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The policyholder has to submit a duly filled insurance application form/proposal form along with accurate address proof, Identity proof (Aadhaar Card, Passport & PAN Card) and detailed medical history report, as required. The policyholder might also be required to provide income proof based on the sum assured amount chosen and the age of the person. You may also compare: SBI Life Pension Plan

On Maturity, the Sum Assured with accrued Simple Reversionary Bonus and terminal bonus is paid in the form of annuity either immediately or it can be deferred to purchase a Single Premium Deferred Annuity plan. At the time of purchasing the annuity, up to 1/3rd of the corpus can be commuted. The accumulation period can be extended if the policyholders age is below 55 years. The minimum Sum Assured is guaranteed as an accumulated value of total premiums paid growing at a compounded rate of 0.25% p.a. On death, higher of the minimum guaranteed SA plus vested bonus including terminal bonus or 105% of all premiums paid till date is payable to the nominees. The death benefit can be withdrawn in lump sum or used to buy an annuity plan from the company Guaranteed Bonus is given for first 5 years @ 2.50% of the SA for the first 3 years and 2.75% of SA for the next 2 years. Tax Benefits: Under Indian Income Tax Act, the policyholder enjoys tax benefits on all the premiums paid and claims received as per sections 80CCC and section 10(10A).

Below are the non-forfeiture benefits available under the plan: Paid-up Value: If the policy is a regular premium policy then it shall acquire a paid-up value if the policyholder has paid premiums of at least 3 complete years. The paid-up value is equal to the paid-up sum assured including vested simple reversionary bonus with the terminal bonus if any. No further reversionary bonus shall be attached from the date the policy has been paid-up, and not even guaranteed bonuses. If the policy is not subsequently renewed, then on vesting date the paid-up value shall be paid. The policyholder can utilize the entire paid-up value to purchase the immediate annuity from the company. Surrender Value: If the policy is a regular premium policy, then the policyholder may surrender his policy if he has paid his premiums for 3 complete years. The policyholder will be paid a higher of, the Guaranteed Surrender Value and Non-Guaranteed Surrender Value if the policyholder decides to surrender his policy. If the policy is a single premium policy, then the policyholder may surrender his policy during the policy term. The policyholder will be paid a higher of, the Guaranteed Surrender Value and Non-Guaranteed Special Surrender Value if the policyholder decides to surrender his policy. 2. What are the conditions of policy renewal? Below are the conditions of policy renewal: If the policyholder fails to pay his premiums even within the grace period, then his policy is subject to lapse. Under such scenario, no benefits are payable to the policyholder if the policy has not acquired any paid-up value. If the policy lapses, then the additional rider cover attached to the policy shall also lapse. If the policyholder can renew his policy and the rider cover, during the policy renewal period of 2 years as provided from the due date of the first unpaid premium. The policyholder should send a documented notice to the company about the policy renewal. The policyholder has to submit an agreeable proof as a Good Health Declaration and satisfy other underwriting requirements if any. The company may additionally charge extra premiums as per the company underwritings. The company holds all rights to accept or reject the policy renewal request or may also accept the renewal request without the rider cover. 3. What are the conditions for policy terminations? The policy shall terminate under the following applicable conditions: On payment of death benefits to the nominees On payment of the maturity or the vesting benefits On payment of the surrender value On payment of a free-look or the cancellation amount On the policy being at the lapsed status after the expiry of the renewal period, without acquiring any such paid-up value. The life cover shall cease on the non-payment of the due premiums before the expiry of the grace period, given that the policy has not acquired any paid-up value yet. BNP Paribas Cardif Proposes to Increase Stakes in SBI Life Insurance to 36% IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders The Biggest Refund Order of Rs. 275 Crore Issued by IRDA to Sbi Life

Details about Premium Annual Premium in Rupees and benefit illustration for a term of 20 years SBI Life Saral Pension – Policy Details Grace Period: Grace period of 15 days in monthly mode and 30 days in other modes is applicable for due premium payments. Policy Termination or Surrender Benefit: the policy can be surrendered if 3 full years premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. The entire or acquired surrender value can be used to purchase an immediate or deferred annuity plan. Free Look Period: If the policyholder is not happy with his insurance coverage or the term and conditions applicable under the policy, then the policyholder is free to cancel his plan within 15 days of receiving his policy documents, provided no claims have been done yet. Additional Features or Riders SBI Life – Preferred Term Rider is available under the policy which increases the coverage. Exclusions As per the policy, if suicide is committed within the first 12 months of the policy inception, 80% of all the premiums paid are returned. If committed within the first 12 months of policy revival, higher of 80% of premiums paid or the acquired Surrender Value is offered to the nominee.

Introduction/Overview SBI Life Saral Pension is a traditional participating pension plan which takes care of your post-retirement financial needs through substantial life cover and bonus options thereby giving you the peace of mind in your golden years. SBI Life Saral Pension – Key Features It is a participating pension plan with regular premium payment option Guaranteed Bonus and Simple Reversionary Bonus increases the annuity value