What are Pension Plans?-sbi-life-pension-plans

Plans which provide for annuity payouts after the retirement of the individual are called pension plans. These plans come in two options called Deferred Annuity and Immediate Annuity. Under the first option, pension payouts start sometime after the accumulation phase where the individual is supposed to pay premiums to the company. In the event of death during the payment phase, a specified death benefit is paid by the company to the insureds nominee. Under the second option of annuity, payments start immediately after the policyholder pays a bulk amount to the company and on his subsequent death, annuity payments simply stop. SBI Life Pension Plans SBI Life Insurance Company offers three different types of Pension Plans to individuals to help them plan for their retirement. The plans offer great benefits to the individuals for a worry-free retired life. Let us take a look at the different types of pension plans offered by SBI Life and the features and benefits of each of the plans in details. SBI Pension Plan – Overview SBI Pension Plan – Details