time shall be payable.

Rider Benefits:

Income Sustainer Rider: Provides additional benefit in the case of death or in the case of Total & Permanent Disability due to Accident or Sickness, whichever is earlier. A 25% of income sustainer benefit sum assured is paid upfront and 1% of income sustainer benefit sum assured is paid monthly in arrears for 10 years or till the end of the base policy term (capped at a maximum of 30 years) whichever is higher.
Criti Care 13 Rider: Provides lump sum amount to take care of 13 Critical Illnesses which include Cancer, Coronary Artery Bypass Graft Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Burns, Major Organ Transplant, Paralysis, Stroke, Surgery of Aorta, Coma, Motor Neurone Disease and Multiple Sclerosis

SBI Life - Immediate Annuity:

This plan provides SBI Life - Immediate Annuity Plan for Pension Policyholders like SBI Life - Lifelong Pensions, SBI Life - Horizon II Pension, SBI Life - Unit Plus II Pension. This plan gives you annuity payment the moment you buy the policy.

Key features SBI Life - Immediate Annuity:

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.
Minimum Annuity will be Rs. 250 per month.
You can opt for any one of the 6 Annuity options available and your annuity option stays the same throughout the tenure.
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

Other SBI Life Policy Plans:

SBI Life Horizon II
SBI Life MAHA ANAND
SBI Life Smart ULIP
SBI Life Unit Plus II
SBI Life Unit Plus Child Plan
SBI Life Unit Plus Elite
SBI Life Unit Plus II Pension
SBI Life Horizon Pension
SBI Life Lifelong Pension
SBI Life Money Back
SBI Life Sanjeevan Supreme

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