SBI Saral Pension: Learn about this simple pension system for SBI, see eligibility conditions

SBI Saral Pension: Pension is an important source of income that helps you meet your financial needs after retirement. With this in mind, the State Bank of India Life Insurance has specially designed a pension system to help the working class secure a good and regular source of income. SBI Saral Pension Scheme is an individual participation non-linked traditional pension system that comes with a guaranteed bonus for the first 5 years and then simple return bonuses, if any, during the entire insurance period.

SBI Saral Pension

SBI Saral Pension

State Bank of India SBI Saral Pension Yojana

In the SBI Saral Pension Scheme, if you have made a successful premium payment during 3 ordinary insurance years, you can use the repurchase value for ordinary premiums and pensions at any time during the insurance period. If ordinary premium insurance is returned during the third year, the guaranteed repurchase value will be 30% of all original premiums paid.

GSV will be 50% of all basic premiums paid in the event of SBI Saral Pension Scheme insurance from the 4th-7th insurance year or the 8th-15th insurance of all basic premiums paid in the event of pension insurance depreciation During the years or 65% of all basic premiums to be paid. 70% of all basic premiums paid in the event of repurchase after the 16th-20th year of insurance or after the 20th year of insurance.

SBI Saral Pension Scheme For one-off premium insurance, GSV is 70% of all basic premiums paid, if they are returned during the third year, while the pension insurance after 3 years At repurchase, 90% of all basic premiums are paid. According to Section 39 of the Insurance Act, 1938, the nomination of this insurance has been made mandatory.

free look period

If you do not agree to any of the terms within 15 days from the date of receipt of SBI Saral Pension Scheme insurance or if the insurance is obtained through distance marketing, you can withdraw the pension within 30 days) can return the insurance.

Remaining Period – SBI Saral Pension Scheme You are entitled to a deferral 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

  • Opportunity to receive additional life protection through equestrian alternatives.
  • The right to receive a simple return bonus throughout the insurance period.
  • Possibility to extend the accumulation period.
  • Opportunity to postpone the vesting period.
  • Secure security for your family by providing income during your retirement years.
  • Guaranteed easy return 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 for 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 period Minimum:
Regular Premium – 10 years
Single Premium – 5 years
40 years – Max
Insured amount Min – 1 00 000 INR / –
Max – No such limit
Premium frequency Single | Half-yearly | Annual | Monthly
The premium for different positions as a percentage of annual premium is stated below:
Monthly – 8.4% of annual premium
Half-yearly – 50.2% of annual premium
Premium 7,500 INR per year – min
No such limit for maximum amount

SBI Saral Pension Scheme

SBI Saral Pension Scheme is a traditional pension plan that meets your financial needs after retirement through adequate life protection and bonus options, giving you peace of mind during your golden years.

At the due date, the insurance amount is paid together with the accrued simple return bonus and terminal bonus either immediately as an annuity or can be deferred to purchase a deferred annuity plan with a one-time premium. When buying an annuity, 1/3 of the corpus can be commuted. The installation period can be extended if the pension policyholder’s age is less than 55 years. SBI Saral Pension Scheme is a good system!

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