SBI Life – Annuity Plus is an individual, non-linked, non-participating immediate annuity product. Under this product, the proposer has to pay a single premium for an immediate annuity for an individual or two. 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.
An annuity is a contract, where an income is paid at regular intervals, in return for a lump sum paid up-front. Upon paying the lump sum to the insurance provider, the annuity payouts may commence as early as the next month.
Benefit
There are total 14 annuity options available in the SBI Annuity plus plan and all these plans have different benefits. These are the following annuity plus options along with benefits-
Single Life Annuity
Lifetime Income
In this Annuity plan the constant monthly income is payable to the annuitant and on the death of the annuitant, the contract terminates without any future payments.
Lifetime Income with Capital Refund
In this Annuity plan the constant monthly income is payable to the annuitant and on the 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
The 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 the 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 Capital Refund
In this option, the annuity is payable at a constant rate throughout the life of the annuitant. On the death of the annuitant, the 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 benefits are payable and the contract will terminate.
Lifetime Income with an annual increase
Lifetime Income with an annual increase of 3% – The annuity is payable throughout the lifetime of the annuitant and the amount increases at the rate of 3.00% p.a. for each completed year.
Lifetime Income with an annual increase of 5% – The annuity is payable throughout the life of the annuitant and the amount increases at the rate of 5.00% p.a. for each completed year.
Lifetime Income within a certain period
Lifetime Income with a certain period of 5 years – The annuity is payable at a constant rate for a fixed period of 5 years and thereafter annuity is payable throughout the lifetime of the annuitant.
Lifetime Income with a certain period of 10 years – The annuity is payable at a constant rate for a fixed period of 10 years and thereafter annuity is payable throughout the lifetime of the annuitant.
Lifetime Income with a certain period of 15 years – The annuity is payable at a constant rate for a fixed period of 15 years and thereafter annuity is payable throughout the lifetime of the annuitant.
Lifetime Income with a certain period of 20 years – The 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
Life and Last Survivor
Life and Last Survivor with 50% income – The annuity is payable at a constant rate till the first annuitant is alive. On the death of the first annuitant, 50% of the annuity payment will continue throughout the life of the surviving second annuitant. On the death of the second annuitant, the annuity payments will cease immediately and the contract will terminate. If the second annuitant predeceases the first annuitant then annuity payments will cease on the death of the first annuitant.
Life and Last Survivor with 100% income –The annuity is payable at a constant rate till the first annuitant is alive. On the death of the first annuitant, the same annuity will continue throughout the life of the surviving second annuitant. On the death of the second annuitant, annuity payments will cease immediately and the contract will terminate. If the second annuitant predeceases the first annuitant then the annuity payments will cease on the death of the first annuitant.
Life and Last Survivor with Capital Refund
Life and Last Survivor with 50% income with Capital Refund – The annuity is payable at a constant rate till the first annuitant is alive. On the death of the first annuitant, 50% of the annuity payment will continue throughout the life of the surviving second annuitant. On the death of the second annuitant, the premium will be refunded to the nominee and the annuity payments will cease and the contract will terminate. If the second annuitant predeceases the first annuitant then the annuity payments will cease on the death of the first annuitant.
Life and Last Survivor with 100% income with Capital Refund – The annuity is payable at a constant rate till the first annuitant is alive. On the death of the first annuitant, the same annuity will continue throughout the life of the surviving second annuitant. On the death of the second annuitant, the premium will be refunded to the nominee, annuity payments will cease and the contract will terminate. If the second annuitant predeceases the first annuitant then the annuity payments will cease on the death of the first annuitant.
Eligibility for SBI Life – Annuity Plus
| Age at Entry | Min.: 40 years | Max.: 80 years |
| Policy Term | Lifetime | |
| Premium Frequency | Single Premium | |
| Minimum Premium | Annuity Payment Mode | Minimum Annuity(Rs.) |
| Monthly | 1,000 | |
| Quarterly | 3,000 | |
| Half-Yearly | 6,000 | |
| Yearly | 12,000 | |
Free lookup period
There is a 15-30 day free look period for the policy. If the annuitant did not like the plan then the annuitant can return the plan to the company along with the cancellation letter. All the Premiums paid will be refunded after deducting stamp duty cost incurred and any annuities paid.
Exclusion
The exclusion during the following mentioned event can void the death benefits and the plan contract may cease.
- Infection: Death caused or contributed to by any infection, except infection caused by an externally visible wound accidentally sustained
- Drug Abuse: Life assured under the influence of Alcohol or solvent abuse or use of drugs except under the direction of a registered medical practitioner
- Self-inflicted Injury: Intentional self- Inflicted injury including the injuries arising out of attempted suicide.
- Criminal acts: Life assured involvement in Criminal and/or unlawful acts with unlawful or criminal intent.
- War and Civil Commotion: War, invasion, hostilities, (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion.
- Nuclear Contamination: The radioactive, explosive or hazardous nature of nuclear fuel materials or property contaminated by nuclear fuel materials or accident arising from such nature.
- Aviation: Life assured participation in any flying activity, other than as a passenger in a commercially licensed aircraft.
- Hazardous sports and pastimes: Taking part or practicing for any hazardous hobby, pursuit or any race not previously declared and accepted by the Company.
